台灣上市櫃公司私募可轉換公司債現況與績效之探討

Characteristics and Performance of Private Convertible Bonds Issued by Listed Companies in Taiwan

徐碧苓(Pi-Ling Hsu)

指導教授 ： 丘邦翰

元智大學/管理學院/管理碩士在職專班/碩士(2011年)

摘要

本論文研製之在探討自91年至97台灣上市櫃公司進行私募可轉換公司債的特性，可轉換公司債是結合債劵和股票選擇權兩個金融商品特性，一方面讓投資人以債劵方式持有，一方面又讓投資人以享有選擇將債劵轉換成股票的權利，有利發行公司以較低的資金成本，取得中長期資金，目前已成為企業對外籌資相當重要的工具之一。本研究樣本從公開資訊觀測站查詢私募專區查詢相關資料，並進一步以6個獲利指標(營業淨利未扣除折舊費用前之資產報酬率、營業淨利率、淨利率、資產報酬率、股東權益報酬率、每股盈餘)及市值與帳面價值比、負債比率來衡量私募後的經營績效是否獲得到改善，相關財務資料來自台灣經濟新報資料庫(TEJ)，計算私募前、私募當年及後一年度，一共有三年度的財務比率。實證結果如下：
1. 每股盈餘、資產報酬率及市值與帳面價值比等三項變數在私募後都較私募前佳。
2. 溢價組在私募後一年並未優於折價組，且溢價組私募後成長幅度沒有折價組幅度大。

關鍵字

私募可轉換公司債 ； 私募股權 ； 獲利 ； 指標 ； 特性

並列摘要

This Study explores the characteristics and operating performance of listed company private convertible bonds with a research period of 2002 through 2008 in Taiwan.

Convertible bonds, already an important financing tool to raise capital, have both features of bonds and stocks, as bonds holder can convert into shares of common stock, and issuing company can raise capital with lower cost

We collect data of convertible bonds issuing companies from TSE Market Observation Post System, and examine their managing performance after private convertible bonds issuing by six operating performance ratios, including operating income before depreciation to total assets, net profit margin(net income to sales ), gross profit margin (operating income to sales), return on assets, return on equity, and EPS. Data to calculate these ratios were obtained from Taiwan Economic Journal. Ratios are computed for three years, from the year prior to the offer year to the year subsequent to the offer year.

Wilcoxon rank sum test and Wilcoxon signed rank test are used to test the hypotheses and the test results are listed below:
1. We support that EPS, return on assets, and market-to-book ratio are consistently better prior to the equity issue.
2. Performance of PEO firms issuing at a price premium firms weren’t found to be significantly better than those sold at a discount for one year following the offer year. Besides, the growth rate of PEO firms issuing at a price premium firms weren’t higher than those sold at a discount.

並列關鍵字

private convertible bonds ； private equity ； operating performance ratios ； characteristic

參考文獻

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一、碩士論文