台灣上市櫃公司發行海外可轉債之經營屬性與Tobin’s Q關係之研究

Abstract

本研究以1989年至2013年台灣上市櫃公司發行海外可轉債之企業為研究對象，從發行公司的財務構面指標與股權結構二大構面的企業經營屬性，探討其對市場評價Tobin’s Q之影響。實證結果顯示： 1.整體樣本而言，營收成長率、資產報酬率正向影響公司市場評價，上市櫃年限、發行頻率負向影響市場評價。市場評價與董監事持股比率、經理人持股比率與外國法人持股比率呈現顯著正相關。 2.高科技產業的市場評價高於非高科技產業。高科技產業之營收成長率正向影響公司市場評價，表示在市場評價中，對於高科技產業著重公司的成長力與發展潛能，對於非高科技產業則強調營運與績效表現的穩定度。 3.在2000年至2004年海外可轉債發行高峰期，顯示發行頻率越高，投資人對於發行公司的財務及資訊揭露存有疑慮，產生負向的市場評價。 4.同時發行海外可轉債及海外存託憑證公司的市場評價高於只發行海外可轉債公司，推論發行海外存託憑證的公司，本質上財務資訊相對健全透明，具備良好的國際聲譽，市場價值隨之提升。

This paper subjects are the listed companies in Taiwan that had issued Euro convertible bond between 1989 and 2013, and examines the relationship between the firm attributes and Tobin’s Q. The firm attributes is analyzed objective with the aspect of firm characteristics, financial performance and corporate governance. The empirical results are as follows： 1.For the entire sample companies, sales growth and return on asset have positive effects on the market valuation. IPO year and frequency of issuing Euro convertible bond have significant negative impact for market valuation. 2.The market valuation of samples from high-tech companies is higher than non-high-tech companies. 3.During peak seasons from 2000 to 2004, the higher frequency of issuing Euro Convertible Bond resulted in negative evaluation of the market. 4.The companies with issuing Global Depositary Receipt have positive impact for market valuation.