我國企業發行海外可轉換公司債之決定因素及發行前後直接與間接融資變化之探討

An Analysis of the Factors Influencing Enterprises' Issuance and Terms of ECB and the Corresponding Evolution of Direct and Indirect Financing after ECB Issuance

曾昭玲(Jau-Ling Tseng) ； 李姿宜(Tzu-Yi Lee) ； 黃玉伶(Yu-Ling Huang)

《台灣管理學刊》 5卷2期 (2005/08) Pp. 287-310

https://doi.org/10.6295/TAMJ.2005.0502.06

摘要

隨著我資本市場蓬勃發展及政府法令規範逐漸鬆綁，企業赴海外籌資不僅已能滿足龐大的資金需求，亦可提升其信用評等與國際聲譽，故海外可轉換公司債(ECB)近期業已成為國內企業海外籌資的熱門工具。本研究以曾赴海外與未曾赴海外發行ECB之企業為研究樣本，並首次融合資訊不對稱之相關變數於此類研究中。實證結果發現，未發行ECB之企業其每股盈餘標準差、市價帳面價值比及破產風險均大於發行企業，然其負債比率、長期資金占固定資產比與公司規模明顯小於發行企業。在發行與否方面，企業若多倚賴負債融資，少依賴權益融資，多擁有長期資金，抑或其償債、獲利或經營能力較佳者，則成功發行ECB的可能性較高；然企業之成長性越高，惟目前價值遭低估，抑或營運風險較高者，較不易成功發行ECB。再者，企業之逆向選擇與道德危機問題越低將明顯提升其成功發行ECB的機率，然若其研發程度越高，或屬研發比率較高之高科技產業，則較低之道德危機問題使其成功發行ECB的機率顯著增高。 在發行金額方面，我國基本放款利率、負債比率、長期資金占固定資產比率、銷貨毛利率、應收帳款週轉率、公司規模、PE比及研發費用率等變數越高，則ECB發行金額越高，然紐約道瓊工業指數、財務槓桿、資產擴充度、市價帳面價值比、破產風險、道德危機等變數越高，則ECB發行金額越低。在發行成本方面，ECB稅後利率受我國基本放款利率、製造業生產值、公司股價、財務槓桿與道德危機變數的負向影響，而受負債比率、長期資金占固定資產比與銷貨毛利率之正向影響。最後，企業發行ECB後無論直接金融或間接金融規模均顯著增加，惟直接融資存量與流量規模均顯著高於間接融資存量與流量規模，此顯示企業憑藉其成功發行ECB所衍生的優良信譽降低其資訊不對稱問題，致使奠基於資訊對稱性之直接融資規模相較於間接融資規模顯著提升，易言之，企業於發行ECB後多轉而倚重直接金融工具籌資。

關鍵字

海外可轉換公司債 ； 不對稱資訊 ； 直接融資 ； 間接融資

並列摘要

Owing to the liberalization and globalization of domestic capital markets, overseas financing especially through Euro convertible bond (ECB) profoundly affects firms' funding behavior. This study seeks to identify the factors influencing the issuance and the terms of ECB by incorporating both the issued and non-issued companies especially from the asymmetric information viewpoint, and further empirically tests the associated effects of ECB issuance on the evolution of firms' direct and indirect financing pattern. Empirical results show that the issued and non-issued companies are significantly different in EPS, market to book ratio, bankruptcy risk, leverage ratio, long-term capital ratio, and size. In addition, companies with a higher debt ratio, a lower equity ratio, a higher long-term capital ratio, a higher R&D ratio, better ability in repayment, profitability and operation, or a lower extent of adverse selection or moral hazard are more likely to successfully issue ECB.
Overall, the issue size of ECB is significantly positively influenced by domestic prime rate, firm's debt ratio, long-term capital ratio, gross sales margin ratio, accounts receivable turnover ratio, size, PE ratio, and R&D ratio, but is significantly negatively influenced by DJIA index, financial leverage, asset expansion ratio, market to book ratio, bankruptcy risk, and moral hazard problem. On the other hand, the after-tax coupon rate of ECB is significantly positively affected by debt ratio, long-term capital ratio, and gross sales margin ratio, but is significantly negatively affected by domestic prime rate, gross products of domestic industries, firm's stock price, leverage ratio, and moral hazard problem. Finally, the issuance of ECB significantly improves the enterprise's direct and indirect financing level; nevertheless, both the corresponding flow and stock level of direct financing are substantially higher than those of indirect financing due to the reputation and credit enhancement effects originated from ECB issuance. Namely, enterprises' are more reliant on direct financing after the issuance of ECB.

並列關鍵字

Euro convertible bond ； Asymmetric information ； Direct financing ； Indirect financing

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