公司治理與盈餘管理對可轉換公司債之轉換能力的影響

Abstract

公司一旦發行可轉換公司債後，為了降低發行成本、保護普通股股東權益，或是管理決策考量，會有動機採取贖回方式迫使投資者將可轉債轉換為股票。然而，若強制轉換失敗，公司必須準備資金以支付贖回費用，此舉將造成公司要多負擔融資的承銷成本，甚至可能發生財務危機。因此，公司為了避免因強制轉換失敗產生額外的融資承銷成本甚至造成財務危機，有動機提升可轉換公司債成功轉換成股票的機率。

過去研究發現公司治理愈好，公司市值、獲利能力、成長能力愈好；文獻上亦指出公司可利用盈餘管理影響其盈餘結果，促使股價上漲；由此可知，公司治理與盈餘管理確實能影響公司營運績效和公司股價。

綜合上述，本研究旨在探討盈餘管理和公司治理是否能促進或阻礙可轉換公司債被轉換成股票的機率和速度。實證結果發現，盈餘管理有助於可轉換公司債被轉換成股票，不但能提高轉換成功率，還能減少轉換天數。在公司治理方面，無法證實董事會規模對於可轉債的轉換成功率和轉換天數有顯著影響；外部董事比重與可轉債的轉換成功率呈顯著負相關，與轉換天數則呈顯著正相關，顯示外部董事比重愈高，愈不利可轉換公司債轉換成股票；董事長兼任總經理有助於轉換成功率，但與轉換天數的關係則不顯著。

With concerning to reduce issuing cost, protect shareholders’ value, or corporate management and strategy, a company has cause to employ call provision to force investors to convert. However, if no bondholders convert their bonds into common stocks and thus the company will need a great amount of money for redemption, resulting in extra financing costs or further being in financial distress. Thus, it’s implied that firms may be motivated to enhance the probability of successful conversion to avoid the extra financing cost or even being in financial distress.

Moreover, many researchers find out that good corporate governance could improve profitability, growth or market value of the company. They also(Rangan, 1998) (Junttila, Kallunki, Kärja, & Martikainen, 2005) claim that company could use earning management to influence earning result and stock price. Therefore, corporate governance and earning management indeed affect performance and stock price of the corporate.

This paper is to examine whether corporate governance and earning management would improve or deter the conversion. The results in this paper show that earning management can not only increase the probability of conversion, but decrease the conversion days. As for corporate governance factors, outside board ratio has negative effect on the conversion probability and days. And duality only improves the conversion rate, but has no impact on the days. However, there is no evidence that board size will influence the conversion.