政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/102973
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 109951/140892 (78%)
Visitors : 46217973      Online Users : 968
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大典藏 > Journal of NCCU > Issue 74 > Journal Articles >  Item 140.119/102973


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/102973


    Title: 臺灣海外可轉換公司債之設計與外匯避險問題
    Other Titles: On the Designing and Foreign Exchange Hedging Issues of Taiwanese Euroconvertibles
    Authors: 吳啟銘;程裕城
    Wu, Chiming;Cheng, Yu-Cheng
    Contributors: 財管系
    Date: 1997-04
    Issue Date: 2016-10-18 15:05:11 (UTC+8)
    Abstract: 本研究主要是從商品設計角度探討台灣公司發行海外可轉換公司債的動機及其所涉及的外匯風險問題。公司在發行海外可轉換公司債時，必須考量債券與權益兩部分，票面利率可用來衡量債券部份的價值，而執行價格與固定轉換匯率反應的則是權益部分的價值。本研究採Mishra與Naranyanan(1991)的方法來探討台灣上市公司發行此衍生證券背後的動機。實證結果發現，就代理理論的觀點而言，上市公司並非基於降低代理成本的動機而發行海外可轉換公司債。就公司管理當局的觀點而言，實證結果不支持公司想以較高的價格出售股票，同時，也拒絕降低融資成本的說法。但是，本研究發現，當外幣傾向升值時，公司會傾向賦予這類衍生證券較高權益的成份。基於此發現，可能的解釋是，海外可轉換公司債的發行公司希望能藉此分散融通的資金來源。最後，關於海外可轉換公司債的發行公司是否要積極管理所面對的外匯風險問題，本研究利用套利定價理論的兩因子模式對發行海外可轉換公司債的二十二家上市公司進行實證。結果發現，由於外匯風險並不被股市投資人評價，就降低資金成本的考慮上，發行公司並不需要對海外可轉換公司債所產生的匯兌風險進行避險。
    This paper is composed of two related topics about the Euroconvertibles: One is to test the rationales behind the issuance of Euroconvertibles. The other is to investigate, based on a viewpoint of their cost of capital, whether the firms should hedge their foreign exchange exposure.For the topic of the design of Euroconvertible, this study examines agency rationale and other managerial rationales behind the issuance of Euroconvertibles. Analysis of empirical results shows that the agency rationale cannot be supported, furthermore, the managerial rationale about the position to utilize Euroconvertibles as delayed equity sold at a premium also cannot be supported. As from the point of view of lowering the funding cost, the argument to issue the Euroconvertibles rather than straight debts when the level of interest rate is high is not empirically supported. This study also employs this method to testing how the Euroconvertibles react to the level of foreign exchange rate. It presents that when the level is relatively high; i.e., when the foreign currencies tend to appreciate, the issuers significantly put more weights on the equity component, rather than debt component. It might be explained as the surmise that the firm aimed to diversify its financing sources when designing the Euroconvertibles.As for the second topic, the empirical results showed that the foreign exchange risk is not priced in the Taiwan stock market. Thus, the issuers of Euroconvertibles need not to hedge against their foreign exchange risk under the considerations of lowering their cost of capital.
    Relation: 國立政治大學學報,74,297-315
    Data Type: article
    Appears in Collections:[Issue 74] Journal Articles

    Files in This Item:

    File Description SizeFormat
    74-297.pdf1176KbAdobe PDF2676View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback