內部治理機制與發行可轉換公司債之關聯性研究

Association of Internal Corporate Governance Mechanism and Covertible Bonds

薛堯仁(Hsueh Yao Jen)

指導教授 ： 黃劭彥

國立中正大學/管理學院/會計與資訊科技學系/碩士(2013年)

摘要

本次研究探討企業內部治理機制與發行可轉換公司債之關連性研究，內部治理機制中的董監事持股比例、大股東持股比例、經理人持股比例、董事會規模、獨立董監事席次比例及董監事質押比例是否會影響公司選擇發行國內可轉換公司債或是海外可轉換公司債。
本次研究以台灣證券市場中，選取上市公司有發行過國內可轉換公司債或海外可轉換公司債為研究樣本，利用羅吉斯迴歸模型做統計檢定，本次研究結果如下：
1.董監事持股比例、大股東持股比例、經理人持股比例及獨立董監事席次比例與發行國內可轉換公司債為顯著正相關，表示董監事持股比例、大股東持股比例、經理人持股比例及獨立董監事席次比例愈多的公司，愈喜歡選擇發行國內可轉換公司債。
2.董事會規模與發行國內可轉換公司債為顯著負相關，表示董事會規模愈大，愈喜歡選擇發行海外可轉換公司債。
3.董監事質押比例與發行國內可轉換公司債沒有相關，表示無法從董監事質押比例顯示出是否喜歡選擇發行國內可轉換公司債或是海外可轉換公司債。

關鍵字：內部治理機制、可轉換公司債、公司治理

關鍵字

可轉換公司債 ； 內部治理機制 ； 公司治理

並列摘要

The study is to examine the correlations between internal corporate governance mechanism and convertible bonds. Whether the internal corporate governance mechanism which contains pledged share of directors and supervisors,blockholder ownership,managerial ownershipm,board size,the percentage of outside directors in the board and the pledged share ratio of directors could affect the issue of convertible bonds or Europe convertible bonds.
These samples for this study are selected from firms which listed ever issued convertible bonds or Europe convertible bonds on the Taiwan stock exchange.The date was collected and analyzed through Logistic model. The empirical results have three kinds:
1.The correlations between pledged share of directors and supervisors, blockholder ownership,managerial ownership and the percentage of outside directors in the board and convertible bonds are significantly positive.These mean that the company with higher ratio of pledged share of directors and supervisors,blockholder ownership, managerial ownership and the percentage of outside directors in the board would prefer to issue convertible bonds.
2.The correlation between board size and convertible bonds is significantly negative, This revealed that the company with the higher ratio of board size would prefers to issue Europe convertible bonds.
3.The correlation between the pledged share ratio of directors and convertible bonds is not significant .This shows that we can not find whether the company with the higher ratio of the pledged share ratio of directors issue convertible bonds or not.

Keywords： internal corporate governance mechanism、convertible bonds、ownership structure

並列關鍵字

convertible bonds ； internal corporate governance mechanism ； ownership structure

參考文獻

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