碩士 / 國立臺北大學 / 會計學系 / 95 / As the concept of corporate lifecycle developed, researchers begin to analysis the firm’s strategy at different stages of corporate lifecycle. Chandler（1962） points out that after the corporate lifecycle stage changes, each firm should set up appropriate business strategy and structure to follow that change, with establishment more fit decisions belonging to it’s lifecycle stage.
After Taiwan joins WTO, Taiwanese business extends their markets overseas and become globalize. Therefore, the need of oversea finance rising. Among all financing strategies, the European Convertible Bond（ECB）to be subjected to the favor of enterprise.
Because the empirical results of previous literatures about the announcement effect of issue the ECB are mixed, this paper explores that result first. Further, combining concept of corporate lifecycle and the case that issuing ECB rises gradually, we investigating if the capital market reacts differently when firms in each lifecycle stage announce issue ECB. According to the corporation lifecycles classification of Anthony and Ramesh（1992）.
The overall empirical evidence implies that the capital market reacts as negative when corporation announce issue ECB. Further, in investigating if the capital market reacts differently when firms in each lifecycle stage announce issue ECB, this paper finds out firms in growth stage react significant different with firms in maturity and decline stage. But firms in decline stage have non-significant different with firms in growth and maturity stage.
Finally, we find that the capital market gives firms in growth stage more negative implications than in maturity and decline stage. The result implies that issue ECB is not appropriate financing strategy to firms in growth stage.
| Identifer | oai:union.ndltd.org:TW/095NTPU0385015 |
| Date | January 2007 |
| Creators | CHEN HSIN HUNG, 陳信宏 |
| Contributors | CHANG CHUNG YUEH, 張仲岳 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 80 |
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