企業發行可轉換公司債之規劃—以寶來證券為例

Abstract

近幾年來企業透過發行ECB、可轉換公司債取得所需資金，除考量較低利率水準外，亦希望避免資本快速膨脹導致企業獲利能力遭到稀釋甚至影響企業經營權之掌控。台灣發行可轉換公司債之證券商僅有寶來證券、元大京華證券與康和證券等少數券商，與電子公司普遍透過發行ECB、可轉換公司債與海外存託憑證等金融商品取得所需資金，不論是發行金額或頻率皆相去甚遠。但證券商發行可轉換公司債其發行動機、發行時點之選擇、發行後效益是否有所不同？甚至有何高明之處？本研究希望透過個案研究的方式，試圖了解寶來證券發行可轉換公司債所做的決策與其發行後之效益。 在寶來證券可轉換公司債發行之個案中，顯示： 1.發行時之利率水準為一近年來低點，可順利取得成本較低之資金。 2.發行時點為股票市場空頭市場，不利現金增資之進行，以可轉換公司債籌資為一可行籌資方式。 3.個案公司股價波動性大，具話題性與外資概念股特性，可轉換公司債轉換為普通股機會大，投資人獲利機會展望較佳。 4.在利率低點以籌新債償舊債方式有效降低利息費用支出，藉以降低費用創造經營績效。 綜合上述所言，個案公司之可轉換公司債發行計畫，除發行時點之恰到好處外，並創造公司經營階層經營績效，亦讓投資人獲致相當之投資績效，同時也不減損原公司股東權益，堪稱創造公司、股東、投資人三贏之局面。

There are only few stock broker companies such as Polaris Securities, Yuanta Core Pacific Securities and Concord Securities, and some electronics companies in Taiwan, which can handle the business of convertible bonds. They can get their capital through issuing financial commodities like ECB, convertible bonds and GDR. But the total amount and issuing frequency are relatively very small. But does it cause any differences on what the motivation of issuing is, when the best time on issuing is, and how the effect of issuing is? Let’s try to understand the decision and effect of convertible bonds issued by Polaris Securities through this individual research. It shows some specialties in this individual research as follows: 1.The low-cost capital can be got only at the time when the interest rate is at lowest. It’s unfavorable to process the capital increase under the situation of bear market, so the convertible bonds can be used as an effective way to collect the capital. 2.Since the stock’s par value of the case company tends to fluctuate unexpectedly, which has traits of controversy, the opportunity of converting convertible bonds into regular stocks is favorable and investors can take better advantages for more profit. 3.To save the interest and create a good effect, we may raise new debt at the lowest interest rate to repay the former debt. To sum up what are referred above, the issuing program of convertible bonds of a company, in addition to issuing at the right moment, can make good profit for the senior administrators, make the investors take a lot of advantage, and not reduce any profit of original stock holders of the company. Therefore we can say it makes a triplex-winning situation.