我國可轉換公司債機構投資人之投資行為與特性分析

Abstract

財務理論雖已發展多年，發行公司如何選擇其債券條款，在學者間仍 無一致的共識。本研究嘗試以投資者的偏好來研究可轉換公司債之條款。 本研究主要以可轉換公司債市場之機構投資行為為研究對象。分析模式整 合可轉換公司債契約條款與具有完整性、整合性的Sheth工業購買行為一 般模式為主體修改而成。欲達成以下目的：探討目前已發行之可轉換公司 債之發行與轉換辦法設計現況。；探討投資可轉換公司債之機構投資人在 尋求有關資訊來源之管道，並找出其最主要，最可信之管道。；探討不同 類型之機構投資人對各個債券條款之偏好是否一致，其偏好為何？；根據 所探討之可轉換公司債之投資特性，對證券承銷商提出建議。經實證分析 後，發現本研究所的得到的建議為1. 在法人投資者來說，雖說利用自身 研究進行投資是投資者最主要，也是最常利用的資訊來源，但是證券商、 證券承銷商提供的資料，與證券商人員的推薦，對投資者而言也有相當大 的影響程度。專業技術刊物更是一個良好的行銷通路。因此建議證券承銷 商能在這兩個方面加強以利承銷工作的順利。2. 承銷商可試著調低票面 利率，以較優惠的贖回收益率與賣回價格吸引投資者。 Recently, the high-tech industries in Taiwan are experiencing another cycle of rapid growth. To cope with the increased demand for their products, many high-tech firms are considering dramatic increase in their capital investment. Accompanied with the expansion, there is an urgent need for financing. The investors in Taiwan have gradually accepted the concept of convertible bonds (CB). It is interesting to observe that the CBs issued in recent years have come with various provisions desirable to investors. The purpose of this study is to investigate the preference of institutional investors toward the desirability of the provisions provided in most of the CBs. The industrial buyer behavior model suggested in Sheth (1973) was used in the study as a basic framework in the design of our survey questionnaire.The results of this study show that brokers and underwriters of the CBs are important sources of information for most of the institutional investors. Further, there is preference of those investors toward certain bond covenants.