從公司治理角度探討海外可轉債發行對公司價值之影響

Euro Convertible Bond Issuance, Corporate Value and Corporate Governance

李存修(Sun-Siou Lee) ； 胡星陽(Shing-Yang Hu)王瑪如(Ma-Ju Wang)

《財務金融學刊》 15卷3期 (2007/08) Pp. 1-42

https://doi.org/10.6545/JFS.2007.15(3).1

摘要

海外可轉換公司債之發行已成為台灣上市公司的重要籌資工具，從2000年1月至2006年10月，台灣上市公司總共發行了254億美元之海外可轉換公司債。本研究以台灣上市公司宣告發行海外可轉換公司債為事件主題，將樣本分為民國92年前後兩期，探討其發行宣告在不同期間的市場反應，並找出宣告發行公司特性、債券特質與這段期間股價異常報酬變動的關係。研究發現，市場對宣告當目的反應都傾向負面。民國92年之前，市場在發行海外可轉債宣告前大部份的天數有顯著的正異常報酬，但92年之後，在海外可轉債發行宣告後一星期卻有明顯的負異常報酬，此實證結果顯示在民國92年之後，市場已視海外可轉債的發行宣告為壞消息。研究中亦發現，民國92年之前公司規模對宣告期間的股價異常報酬有負面影響，但92年之後，此一影響消失。另外，當公司採用特別重設時，對異常報酬的影響是負面的，規模愈大的公司愈不會有特別重設條款。規模小的公司其控制股東之現金流量權對異常報酬有顯著正向影響，支持現金權與公司價值利益一致的假說。而海外可轉債宣告前的股價表現績效和異常報酬顯著的正相關，顯示了股市投資人對於前景看好的公司對其募資行為仍然是樂觀其成的。

關鍵字

海外可轉換公司債 ； 公司治理 ； 異常報酬 ； 特別重設條款 ； 財經政策

並列摘要

Euro Convertible Bond (ECB) has been a popular financing vehicle for Taiwan Stock Exchange listed companies. Some USD 25.4 billion of ECB has been issued from January 2000 to October 2006. The abnormal stock return around the announcement date is found to be mostly negative. The negative announcement effect continued for around one week after the event date for samples after 2003, implying that ECB announcement became a bad news for the issuing companies in the post-2003 period. Negative relationship between abnormal return and company size was found before 2003, but disappeared afterwards. Special reset clause which allows the issuing company to reset downward the conversion price without lower limit, was found to have a negative impact on the abnormal returns. Smaller companies tend to incorporate special reset clause in their ECB's more than larger companies. Their abnormal returns are positively related to the cash flow right of the controlling shareholder, consistent with the Convergence of Interest Hypothesis. Finally, company performance in terms of stock returns before the announcement of ECB issuance is found to be positively related to the abnormal returns, implying that ECB issuance of good companies is still regarded as a good news by the market.

並列關鍵字

Euro Convertible Bond(ECB) ； Corporate Governance ； Abnormal Return ； Special Reset Clauses ； Financial Policy

參考文獻

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