碩士 / 中原大學 / 會計研究所 / 94 / This study attempts to examine the stock price fluctuations of 298 publicly listed companies in Taiwan which issued CB, ECB and/or DR during the period from January 1, 2000 to June 30, 2005. Of the 298 companies, 151 issued Convertible Bonds(CB), 129 issued Euro Convertible Bonds (ECB) & 18 issued Depository Receipts(DR). This work first calculates the abnormal rate of return, then examines the impact of the issuance of CB, ECB and DR on the stock prices of the announcement date or that of the issuance date of CB, ECB, and DR. This study also explores the impact of issuing CB, ECB and DR on the financial ratios and the accumulated abnormal returns of the issuing company. The summary of the empirical results are as follows:
A. The announcement effect of the issuing of CB, ECB and DR collectively:
a) Based on the event study, the results indicate that there is a significantly negative relationship between the stock price of the announcement day and the announcement of issuing CB, ECB and/or DR for the electronic companies.
b) The announcement effect of issuing CB, ECB or DR, respectfully, is as follows:
1. The company announced to issue Convertible Bonds: On the approval date of the board meetings or on the issuance date of the Convertible Bonds, the stock price showed significantly negative abnormal fluctuations for the electronic companies. However, there is a significantly negative abnormal stock price fluctuation only on the issuance date of the Convertible Bonds for the non-electronic companies.
2. The company announced the issuance of Euro-Convertible Bonds. On the approval date of the board meetings to issue Euro-Convertible Bonds, the stock price showed significantly negative abnormal fluctuations for electronic companies
3. The company announced to issue Depository Receipts: The findings indicate that the stock price of the issuing companies had significantly abnormal fluctuations on both the approval date of the board meetings and on the issuance date.
B. The impact on the financial ratios of the issuing companies.
a) The company issued Convertible Bonds.There is a significant impact on Current Ratio and Return on Equity for Non-Electronic companies which issued Convertible Bonds, suggesting that companies will issue Convertible Bonds when their stock prices are high in order to improve their financial leverage ability of the companies.
b) The company issued Euro-Convertible Bonds:There is a significant impact on the liquidity ratio, cash flow and the rate of return on stockholders equity for electronic industry. It suggests that the electronic companies increase cash flows and improve their financial leverage ability by issuing Euro-Convertible Bonds in order to increase the rate of return on stockholders equity.
c) The companies which issued Depository Receipt: The results indicate that there are no significant impacts on all financial ratios for electronic companies which issued DR.
| Identifer | oai:union.ndltd.org:TW/094CYCU5385044 |
| Date | January 2006 |
| Creators | Yueh-Hung Feng, 馮月紅 |
| Contributors | Hu, Wei Shan, 胡為善 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 48 |
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