碩士 / 國立高雄第一科技大學 / 財務管理所 / 98 / Euro-convertible bond is not only one of investment instruments which has both bond and stock characteristic but also the main channel for Taiwan companies to finance overseas. Especially conversion price resetting make investor to have favorable opportunity to strike option. The previous literature emphasized on issuing and company characteristics, and pricing of convertible bond, but factors of resetting conversion price were less mentioned, so the determinants of conversion price downward resetting of convertible bond issuing companies in Taiwan is main purpose of this article. There are two parts in this study, first is market reaction of conversion price resetting announcement, observe the market reaction and the possible factors might affect cumulative abnormal return by Event Study. Second, according to company’s public financial information and macroeconomic factors, this study use logistic regression to find the determinants of conversion price downward resetting of convertible bond.
The sample of this study is convertible bond with conversion price resetting issued by Taiwan listed company from 1998 to 2009.This study found negative abnormal return on the announcement day, market took conversion price resetting as a bad news which support signal theory. It’s also find deviation between final controlling holder’s controlling right and cash flow right, coefficient of variation of free cash flow, ratio of issued amount and market value, stock return and net value growth rate would affect cumulative abnormal return during reset conversion price. In logistic regression, it’s found that when pledged shares ratio of directors’ and supervisors’ shareholdings, net value turnover rate and growth rate got higher ,the opportunity of resetting conversion price got lower, but return on equity got inversely, which mean growing company didn’t want to increase potential stockholder. Robust test show that accuracy of model is 76% and Hosmer-Lemeshow test also present well goodness of fit.
| Identifer | oai:union.ndltd.org:TW/098NKIT5305016 |
| Date | January 2010 |
| Creators | Heng Huang, 黃珩 |
| Contributors | Ma-ju Wang, 王瑪如 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 59 |
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