本研究探討台灣上市櫃公司發行可轉債及現金增資的決策議題。從發行公司的角度來看，利用錯誤評價及成長機會，同時輔以一些公司特徵變數以了解發行動機。後續並追蹤發行公司發行後資金運用情形，以了解發行公司發行動機及目的是否一致。另一方面，從投資人角度來看，觀察可轉債及現金增資公司宣告效果，並由後續資金配置驗證宣告效果之可靠性。
本研究採用Rhodes-Kropf, Robinson and Viswanathan(2005)提出的方法，將市值帳面比(M/B)拆解成錯誤評價與成長機會。以2001年至2011年台灣上市上櫃公司發行可轉債或現金增資為研究對象，發現無論是可轉債或現金增資，發行公司發行前錯誤評價及成長機會皆顯著較未發行公司高。接著，利用logit模型，發現可轉債發行公司之成長機會及代理問題為其主要發行動機，而現金增資公司則利用資訊不對稱擇時與調整資本結構為發行考量。本文進一步檢視發行後資金配置情況，發現成長機會越高之可轉債，後續資金用途顯著投資於資本支出與研發費用上，符合實質投資理論之觀點。另一方面，錯誤評價越高之現金增資，在前兩年有累積現金之現象，但不用於償還長期負債，且顯著運用於資本支出與研發費用上，僅部分符合行為理論之解釋。因此，本研究歸納現金增資公司發行動機除擇時外，亦有投資需求。最後，在宣告效果上，可轉債與現金增資均呈現負向宣告效果，且投資人給予現金增資較為負向的宣告效果，本文認為此乃投資人意識到公司利用資訊不對稱擇時，且後續資金配置不完全符合行為理論的預期造成的結果。 / This study examines the issuance of convertible bonds (CBs) and seasoned equity offerings (SEOs) for listed companies in TSE and OTC market in Taiwan. From the aspects of issuers, we use mispricing and growth opportunities along with other firm characteristics to understand the motivation of the issuance. We also track the use of post-issue proceeds and relate to the motivations of issuers. From the aspects of investors, we look at the announcement effects to examine appropriateness.
We decompose market-to-book ratios into mispricing and growth option components through a methodology proposed by Rhodes-Kropf, Robinson and Viswanathan (2005). By using the samples of CB and SEO issuance between 2001 and 2011, we find that issuing firms of both types are overvalued and have greater growth opportunities relative to non-issuers. Next, we find that CB issuers show greater pre-issue growth opportunities and agency problems, while SEO issuers have greater pre-issue mispricing and tend to adjust capital structure implied by logit model. Furthermore, we examine the post-issue use of proceeds. For CB, firms with greater growth opportunities invest more in capital expenditures and R&D, consistent with real investment explanations. On the other hand, for SEO, firms with greater mispricing stockpile cash in the first two years but don’t pay down long-term debt. They also invest in capital expenditures and R&D. Thus, we conclude that the motivation of SEO firms might be timing and investment needs, partly consistent with behavioral explanations. Finally, the announcement effect of SEO is more negative than CB. Judging from the evidence above, it seems that investors know something.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0102357001 |
| Creators | 顧哲維, Ku, Che Wei |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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