1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 臺灣企業現金增資與發行可轉換公司債對股東財富之影響
作者 吳文生
貢獻者 顏錫銘
吳文生
關鍵詞 融資
現金增資
可轉換公司債
financing
stock
conveertible bond
日期 1993
上傳時間 29-Apr-2016 16:42:50 (UTC+8)
摘要 資本結構的改變究竟會不會影響公司價值一直是學者爭論不休 題。繼Miller 和 Modigliani (1958)提出資本無關論之後 許多學者先後提出各種理論, 如破產成本、代理成本、資訊稱、稅盾效果... 等假設以修正或補充M-M 理論並解釋公司本結構。本文最主要之研究目的在以事件分析法探討國內企業現金增資行可轉換公司債對公司價值之影響, 以市場模式來估計預期報酬率, 藉以計算現金增資與發行可轉換公司債在宣告日前十個交易日之平均異常報酬(AR)以及平均累積異常報酬(CAR)利用橫斷面分析,藉以了解公司融資額度與盈餘對累積異常之影響程度, 由實證分析歸納出以下幾點結論:就融資公司特性而言:發行可轉換公司債之企業規模大於現金增資之公司, 其融資金額也高於現金增資之企業。而長期負債之變化率可看出當企業長期負債增加時,選擇融資方式時, 傾向以現金增資發行新股以取得資金 ;而當長期負債降低, 則可能發行債?以維持一最適之資本結構。由股東權益占資產比可知現金增資企業所擁有之自有資金較少。二、融資對股價之反應 就所有融資事件而言, 整體來看, 有一統計上不顯著異於零之平均異常報酬率, 由各事件窗口之值來看,階為微小的負值此或許可以股價高估、供給效應說、價格壓力說以及傳遞未來盈餘不佳訊息予以解釋; 現金增資與發行可轉換公司債二者對股價反應有顯著之不同, 發行可轉換公司~其股價反應較佳。融資目的與股價反應間, 宣告投資與改善財務結構為融資目的時, 二者基本上無很大之差異但二者同時宣告時, 股價有較差之表現。發行海外可轉換公司債期股價表現較發行國內可轉換公司債為佳。橫斷面分析中, 融資額度愈大, 股價有負的反應,但不顯著股價是否能傳遞公司之盈餘狀況, 只有在現金增資當季與下一季盈餘變化有較佳之解釋外, 其他似乎皆無法合理的傳遞該公司之盈餘狀況。
參考文獻 中文部分
     1.林炯垚，半強勢效率資本市場裁定之實證方法，管理評論，民國七十七年七月2 第45-68 頁
     2. 林煜宗，市場因素對台灣證券市場之股價變動之影響，證交資料，第一四九期，民國六十七年六月，第1-9 頁
     3. 劉燕澄，現金增資宣告對股票價格影響之探討，私立東海大學企業管理研究所未出版碩士論文， 民國七十九年
     4. 林靜容，我國可轉換公司債發行之決定因素及其影響公司價值之實證研究， 國立中央大學財務管理研究所未出版碩士論文，民國七十九年
     5. 魯憶萱，現金增資股發放對交易量及股價影響之探討，國立政治大學企業管理研究所未出版碩士論文，民國七十九年
     西文部份
     1.Akerlof, G.A. “The market for lemons: Quality and the market mechanism." Journal of Economics 84,1970,pp 488-500 .
     2.Ambarish,R.,K.John and J. Williams," Efficient Signaling with dividends and investment." Journal of Finance. 42,1987,pp321-344.
     3.Asquith,P.and Mullins, D., "Equity Issues and offering dilution." Journal of Financial Economics 15,1986,pp 61-89.
     4.Brennan,M. J. and E.S. Schwartz, "Corporate income taxes ,valuation, and the problem of optimal capital structure." Journal of Business 51, 1978,pp103-114.
     5.Billingsley,R.S., R. E. Lamy and G.R. Thompson, "The choice among debt, equity and convertible bonds ." the Journal of Financial Research 1,1988,pp43-55.
     6.Brown,S.J.and J. B. Warner, "Measuring security price performance." ,Journal of Financial Economics 8,1980, pp205-257 .
     7.Brown,S.J.and J. B. Warner, "Using daily stock returns -the case of event studies." Journal of Financial Economics 4,1985 ,pp3-31.
     8.Dann,L.and W. Mikkelson, " Convertible debt issurance, capital stucture change and financing-related information." Journal of Financial Economics13 ,1984,pp157-186.
     9.Eckbo,B.," Valuation effects of corporate debt offerings." Journal of Financial Economics 15,1986,pp119-151.
     10.Fama,E.F. ,Foundation of Finance.1976,New York. 11.Reily,F.K.,D.J.Wright. "Block Trading and Aggregate Stock Price Volatility." Financial Analysts Journal
     March-April,1984,pp134-176.
     12.Hansen,R.S . and C. Crutchly, "Corporate Earning and Financing :An Empirical Analysis." Journal of Business 3,1990,pp347-371.
     13.Heinkel, R., "A theory of capital structure relevance under imperfection:" Journal of Finance 37,1982,pp1141 -1150.
     14.Jensen,M.C.and W. Meckling,"Theory of the firm: Managerial behavior, agency costs and ownership structure. " Journal of Financial Economics 3,1976,pp306-360.
     15.Jensen M., Agency cost of free cash flow, "corporate finance and takeovers." American Economic Review 3, 1986,pp305 -360 .
     16.Korajczyk,R.A . ,D .J. Lucas ,R .L. Mcdonald,"Equity issues with time-varying assymmetric information." Journal of Financial and Quantitive Analysis 27,1992,397-417.
     17.Kraus,A. and R. Litzenberger, "A state preference model of optimal financial leverage." Journal of Finance 28,1973,pp911-921
     18.Leland,H .. and D. Pyle, "Informational asymmetries,financial structure and financial intermediaries. Journal of Finance 32,1977,pp371-387.
     19.Mikkelson, W. H., ”Convertible debt calls and security returns. Journal of Financial Economics 9, 1980, pp237-264.
     20.Mikkelson,W. and M. Partch, Valuation effects of security offerings and the issurance process. Journal of Financial Economics 15,1986,pp31-60.
     21.Miller, M. and K. Rock, “Dividend policy growth and asymmertic information. Journal of Finance 32, 1985,pp47-63.
     22.Modigliani,F. and M. Miller, The cost of capital, corporation finance, and the theory of investment. American Economic Review 48,1958,pp261-297.
     23.Myers,S.,oThe capital structure puzzel Journal of Financial Economics 39,1984,pp575-592.
     24.Myers,S. and N. Majluf, Corporate financing and investment decicions when firms have information that investors do not have. Journal of Financial Economics
     13,1984,pp187-221
     25.Pilotte,E.,oGrowth opportunities and the stock price respond to new financing." Journal of Business 62, 1992,pp347-371.
     26.Ross,S.A.,oThe dertimination of financial structure : the incentive-signalling approach. Bell Journal of Economics 8,1977, pp23-40.
     27.Spence,A.M.,"Job market signalling."Quarterly Journal of Economics 87,1973,·pp355 -374.
     28 .Stein, J.C . , "Convertible bonds as backdoor equity financing. “ Journal of Financial Economics 32,1992,pp3 -21.
描述 碩士
國立政治大學
國際經營與貿易學系
80351003
資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004154
資料類型 thesis
dc.contributor.advisor 顏錫銘zh_TW
dc.contributor.author (Authors) 吳文生zh_TW
dc.creator (作者) 吳文生zh_TW
dc.date (日期) 1993en_US
dc.date.accessioned 29-Apr-2016 16:42:50 (UTC+8)-
dc.date.available 29-Apr-2016 16:42:50 (UTC+8)-
dc.date.issued (上傳時間) 29-Apr-2016 16:42:50 (UTC+8)-
dc.identifier (Other Identifiers) B2002004154en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/88993-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易學系zh_TW
dc.description (描述) 80351003zh_TW
dc.description.abstract (摘要) 資本結構的改變究竟會不會影響公司價值一直是學者爭論不休 題。繼Miller 和 Modigliani (1958)提出資本無關論之後 許多學者先後提出各種理論, 如破產成本、代理成本、資訊稱、稅盾效果... 等假設以修正或補充M-M 理論並解釋公司本結構。本文最主要之研究目的在以事件分析法探討國內企業現金增資行可轉換公司債對公司價值之影響, 以市場模式來估計預期報酬率, 藉以計算現金增資與發行可轉換公司債在宣告日前十個交易日之平均異常報酬(AR)以及平均累積異常報酬(CAR)利用橫斷面分析,藉以了解公司融資額度與盈餘對累積異常之影響程度, 由實證分析歸納出以下幾點結論:就融資公司特性而言:發行可轉換公司債之企業規模大於現金增資之公司, 其融資金額也高於現金增資之企業。而長期負債之變化率可看出當企業長期負債增加時,選擇融資方式時, 傾向以現金增資發行新股以取得資金 ;而當長期負債降低, 則可能發行債?以維持一最適之資本結構。由股東權益占資產比可知現金增資企業所擁有之自有資金較少。二、融資對股價之反應 就所有融資事件而言, 整體來看, 有一統計上不顯著異於零之平均異常報酬率, 由各事件窗口之值來看,階為微小的負值此或許可以股價高估、供給效應說、價格壓力說以及傳遞未來盈餘不佳訊息予以解釋; 現金增資與發行可轉換公司債二者對股價反應有顯著之不同, 發行可轉換公司~其股價反應較佳。融資目的與股價反應間, 宣告投資與改善財務結構為融資目的時, 二者基本上無很大之差異但二者同時宣告時, 股價有較差之表現。發行海外可轉換公司債期股價表現較發行國內可轉換公司債為佳。橫斷面分析中, 融資額度愈大, 股價有負的反應,但不顯著股價是否能傳遞公司之盈餘狀況, 只有在現金增資當季與下一季盈餘變化有較佳之解釋外, 其他似乎皆無法合理的傳遞該公司之盈餘狀況。zh_TW
dc.description.tableofcontents 第一章緒論
     第一節研究背景..........1
     第二節研究動機..........4
     第三節研究目的..........6
     第四節研究架構..........7
     第二章文獻回顧
     第一節融資對股價之影響..........10
     第二節股價反應與融資及公司特性之關聯..........13
     第三節國外實驗文獻之探討..........16
     第四節國內相關研究探討..........24
     第三章研究設計
     第一節研究範圍..........30
     第二節分析模式..........35
     第三節研究假設與研究限制..........37
     第四節統計檢定方法..........40
     第四章實證結果與分析
     第一節融資企業之財務特性與比較..........44
     第二節融資宣告對股價之影響..........49
     第三節融資額度、公司盈餘與股價反應..........75
     第五章結論與建議..........
     第一節結論..........79
     第二節建議..........81
     參考文獻..........82
     附錄..........75
     附錄一..........87
     附錄二..........91
     附錄三..........93
     附錄四..........96		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004154en_US
dc.subject (關鍵詞) 融資zh_TW
dc.subject (關鍵詞) 現金增資zh_TW
dc.subject (關鍵詞) 可轉換公司債zh_TW
dc.subject (關鍵詞) financingen_US
dc.subject (關鍵詞) stocken_US
dc.subject (關鍵詞) conveertible bonden_US
dc.title (題名) 臺灣企業現金增資與發行可轉換公司債對股東財富之影響zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分
     1.林炯垚，半強勢效率資本市場裁定之實證方法，管理評論，民國七十七年七月2 第45-68 頁
     2. 林煜宗，市場因素對台灣證券市場之股價變動之影響，證交資料，第一四九期，民國六十七年六月，第1-9 頁
     3. 劉燕澄，現金增資宣告對股票價格影響之探討，私立東海大學企業管理研究所未出版碩士論文， 民國七十九年
     4. 林靜容，我國可轉換公司債發行之決定因素及其影響公司價值之實證研究， 國立中央大學財務管理研究所未出版碩士論文，民國七十九年
     5. 魯憶萱，現金增資股發放對交易量及股價影響之探討，國立政治大學企業管理研究所未出版碩士論文，民國七十九年
     西文部份
     1.Akerlof, G.A. “The market for lemons: Quality and the market mechanism." Journal of Economics 84,1970,pp 488-500 .
     2.Ambarish,R.,K.John and J. Williams," Efficient Signaling with dividends and investment." Journal of Finance. 42,1987,pp321-344.
     3.Asquith,P.and Mullins, D., "Equity Issues and offering dilution." Journal of Financial Economics 15,1986,pp 61-89.
     4.Brennan,M. J. and E.S. Schwartz, "Corporate income taxes ,valuation, and the problem of optimal capital structure." Journal of Business 51, 1978,pp103-114.
     5.Billingsley,R.S., R. E. Lamy and G.R. Thompson, "The choice among debt, equity and convertible bonds ." the Journal of Financial Research 1,1988,pp43-55.
     6.Brown,S.J.and J. B. Warner, "Measuring security price performance." ,Journal of Financial Economics 8,1980, pp205-257 .
     7.Brown,S.J.and J. B. Warner, "Using daily stock returns -the case of event studies." Journal of Financial Economics 4,1985 ,pp3-31.
     8.Dann,L.and W. Mikkelson, " Convertible debt issurance, capital stucture change and financing-related information." Journal of Financial Economics13 ,1984,pp157-186.
     9.Eckbo,B.," Valuation effects of corporate debt offerings." Journal of Financial Economics 15,1986,pp119-151.
     10.Fama,E.F. ,Foundation of Finance.1976,New York. 11.Reily,F.K.,D.J.Wright. "Block Trading and Aggregate Stock Price Volatility." Financial Analysts Journal
     March-April,1984,pp134-176.
     12.Hansen,R.S . and C. Crutchly, "Corporate Earning and Financing :An Empirical Analysis." Journal of Business 3,1990,pp347-371.
     13.Heinkel, R., "A theory of capital structure relevance under imperfection:" Journal of Finance 37,1982,pp1141 -1150.
     14.Jensen,M.C.and W. Meckling,"Theory of the firm: Managerial behavior, agency costs and ownership structure. " Journal of Financial Economics 3,1976,pp306-360.
     15.Jensen M., Agency cost of free cash flow, "corporate finance and takeovers." American Economic Review 3, 1986,pp305 -360 .
     16.Korajczyk,R.A . ,D .J. Lucas ,R .L. Mcdonald,"Equity issues with time-varying assymmetric information." Journal of Financial and Quantitive Analysis 27,1992,397-417.
     17.Kraus,A. and R. Litzenberger, "A state preference model of optimal financial leverage." Journal of Finance 28,1973,pp911-921
     18.Leland,H .. and D. Pyle, "Informational asymmetries,financial structure and financial intermediaries. Journal of Finance 32,1977,pp371-387.
     19.Mikkelson, W. H., ”Convertible debt calls and security returns. Journal of Financial Economics 9, 1980, pp237-264.
     20.Mikkelson,W. and M. Partch, Valuation effects of security offerings and the issurance process. Journal of Financial Economics 15,1986,pp31-60.
     21.Miller, M. and K. Rock, “Dividend policy growth and asymmertic information. Journal of Finance 32, 1985,pp47-63.
     22.Modigliani,F. and M. Miller, The cost of capital, corporation finance, and the theory of investment. American Economic Review 48,1958,pp261-297.
     23.Myers,S.,oThe capital structure puzzel Journal of Financial Economics 39,1984,pp575-592.
     24.Myers,S. and N. Majluf, Corporate financing and investment decicions when firms have information that investors do not have. Journal of Financial Economics
     13,1984,pp187-221
     25.Pilotte,E.,oGrowth opportunities and the stock price respond to new financing." Journal of Business 62, 1992,pp347-371.
     26.Ross,S.A.,oThe dertimination of financial structure : the incentive-signalling approach. Bell Journal of Economics 8,1977, pp23-40.
     27.Spence,A.M.,"Job market signalling."Quarterly Journal of Economics 87,1973,·pp355 -374.
     28 .Stein, J.C . , "Convertible bonds as backdoor equity financing. “ Journal of Financial Economics 32,1992,pp3 -21.		zh_TW