| Abstract: | 本研究之最終目的是,藉由理論與實證的結合,建立附認股權證債券發行時應考慮的完整架構,並提出我國發行附認股權證債券的可行性,以作為產、官、學各界的參考。因此本研究之目的,詳言之可分為理論上與實證上的兩類目的。 (一)理論上的目的< 一項新金融商品的推出能否成功,其中一項重要關鍵是它的評價。由於我國到目前為止,尚沒有附認股權證債券的發行,我們很難由市場交易資料,論定評價模式。國內吳美蘭(民79)與劉維琪、林淑玲(民81)等曾以個案探討方式,探討評價模式的適切性,但因所用之評價模式最多只有兩個,其泛用性難免令人質疑。本研究則欲藉由更多的評價模式進行模擬分析,在理論上比較各種可行的評價模式,以發現何者較能適應我國的本土市場。目的是希望附認股權證債券在我國推出後,可因適當的評價而健全的發展。 (二)實證上的目的< 本研究實證上的目的,計有下列四點: 1.應用問卷調查與人員訪談等方式,以了解我國股票上市公司、機構投資人、證券承銷商與證券管理機關對我國發行附認股權證債券的看法,並以數量統計方法,比較與解釋問卷調查結果,初步探討我國資本市場對該金融商品的接受性。 2.藉由我國發行附認股權證債券的發行環境面,如相關法令的配合,我國市場特性等之深入探討,提出我國發行附認股權證債券時所應考慮的配合措施。 3.經理論與實證的整合,對附認股權證債券的發行與承銷機構,提出在規劃該金融商品時應考慮的細節。 4.綜合理論與實證研究結果,對我國之證券管理機關,提出我國發行附認股權證債券之可行性建議。
Normally warrants are subordinated to other securities, like bond, preferred stock or common stock. Among these, bond with warrants is the most important one. It is a very valuable financial product for issuing company and investors. In recent years, although there are so many bonds issued in Taiwan, the market transactions is not active. In order to activate both the primary and secondary markets, It is indispensable to push out new financial products like bond with warrants. The major purposes of this study are combining theories with practices, studying the feasibility of issuing bond with warrants is Taiwan as well as setting up the complete structure that should be taken into account when issuing bond with warrants. Steps will be adopted in this study: (1) Review related papers and theories; (2) Empirically make questionnaire and investigate the constituencies` points of view toward issuing bond with warrants; (3) Induce into the necessary adaptations to issuing bond with warrants; (4) Make clear the possibilities of issuing bond with warrants in Taiwan. The expected contributions of this study will be: (1) Combination of theory and practice, creating a new area for study on bond with warrants; (2) Make a more detailed study on bond with warrants, filling up the missing parts in relevant books and articles in Taiwan; (3) Set up the structure and model for issuing bond with warrants to be the reference for later study on issuing new financial products; (4) Get from this study more acquaintances with the environmental factors in Taiwan for issuing bond with warrants; (5) The government officials can make decision based on this study to develop better and more suitable environment; (6) More accurate knowledge on bond with warrants for investors. |
