觀看近10年的間接金融統計狀況,1994年間接金融由10,948億元大幅滑落至2004年的5,489億元;直接金融也由1994年的9,045億元增加至2004年9,656億元, 顯示企業在面對直接或間接向外界投資大眾募集資金抉擇之際,有較偏重選擇直接金融的趨勢。 近年來上市公司發行公司債金額由1994年93.2億元大幅成長到2004年的1,557億元;現金增資在這10年間也由1,917.9億元成長至2,760.8億元。大部份的企業皆無法完全100%自有資金營運公司,籌資行為的選擇勢必為公司常常面臨的情況。 當企業在發行公司債若干年後,常常因無法償還出本金與利息而出現財務危機。讓本研究想瞭解的是企業在發行普通公司債、可轉換公司債及現金增資後,長期績效是否與短期績效相同。 本研究在評估短期績效後,發現公司發行普通公司債的短期累積平均異常報酬率呈現顯著負報酬率,可轉換公司債的累積平均異常報酬率則呈現顯著正報酬率,現金增資的累積平均異常報酬為正報酬率。厔於樣本公司的長期績效評估,本研究發現公司規模越大者越有可能發行普通公司債;而成長機會越大者越有可能發行可轉換公司債及現金增資。
According to statistical information of indirect and direct financing, indirect financing has decreased from 1,094.8 billion in 1994 to 548.9 billion NT dollars in 2004 and direct financing has been increasing from 904.5 billion to 965.6 billion NT dollars. It has showed that more and more Taiwanese firms preferred to choose direct finance to collect funds. Moreover, Taiwan listed firms have issued bonds from 9.32 billion in 1994 to 155.7 billion NT dollars in 2004 and have issued Season Equity Offerings from 1994 to 2004 from 1,917.9 to 2,760.8 billion NT dollars from public investors. These statistic numbers have showed that most firms can’t grow up without the fund from outside of the firms; therefore, managers often have to do financing decision. After issuing bonds for several years, some firms incurred the financial crisis when they are not able to payoff the principal and interest. Hence, the purpose of this thesis is to explore whether any difference exist between firm’s short-term performance and long-term performance when firms have issued bonds, convertible bonds and Season Equity Offering. The result of this thesis has showed that bonds have led to negative abnormal returns, however convertible bonds and Season Equity Offerings have generated positive abnormal return. As of firms’ long-term performance, the bigger firms have higher probability to issue bonds, the more bonds issued and the firms with higher growth opportunity will size are, the more convertible bonds and Season Equity Offering issued.
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