可轉債發行條件及公司特性與發行後績效關聯性之探討

The Performance of Firms that Issue Convertible Bond: an Empirical Analysis of Issue Terms and Financial Characteristics.

周舒屏(Shu-Ping Chou)

指導教授 ： 張仲岳

國立臺北大學/商學院/會計學系/碩士(2013年)

摘要

本研究針對2002年至2011年發行國內可轉換公司債之台灣企業，探討公司類型、宣告效果及歷史營運績效與發行後股票報酬率及營運績效表現之相關性。實證結果發現，(1)全體樣本公司發行可轉債後一年之營運績效較發行前一年衰退，且發行後一年之股票報酬率為負，惟淨現金為正之公司發行後股票報酬率顯著優於淨現金為負之公司，顯示公司類型與發行後之股票報酬率顯著相關，至於在發行後營運績效方面兩類型公司則無差異。(2)宣告效果(發行時的短期股票報酬率) 與發行後之股票報酬率顯著正相關，與發行後營運績效變化則無顯著相關。(3)歷史營運績效與發行後之股票報酬率無顯著相關，但與發行後之營運績效變化則為顯著負相關。總結來說，公司發行可轉債一年後股價及營運績效變差，發行時股票市場的反應(即宣告效果)與公司發行後的股價表現正相關，而發行公司發行前一前營運績效與發行後的營運績效負相關。

關鍵字

可轉債、宣告效果、股價報酬率、營運績效

並列摘要

This paper examined the impacts of company types, announcement effect and historical operating performance on the operating and stock returns performance of domestic convertible bond issuers from 2002 to 2011. The empirical evidence showed that: (1) the operating and stock returns performance of all sample companies declined after issuing convertible bond. However, firms with positive net cash had a better stock returns performance than those with negative net cash; (2) announcement effect was positively related to the post-issue stock returns performance; and (3) historical operating performance was negatively related to the operating performance after the issuing. In conclusion, the results suggested that different types of firm have different post-issue performance and the stock market reaction provides information on issuer’s future performance.

並列關鍵字

Convertible Bonds, Announcement Effects, Stock Returns, Operating Performance

參考文獻

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