碩士 / 國立高雄第一科技大學 / 財務管理研究所 / 102 / Euro-convertible bond (ECB) has been a main channel for Taiwan companies to finance overseas. There are two types of price downward resetting, one is traditional price downward resetting, another one is special price downward resetting. The biggest difference is special reset clause without 20% of the limit. On these conversion terms, issuing firms have incentives to manage earnings to attract creditors to convert into stocks, and thus firms can ease the burden of principal repayment by conversion, it is a great influence on shareholders&;apos;&;apos; equity. In this vein, we attempt to understand whether firms manage their earnings in the year that they reset conversion price.
The result indicates that firms increase discretionary accrual surrounding the issuing of convertible bonds. However, there is no evident relationship between conversion price resetting and discretionary accrual. In addition, we find that some variables of firm characteristics, including firm size, the deviation in control away from cash flow rights, and leverage.
| Identifer | oai:union.ndltd.org:TW/102NKIT5305010 |
| Date | January 2014 |
| Creators | Chen-jung Kuo, 郭臻蓉 |
| 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 | 60 |
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