本研究以普通股風險與可轉換公司債之關係，探討我國企業所發行之國內可轉換公司債的經濟實質究竟為負債抑或權益。根據本研究結果，普通股風險與可轉換公司債呈負相關，顯示我國資本市場將我國企業所發行之國內可轉換公司債視為權益。本研究另將可轉換公司債依其契約中之轉換價格重設條款進行分類，研究結果顯示，我國資本市場將僅具反稀釋之轉換價格重設條款之可轉換公司債與同時具備反稀釋之轉換價格重設條款、轉換價格普通重設條款及轉換價格特別重設條款之可轉換公司債視作為權益。此外，轉換價格特別重設條款將使可轉換公司債更具權益之性質。本研究額外測試擔保條款之有無，是否會對於可轉換公司債之性質造成影響。研究結果顯示，可轉換公司債無論是否具備擔保條款，其性質皆為權益，而有擔保之可轉換公司債較無擔保之可轉換公司債更具權益之性質。 / This study seeks to determine whether the economic substance of convertible bonds is liabilities or equity. Our test focuses on how the convertible bonds relate to firms’ common equity risk. It is found that common equity risk is negatively associated with convertible bonds, indicating Taiwanese capital market regards convertible bonds as equity. Furthermore, this study divides convertible bonds into three different types depending on the reset clause of conversion price. It is found that Taiwanese capital market regards convertible bonds with the anti-diluted reset clause of conversion price and convertible bonds with the anti-diluted, regular, and special reset clause of conversion price as equity. Besides, it is found that the special reset clause of conversion price may make the economic substance of convertible bonds more equity-like. This study also tests whether guarantee clause effects the economic substance of convertible bonds. It is found that whether convertible bonds are guaranteed, Taiwanese capital market regards convertible bonds as equity. Moreover, compared with convertible bonds without guarantee clause, those with guarantee clause are relatively equity-like.