- 學位論文
採詢價圈購發行可轉換公司債的套利情形及營運績效
The Arbitrage and Operating Performance of Issued Convertible Bonds via Book Building
摘要
本研究以民國93年至96年間，國內上市、上櫃公司發行國內外可轉換公司債為研究對象，並藉由事件研究法之模式，探討國內發行公司以「詢價圈購」發行國內外可轉換公司債的套利情形，暨在不同資金用途作為募資計畫下，比較內部關係人的套利情形及公司長期營運績效的差異性。其研究結果顯示： 一、國內可轉換公司債(CB)於轉換價格基準日前會有壓抑股價的情形，轉換價格基準日後之CAR則顯著呈向上趨勢，顯示內部關係人於事件期間內具可能套利的情形。 二、海外可轉換公司債(ECB)於轉換價格基準日前都為正的累積異常報酬，轉換價基準日後CAR呈明顯下降，顯示發行海外可轉換公司債之內部關係人無法於事件期進行套利的可能。 三、發行公司以擴充產能為資金用途的短期套利可能性，較以償還債務者為資金用途資者為大。 四、長期績效方面，資金用途無論是擴充產能、償還債務或海外購料都表現不佳。其中以海外購料表現最差，擴充產能為相對較好者。
並列摘要
This study with the companies listed on domestic stock market, TSEC and OTC, in Taiwan, which issued CB and ECB during 2004 to 2006, is for research objects. In order to find out the arbitrage situation of issued convertible bonds with book building, the study will probe the subject by event study mode. In the meantime, the study compared with the arbitrage situation and long-term operating performance in the different uses of proceeds. The empirical results were as follows: 1. Stock price would be depressed on few days before the pricing day of CB, and boosted on few days after the pricing day of CB. It indicated that it was likely to offer the internal related persons preceding the arbitrage during event period of CB offering. 2. The CAR presents to obviously descend after the pricing day of ECB. It showed that the internal related persons could not carry out the arbitrage in the offering period of ECB. 3. The companies those take expanding productivity as the uses of proceeds were more likely to precede the short-term arbitrage than the companies those compensate obligation. 4. In the long-term performance aspect, no matter what uses of proceeds are presented to downgrade trend. The performance of purchase of materials overseas was worst, and it could be relatively better to expand productivity.