- 學位論文
台灣上市(櫃)公司發行公司債與新股之宣告效果 - 融資順位 理論之探討
Announcement Effect of Bond and Seasoned Equity Offerings in Taiwan - Pecking Order Theory
摘要
本研究以2005年1月至2014年12月間曾發行國內普通公司債以及實施現金增資之台灣上市(櫃)公司股票為研究對象，運用各種不同的股票期望報酬模式來探討發行國內普通公司債以及實施現金增資之股票短期股價報酬績效。此外，本研究亦針對不同證券交易市場以及不同產業類別進行分析。 經實證後，本研究得到之結論為: 壹、台灣股票市場市場上市(櫃)公司發行普通公司債並沒有任何顯著之宣告效果;而台灣股票市場上市(櫃)公司之現金增資宣告效果在除權後則有顯著為負的價格效果。貳、發行普通公司債與現金增資宣告效果與交易市場無關。 叁、發行普通公司債之宣告效果與公司產業類別無 關；而現金增資宣告效果在不同產業類別有顯著差異。 綜合上述結論，台灣股票市場支持Myers and Majluf（1984）提出之融資順位理論。
並列摘要
The study investigates the Taiwanese listed companies which have issued bonds or seasoned equity offerings in Taiwan during 2005 to 2014.This study using a variety of different stocks expected return model to explore the short- term stock return performance of listed companies which issued corporate bond or seasoned equity offerings. In addition, the study also analyzed for securities trading different markets and different industry category. The results show that the conclusions of this study are as follows: First, issued corporate bonds have no announcement effect; On the contrary, after seasoned equity offerings, there is significant negative price effect in Taiwanese listed companies. Second, there are no differences of announcement effect in the different securities trading market by issued corporate bonds or seasoned equity offerings. Finally, there are no difference of announcement effect in the different market industry category by issued corporate bonds; However, after seasoned equity offerings, there are significant differences in the different industry categories. The above conclusion supports the Pecking Order Theory in the Taiwan stock market.