碩士 / 銘傳大學 / 金融研究所 / 87 / Whith development of economic, there are more and more ways for firms to finance capital. To promote the ways to finance capital internationally, the government allowed firms issue overseas convertible bonds in foreigh capital market in August 1989.
This thesis research the credit risk of firms through the risk premium of convertible bond. And to observe the credit risk premium if inflect the financial condition of firms. In addition, according option theory, we test if the factors affact the value of put will also affact credit risk premium. The results as follow:
1. The distant to default is negative related to credit risk premium. The higher the distant to default, the lower the credit risk.
2. The debt ratio is negative related to credit risk premium. The proved result shows that debt ratio is light negative related to credit risk premium. The reason may be the big firms often are high debt ratio. Therefore, the higher the debt ratio, the lower the credit risk premium.
3. The risk free rate is negative related to credit risk premium. This is because that when the risk free rate rises, it shows that the economic is good. Therefore, when risk free rate rises, the credit risk premium goes down.
4. The effect of dividend ratio to credit risk premium is ambiguous. The result shows that the effect to credit risk sometimes is negative, but sometimes it shows positive. The reason may be that some companies in the research sample didn''t pay cash dividend in certain year. Therefore, the effect of dividend ratio to credit risk premium is ambiguous.
| Identifer | oai:union.ndltd.org:TW/087MCU00214002 |
| Date | January 1999 |
| Creators | Hsiao Fen Chao, 趙曉芬 |
| Contributors | Yang -cheng Lu, Chin-shen Lee, 盧陽正, 李進生 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 73 |
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