公司財務特質、轉換機率與可轉換公司債融資決策之研究

The Empirical Study of Firm Characteristics, Conversion Probability and Convertible Bonds Financing Decisions

蔡政哲(Cheng-Che Tsai)

指導教授 ： 俞海琴

中原大學/商學院/國際貿易研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300349

摘要

**可轉換公司債發行公司之財務特質隱含了負債相關與權益相關外部融資成本，為釐清發行動機，根據Lewis, Rogalski and Seward（2003）利用轉換機率，將可轉換公司債分類為債券類型、混合類型和權益類型。並利用變異數分析、T檢定、Mann-Whitney U檢定、二分類Logistic迴歸分析和Tobit迴歸分析等實證模型，探討發行公司之特定外部融資成本與其發行可轉換公司債之轉換機間的關係，也就是可轉換公司債之融資決策。本研究結果發現，當可轉換公司債發行公司所面對的營運風險高和未來成長機會大時，發行公司會傾向發行權益類型的可轉換公司債；相對的，當可轉換公司債發行公司所面對的資訊不對稱成本高和逆選擇成本高時，發行公司會傾向發行負債類型的可轉換公司債。

關鍵字

外部融資 ； 可轉換公司債 ； 公司特質 ； 融資決策 ； 轉換機率

並列摘要

**According to Lewis, Rogalski and Seward (2003), the firm characteristics of the firms that issue convertible bonds interpret high debt- and equity-related costs of external finance. To assess the theoretical issuance motives separately, the convertible bonds are classified according to conversion probability 3 types, i.e. debt-like, hedge-like, and equity-like convertible bonds. Five empirical are performed under Variance Test, T Test, Mann-Whitney U Test, Logistic Model and Tobit Model to characterize how issuers should design convertible bonds to efficiently mitigate specific debt- and equity-related costs of external finance. In conclusion, we document that the firms that issue convertible bonds tend to issue equity-like convertible bonds when the firms face small asymmetric information costs, small adverse selection costs and high financial distress costs and have better growth opportunities in the future. On the contrary, the firms that issue convertible bonds tend to issue debt-like convertible bonds when the firms face big asymmetric information costs, big adverse selection costs and low financial distress costs and have worse growth opportunities in the future.

並列關鍵字

External Finance ； Firm Characteristics ； Conversion Probability ； Convertible Bonds ； Financing Decision

參考文獻

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