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  • 學位論文

特別股之發行背景與發行前的融資活動對特別股的影響

The effect of issue background and financial activities before issuance on preferred stock

指導教授 : 林建榮

摘要


特別股是一種性質介於普通股與債券之間的混合證券,但相較於普通股和債券,特 別股的文獻數量較為缺乏,本文旨在探討不同情境下特別股的發行成本和長期績效是否 有所不同。 我們針對以下四個方向進行分析:特別股發行前一年內的融資活動、所發行的特別 股種類、發行公司所在的交易所和發行公司的信用評等。我們使用1971 年到2005 年美 國上市上櫃公司的特別股發行資料來進行實證研究,主要依據前述的四個方向將特別股 進行有系統的分類,並比較不同分類下的特別股其發行成本和長期績效的異同。 我們的實證結果發現特別股發行前一年內的融資活動對特別股的發行成本和發行 後績效都有一定程度的影響。實證結果指出在發行特別股的前一年內有進行外部融資的 公司通常會有較高的特別股發行成本和較佳的發行後長期績效;但發行前一年內的融資 活動對特別股的影響程度與方向,可能會因發行背景的改變而有所不同。 發行前一年內的融資活動會對可累積特別股的發行成本有不同方向的影響,前一年 內沒有進行外部融資的公司其可累積特別股的發行成本反而會較高,但在發行後績效上 則沒有顯著的影響。投資級公司所發行的特別股,發行前的融資活動對其的影響和完整 樣本下的結果是一致且更為顯著的,可以觀察到在發行特別股前一年進行外部融資(特 別是負債)雖然會使特別股的發行成本提高,但其發行後也會有較佳的績效。

並列摘要


Preferred stocks are viewed as hybrid securities between common equities and debts. But there are few literatures researching about preferred stock. This paper tries to find the difference in the cost of issuing preferred stock and long-term performance after preferred stock issuance under different situation. We class different preferred stock by four directions. That are, the financial activities before preferred stock issuance, the type of preferred stock, where the issuer’s share be traded, and the credit rating of issuer. We find that all the four kinds of classification have some influence on issue cost or long-term performance. The issuer which ever operated external financing one year before the preferred stock issuance will usually have higher issue cost and better long-term performance. This effective are most when the issuer issued debt one year before issuance. But the influence on external financing one year before issuance is not always the same. That will be difference under different type of preferred stock and different issuers’ credit rating. We have a reverse result about issue cost on the sub-sample created by cumulative preferred stocks. And the effect of external financing one year before issuance will be stronger and clearer when we use the sub-sample created by the investment level issuers.

參考文獻


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被引用紀錄


李明城(2011)。台灣上市(櫃)公司發行特別股後長期績效之探討〔碩士論文,淡江大學〕。華藝線上圖書館。https://doi.org/10.6846%2fTKU.2011.01012
黃鯨洋(2018)。特別股的現在與未來:超越股東平等原則之限制與迷思〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU201800684
顏淑華(2007)。我國地方稅法通則施行後之檢討〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2007.10055

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