政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/4163
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 96163/126772 (76%)
造访人次 : 32221789      在线人数 : 271
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧:
  • 您可在西文检索词汇前后加上"双引号",以获取较精准的检索结果
  • 若欲以作者姓名搜寻,建议至进阶搜寻限定作者字段,可获得较完整数据
  • 进阶搜寻


    请使用永久网址来引用或连结此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/4163


    题名: 現金增資與可轉換公司債的宣告效果之再探討:以台灣股市為例
    其它题名: A Reexamination on the Valuation Effects of Seasoned Equity Offerings and Convertible Offerings---The Case of Taiwan
    作者: 徐燕山
    关键词: 現金增資;可轉換公司債;宣告效果;台灣股票市場
    Seasoned equity;Convertible bond;Announcement effect;Taiwan stock market
    日期: 2000
    上传时间: 2007-04-18 16:42:01 (UTC+8)
    出版者: 臺北市:國立政治大學財務管理學系
    摘要: 在美國,有關現金增資與可轉換公司債之研究,均發現金增資與可轉換公司債的宣告造成股票價格顯著地下挫,這些實證結果與各種理論模式的預期相符合;然而,在台灣,各實證研究的結果則無一致性,本研究的主要目的就是再度探討現金增資與可轉換公司債的宣告效果。不同於先前國內、外的相關研究之處,乃本研究的樣本公司必須在研究期間內,曾經辦理現金增資與可轉換公司債的發行。此種樣本公司挑選方式,可避免研究期間不同或樣本公司屬性不同所造成的影響。依照先前理論模式的推論,本研究的現金增資宣告效果(股價下挫幅度)應大於可轉換公司債的宣告效果。本研究的另一個目的是探討可轉換公司債的條款(例如:到期年限及轉換價格)是否會影響到其宣告效果的幅度;可轉換公司債的條款設計,會造成可轉換公司債屬性的差異,有些可轉換公司債的屬性會偏向股票,有些則會偏向一般公司債的屬性。實證結果顯示,現金增資與可轉換公司債的宣告效果均為負向,但只有可轉換公司債的宣告效果達5%的顯著水準。而兩者宣告效果的差異則未達顯著水準。在可轉換公司債屬性與宣告日效果之關係上,屬性越偏向股票的可轉換公司債的負向宣告效果卻較小,此種結果與理論預期相違,有待進一步研究。
    In U.S., finance academics study the security-issue decision to understand why firms choose to issue a particular security and how investors react to that choice. Researches on U.S. markets have documented negative and statistically significant price reactions to both seasoned equity offer and convertible debt offer announcements. And the magnitude of price reactions associated with seasoned equity offer announcements is greater than that of convertible debt offer announcements. However, the direction and magnitude of price reactions to both seasoned equity offer and convertible debt offer announcements in Taiwan stock markets are mixed. The purpose of this research is twofold. The first is to reexamination the information content of seasoned equity offer and convertible debt offer announcements in Taiwan stock markets. Only those firms having both seasoned equity and convertible debt offers during the study period are included in the study sample. This sampling design is to eliminate both issues of study period and sample characteristics. The second objective is to examine if the magnitude of price reactions to convertible debt offers is related to the probability of conversion at issue. If the probability of conversion is higher, the magnitude of price reactions should be greater in theory. The empirical results show that price reactions to both seasoned equity offer and convertible debt offer announcements are negative. But only the convertible one is significantly different from zero. On the relation between the magnitude of price reactions and the probability of conversion, the empirical results show that the higher the probability of conversion, the magnitude of price reactions is smaller. This contradicts to the prediction of the option theory.
    描述: 核定金額:226800元
    数据类型: report
    显示于类别:[財務管理學系] 國科會研究計畫

    文件中的档案:

    档案 描述 大小格式浏览次数
    892416H004078.pdf43KbAdobe PDF1332检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告
    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。
    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。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈