- 學位論文
可轉換公司債折價發行之研究
A study of underpricing of convertible bonds offerings
摘要
本研究以發行可轉換公司債之國內上市櫃公司為研究對象，探討公司特性、銀行往來關係、承銷商聲譽及總體經濟等四大構面因素是否對可轉換公司債之折價發行造成影響。目前文獻尚未有將可轉換公司債發行折價與銀行往來關係兩者間的關聯性納入探討者，故本研究創新之處在於係首次由銀行往來關係角度切入，探討其對於可轉換公司債折價幅度所產生的影響。實證結果指出，在公司特性構面部分，信用評等與折價幅度呈顯著正相關；在銀行往來關係構面部分，往來銀行家數與折價幅度呈顯著負相關，其原因係公司維持與多家銀行往來，可因銀行間的競爭而降低貸款利率，進而減低貸款成本。銀行關係強度與折價幅度不具顯著關係，此可能與銀行要求擔保品之抵押有關，致使降低銀行對借款公司監督責任的誘因，銀行監督功能因此較不彰顯；在總體經濟構面部分，市場景氣和物價水準與折價幅度皆呈顯著正相關。 此外，本研究探討在可轉換公司債發行之前，公司內部人是否會刻意壓低股價以藉此降低轉換價格，使得內部人得以較低之成本進行認購。研究結果發現訂價日前的股價累積異常報酬與折價幅度呈顯著正相關，不支持公司內部關係人於價格訂定日前刻意壓低股價，以達到操縱轉換價格目的之說法，此結果顯示內部人壓低股價的空間有限，無法於決定轉換價格期間累積股價的跌幅，此說明縮短決定轉換價格期間能抑制內部人藉由壓低股價以移轉外部股東財富之行為。
並列摘要
This study focuses on TAIEX-listed and OTC-traded companies that issue convertible bonds and investigates whether four major dimensions, corporate characteristics, bank relationships, reputation of underwriters and macroeconomic conditions, have an impact on the issuance of discount convertible bonds. In the current literature, there have yet to be studies that incorporate the correlation between the underpricing of convertible bonds and bank relationships. Therefore, this study is innovative in its approach to examining the problem from the angle of bank relationships and in investigating its impact on the extent of underpricing. Empirical results indicate that with respect to the corporate characteristic dimension, credit rating are positively correlated with the discount. With respect to bank relationships, the number of correspondent banks and lending strength of the main bank are both significantly negatively correlated with the discount. As for the macroeconomic dimension, market conditions and price level are also exhibit significantly positively correlation with underpricing. In addition, this study investigate whether deliberate underpricing of share prices by insiders prior to the issuance of convertible bonds is a cause of lower conversion prices, thus allowing insiders to subscribe to the issue with lower costs. The results find underpricing exhibit a significantly positively correlation with cumulative abnormal return, the results does not match with this research, don’t support the statement of artificially pressure price by company's insiders in order to achieve the manipulation of conversion price before price setting date. That indicate to pressure stock price by insiders is limited, can not cumulative stock price decline before the determine conversion price period. The results explain shorten the period of the determine conversion price could limit the insiders to transfer wealth of external shareholder by pressure price down.