This study focuses on the role of structured derivative securities to meet diverse corporate financing objectives in the light of agency theory and asymmetric information. The focus is on the nonconvertible callable-puttable fixed-coupon bonds. The primary objective is to discern the marginal role of the put and put-deferred features in addressing the agency issues and asymmetric information. A sample of (159) securities issued over the period (1977-2005) are examined using Merton's (1974) structural contingent claims valuation model. The put option as well as the deferred put option incorporated in these securities is found to mitigate the asset substitution issue. It is also found that these contract features provide considerable insurance against the asymmetric information about the firm's downside risk. Specifically, the effects of asset substitution are mitigated because the put option reduces sensitivity of the security's value to the changes in the firm's volatility. Prior to this study, this effect was believed to be driven primarily by the conversion feature in the convertible bonds and the preferred stocks. In addition, the long-term performance of the underlying common stock indicates systematic negative performance for the protracted periods both prior and subsequent to the issuance, yet it is found that this decline in the equity value has only a limited negative impact on the security.

根據美國生技產業協會（Biotechnology Industry Organization, BIO）的資料顯示，純研發型的生技公司難以取得投資資金，且投資者對公司的現金部位益發看重。而我國的台灣經濟研究院調查也指出國內生技廠商在研發階段所面臨到的重大困難是「資金取得不易」，這些正反應出國內外投資者對生技產業特殊性的疑慮，進而不願意投入大量資金。 為解決國內生技研發型公司資金不足之問題，本論文分析了美國生技公司籌資狀況及常使用之工具，並考量台灣生技產業所面臨之整體環境，為國內生技企業建立了具實用價值的特殊籌資工具及發行模式，以滿足不同的籌資需求及降低投資者的風險。而為驗證此一籌資工具之可行性，本論文也挑選國內一家生技研發型公司，以其業務及財務現況，進行特殊籌資工具之定價，並提供發行前後應注意之相關事項。 / According to the research report from BIO（Biotechnology Industry Organization）, it is hard for research-based biotech companies to get financing and investors are more concerned about whether the company has enough cash or not .The same result can be found in the investigation of Taiwan Institute of Economic Research（TIER）.They find out the research-based biotech companies in Taiwan encounter one difficult problem - hard to get enough money to support their R&D .All these facts just reflect the special characteristics of biotech industry and the investment trend among biotech field. The goal of this thesis is to resolve the financing problem faced by the research-based biotech companies in Taiwan, so we analyze how American biotech companies get enough financing to support their R&D, and then, construct the special financing tool for the research-based biotech companies under the economical situation in Taiwan, in order to fulfill the needs of biotech companies and reduce the investment risk. In this thesis, we use a case study to verify the pricing model of special financing tool and propose some material facts should be resolved when stocks issuing.

La tesi ha ad oggetto l’analisi delle fattispecie statutarie di riscatto azionario nella s.p.a. dopo la riforma del 2003. Quest’ultima ha anzitutto introdotto una disciplina destinata genericamente a tutte le ipotesi statutarie in cui si preveda un potere di riscatto a vantaggio della società o di soci (art. 2437-sexies c.c.). L’esegesi di tale disciplina e l’indagine sui possibili utilizzi, in chiave funzionale, delle azioni riscattabili costituiscono il primo obiettivo del lavoro. Per quanto attiene al c.d. riscatto obbligatorio di azioni si è invece assistito alla sola emersione di alcune specifiche ipotesi legali (ad es., art. 2355-bis, comma 2°, c.c.). Si dimostra, tuttavia, che non sussistono ragioni per negare, in linea generale, la possibilità per l’autonomia privata di avvalersi di tale meccanismo di riscatto in ipotesi diverse da quelle espressamente tipizzate. La ricostruzione della disciplina delle fattispecie statutarie atipiche di riscatto obbligatorio e la loro valorizzazione quali peculiari strumenti di disinvestimento dalla società - con caratteristiche non del tutto sovrapponibili al recesso convenzionale - costituiscono il secondo indirizzo d’analisi seguito nello sviluppo della tesi. Nell’affrontare i vari profili trattati, si tiene in attenta considerazione la disciplina comunitaria in tema di riscatto azionario, nonché il dato comparatistico. / The scrutiny of the rules concerning the redemption of shares in the Italian public companies (s.p.a.) after the statutory reform of 2003 is the main focus of the thesis. On the one hand , the reform has introduced a general discipline concerning the provisions of the bylaws that provide a call for redemption of issued shares (art. 2437-sexies c.c.). Under this general aspect the first goal of the work is to analyze both the new general discipline concerning the callable redeemable shares and their functional use. On the other hand, the reform has ruled only a few typical hypothesis of the so called mandatory redemption (for example, art. 2355, par. 2 , c.c.). However, the work points out that there is no reason why to deny private autonomy to use this second form of redemption in cases other than those explicitly ruled. So, the second objective of the thesis is to reconstruct the discipline of the otherwise agreements concerning the matter of the mandatory redemption provisions. The thesis points out that the puttable redeemable shares represent a tool for divestment from public companies with autonomous characteristics in respect to the withdrawal from corporation clauses. To address the various issues considered, are taken into careful consideration both the EU rules concerning share redemption, and the comparative law perspective .