English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  Items with full text/Total items : 88613/118155 (75%)
Visitors : 23484929      Online Users : 655
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
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/36273

    Title: 可轉換公司債發行時機與營運績效之研究
    Authors: 林素菁
    Contributors: 吳啟銘
    Keywords: 可轉換公司債
    Date: 2002
    Issue Date: 2009-09-18 17:44:29 (UTC+8)
    Abstract: 在考量或依據籌措資金的目的、資金成本、募集資金的金額、貨幣市場及法令因素等,公司會在多元的籌資管道中選擇最有利的方式進行。可轉換公司債自民國79年遠東紡織發行後,就受到企業的喜愛與投資人的注意。發行可轉換公司債時機及營運績效與發行CB之相關性,是本研究所探討的重點,同時也希望此研究結果能對未來預發行可轉換公司債的企業有所幫助。
    To consider or base on the purpose of financing、the cost of capital、the amount of fund、currentfinancial market conditions and governing laws.....etc,usually a company will choose the most beneficial source of finance. In 1990 in Taiwan, the Convertible Bond ( CB ) was issued by Far East Textile Co. and was favorably attracted by both companies and investors since. The primary subject of this studding is to discuss the correlation between the time of issuing CB and operating performance after issuing CB. Hopefully, this paper can be useful to the company desiring to issue CB in the future.
    First o fall, by using the survey method I found that most companies in Taiwan chose issuing local CB as the source of finance because of cheaper capital cost. Some companies chose issuing ECB for reducing interest burden. Secondly, by using practical test method: separate the selected samples into four groups for comparison testing. In results, there is no obvious correlation between exterior factors and the companies whether issuing CB. The exterior factors include interest、stock price and security laws. Finally, this paper explains the operating performance, especially the earning profit ability, of the companies getting poor after issuing CB. To understand such result, compare the characteristics of the companies in the same industry. In steel and iron industry;the financial ratios of the selected company without issuing CB are poorer than competitors’. Then the selected company didn't get better within two years after issuing CB. In this case, I can't assume that the operating performance or result is related to the company issuing CB matter. In electronic industry; three samples of electronic corporations were compared with their competitors. This paper illustrates that issuing CB as the way of financing for the company is the most popular among semiconductor industry. Although the selected company faced a downturn in earnings after issuing CB, it still performed well in terms of financial ratios compared with its competitors.
    To go a step further to observe the issuing time during 1997 and 1998, the semiconductor industry encountered a slumped condition until early 2000. In this time frame, CB product naturally explained its merits by itself. When the company faced a down-turn economic situation, usually with poor earnings,the company tended to issue CB as the source of finance in order to reducing interest cost, smoothing earning per share, protecting shareholders' rights to transfer a better share price in the future. The condition above accidentally misled the thoughts of that the issue of CB will cause poor earnings.
    The companies in semiconductor industry chose the right time to issue CB.They still keep a better operating performance than competitors and obtain fund for the lowest cost of capital due to choose issuing CB as the way of finance.
    第一章 緒論
    第一節 研究動機與目的-----1
    第二節 研究範圍-----2
    第三節 研究架構-----4
    第四節 研究限制-----5

    第二章 文獻探討
    第一節 可轉換公司債發行動機-----6
    第二節 發行可轉換公司債的特徵-----9
    第三節 發行可轉換公司債長期績效評估-----12

    第三章 研究設計
    第一節 研究假說-----14
    第二節 調查方法與資料蒐集-----14
    第三節 調查結果與分析-----14
    第四節 獨立檢定-----18
    第五節 相關分析-----18

    第四章 結果分析
    第一節 環境因子研究-----22
    第二節 公司特徵因子研究-----26

    第五章 結論與建議
    第一節 結論-----32
    第二節 建議-----33


    附錄一 問卷調查內容-----36
    附錄二 樣本與同業各年度之平均股價、本益比即每股淨值之比較-----40
    附錄三 法令變動內容-----46
    附錄四 樣本與同業各年度財務比率內容-----51

    表1-2-1 選取樣本資料-----3
    表1-2-2 國內外可轉換公司債發行時間-----4
    表2-1-1 可轉換公司債發行動機相關文獻彙總-----6
    表2-2-1 發行可轉換公司債特徵相關文獻彙總-----9
    表2-3-1 發行可轉換公司債長期績效評估相關文獻彙總-----12
    表3-2-1 產業別-----13
    表3-2-2 企業籌措長期資金管道之優先順序-----14
    表3-2-3 發行可轉換公司債情形-----14
    表3-2-4 發行可轉換公司債之次數-----14
    表3-2-5 發行可轉換公司債之部位-----15
    表3-2-6 籌資主要考慮的因素-----15
    表3-2-7 近兩年發行可轉換公司債主要原因-----15
    表3-2-8 決定發行部位考慮的因素-----16
    表3-2-9 企業決定發行可轉換公司債時考慮因素-----16
    表3-2-10 發行可轉換公司債主要動機-----16
    表3-2-11 發行可轉換公司債之用途-----16
    表3-2-12 不擬發行可轉換公司債主要原因-----17
    表3-4-1 發行可轉換公司債種類與發行動機之關係-----17
    表3-4-2 國內外可轉換公司債之比較-----17
    表3-4-3 發行可轉換公司債的種類與募資用途的關係-----18
    表3-4-4 發行可轉換公司債的種類與募資用途的關係-----19
    表3-4-5 法令變動與發行意願之關係-----19
    表4-1-1 81年至90年間國內銀行加權平均存放款利率-----20
    表4-1-2 國內可轉換公司債歷年發行狀況-----20
    表4-1-3 海外可轉換公司債歷年發行狀況-----21
    表4-1-4 81年至90年大盤指數統計表-----22
    表4-1-5 發行公司發行前後與同業股價、本益比及每股淨值之比較彙總-----25
    表4-2-1 彙總財務比率之比較-----27
    表4-2-2 各組財務比率比較-----29

    圖1-3-1 研究架構-----4
    圖3-2-1 考慮籌措長期資金管道支優先順序-----15
    圖4-1-1 國內可轉換公司債發行金額-----22
    圖4-1-2 海外可轉換公司債發行金額-----22
    圖4-2-1 半導體產業景氣循環-----31
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G91NCCU3242012
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

    Files in This Item:

    File Description SizeFormat

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

    社群 sharing

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback