以個案研究探討企業發行可轉換公司債之決策

Abstract

近年來，比較各種籌資工具，如現金增資、海外籌資與可轉換公司債等，其發行價格、資金取得、股本膨脹每股獲利稀釋等特性之優劣，可轉換公司債逐漸成為企業主要之籌資工具，有取代現金增資之趨勢。 本研究以國內上櫃電子公司為研究個案之對象，以電子業高階經理人之觀點，探討可轉換公司債之規劃、執行及效益評估。由銷售成長比例法估算出外部融資需要，進而根據利率之走勢，訂出最適發行可轉換公司債之時間點，取得最低資金成本的資金，充實營運資金之需求。進一步以AHP層級分析程序法，篩選最適發行債券商，確保順利完成可轉換公司債之發行，籌得需要之資金。 研究結果顯示，個案公司在效益上之利息節約有明顯的效果，可轉換公司債發行對股價的影響遠低於經濟大環境以及產業前景的影響，個股股價的高低還是直接受到營運是否成長及獲利的影響。發行時機掌握良好，確可掌握低廉資金之成本；發行時機掌握良好，確可掌握低廉資金之成本。

Comparing each kind of cost benefit according to the release to finance fit and unfit quality of the tool, Convertible Bonds have became the most often selected financial tool to collect the capital for the firms in the recent years and substitute Seasoned Equity Offerings to increase tendency of the capital. This research takes the electron company which it IPO on OTC domestically as a case, and the process of issuing the convertible bonds is discussed by the electronics industry executive manager's viewpoint. After estimating exterior financing needs from the sales growth ratio method and the trend of the interest rates, to find the suitable time issuing the Convertible Bonds to obtain the lowest fund cost and to satisfy the demand of the substantial business operating fund. Moreover, to select most suitable release bond business by the AHP (Analytical Hierarchy Process) ensuring again to complete Convertible Bonds to collect the needed fund. The result of the study shows that it is significant that the saving of the interest. In addition, the influence of issuing the convertible bonds to the stock price is much lower from the influence of the economic recession and the industry prospect. The price of the stock is still affected by the growth and the profit of the industry.