可轉換公司債與現金增資籌資比較分析之研究

Abstract

近年來台灣資本市場的發展日益蓬勃，從以往的現金增資、盈餘轉增資及資本公積轉增資等權益融資方式轉向與可轉換公司債、海外籌資及海外可轉債等融資工具交互運用。 本研究以國內進行現金增資及發行可轉換公司債之公司為對象，探討兩種籌資方式進行的時機有無不同之處，並針對籌資後的經營績效及股價進行比較分析。 研究結果顯示，公司進行現金增資之時機，傾向於營運表現較佳且股價較高時進行，且現金增資對獲利成長較具有改善效果，唯股價的表現不論採現金增資或可轉換公司債之公司都未有改善效果。

Capital markets in Taiwan flourish in recent years. The situations can be observed by corporate financing vehicles have changed from simple use of equity finance, like seasoned equity offerings, capital increase out of earnings and capital increase out of reserves to interactive use of domestic convertible bonds, overseas convertible bonds and other overseas financing.

This study explore if there are different timing existing in companies financing by domestic convertible bonds or seasoned equity offerings. Also, compare the performance of companies after issuing convertible bonds or seasoned equity offerings.

As result of this thesis, companies prefer to execute seasoned equity offerings when performance is relatively good and stock price is relatively high. Companies execute seasoned equity offerings have obviously improving effect in profit. However, stock performance is worse either after financing by domestic convertible bonds or seasoned equity offerings.