上市公司融資資訊內涵對股價影響 —國內外可轉換公司債和海外存託憑證之研究—

Stock Price Fluctuations and News of Business Financial Tools chosen —Study of Convertible Bonds, Euro-Convertible Bonds and Depository Receipts. —

馮月紅(Yueh-Hung Feng)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600690

摘要

本研究以89年至94年6月30日間，曾經發行CB、ECB和DR之上市公司為樣本，其中，CB有151個樣本、ECB有129個樣本、DR有18個樣本，共計298個樣本，以事件究研究法之市場模式來計算異常報酬率，以檢定不同債券融資於董事會決議日和發行日對公司股價之影響，並對公司不同之財務特性與累積異常報酬之影響進行分析，實證結果如下：
一、 融資宣告效果：
（一） 就所有樣本融資宣告，投資人視電子業公司融資宣告為負面訊息，對公司股價有顯著負向影響。
（二） 就各別融資宣告：
1、 發行CB融資宣告，於董事會決議日和發行日，對股價有顯著負的異常報酬。電子業在董事會決議日有顯著負的異常報酬，非電子業在在發行日則有顯著負的異常報酬。
2、 發行ECB融資宣告，於董事會決議日有顯著負的異常報酬，電子業在董事會決議日有顯著負異常報酬。
3、 發行DR，於董事會決議日及發行日皆有顯著負的異常報酬。

二、公司財務特性之影響
（一） 發行CB公司
非電子業在流動比率與股東權益報酬有顯著影響，顯示公司會於股價表現佳時發行CB，藉由融資活動來增加公司財務槓桿度。
（二） 發行ECB公司
電子業在流動比率和現金流量及股東權益報酬率有顯著影響，公司會藉由發行ECB增加現金流量，提高財務槓桿度以增加報酬率。
（三） 發行DR公司
各變數皆無顯著影響

關鍵字

存託憑證 ； 海外可轉換公司債 ； 宣告效果 ； 國內可轉換公司債

並列摘要

This study attempts to examine the stock price fluctuations of 298 publicly listed companies in Taiwan which issued CB, ECB and/or DR during the period from January 1, 2000 to June 30, 2005. Of the 298 companies, 151 issued Convertible Bonds(CB), 129 issued Euro Convertible Bonds (ECB) & 18 issued Depository Receipts(DR). This work first calculates the abnormal rate of return, then examines the impact of the issuance of CB, ECB and DR on the stock prices of the announcement date or that of the issuance date of CB, ECB, and DR. This study also explores the impact of issuing CB, ECB and DR on the financial ratios and the accumulated abnormal returns of the issuing company. The summary of the empirical results are as follows:

A. The announcement effect of the issuing of CB, ECB and DR collectively:
a) Based on the event study, the results indicate that there is a significantly negative relationship between the stock price of the announcement day and the announcement of issuing CB, ECB and/or DR for the electronic companies.
b) The announcement effect of issuing CB, ECB or DR, respectfully, is as follows:
1. The company announced to issue Convertible Bonds: On the approval date of the board meetings or on the issuance date of the Convertible Bonds, the stock price showed significantly negative abnormal fluctuations for the electronic companies. However, there is a significantly negative abnormal stock price fluctuation only on the issuance date of the Convertible Bonds for the non-electronic companies.
2. The company announced the issuance of Euro-Convertible Bonds. On the approval date of the board meetings to issue Euro-Convertible Bonds, the stock price showed significantly negative abnormal fluctuations for electronic companies
3. The company announced to issue Depository Receipts: The findings indicate that the stock price of the issuing companies had significantly abnormal fluctuations on both the approval date of the board meetings and on the issuance date.
B. The impact on the financial ratios of the issuing companies.
a) The company issued Convertible Bonds.There is a significant impact on Current Ratio and Return on Equity for Non-Electronic companies which issued Convertible Bonds, suggesting that companies will issue Convertible Bonds when their stock prices are high in order to improve their financial leverage ability of the companies.
b) The company issued Euro-Convertible Bonds:There is a significant impact on the liquidity ratio, cash flow and the rate of return on stockholders equity for electronic industry. It suggests that the electronic companies increase cash flows and improve their financial leverage ability by issuing Euro-Convertible Bonds in order to increase the rate of return on stockholders equity.
c) The companies which issued Depository Receipt: The results indicate that there are no significant impacts on all financial ratios for electronic companies which issued DR.

並列關鍵字

Euro-Convertible Bond. ； Announcement Effect ； Convertible Bond ； Depository Receipt

參考文獻

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