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題名 | 上市電子公司發行海外可轉換公司債之公司特質、宣告效果及財務績效之實證研究=An Empirical Study on the Corporation Characteristics, Announcement Effect, and Financial Performance of the Electronic Companies Issuing European Convertible Bond |
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作者 | 周建新; 于鴻福; 蘇郁雅; | 書刊名 | 國立虎尾技術學院學報 |
卷期 | 6 2003.03[民92.03] |
頁次 | 頁145-156 |
分類號 | 563.538 |
關鍵詞 | 海外可轉換公司債; 宣告效果; β-係數; European convertible bond; Announcement effect; β-coefficient; |
語文 | 中文(Chinese) |
中文摘要 | 本研究旨在以靜態的財務報表觀點,與動態對公司價值影響的觀點,來探討自1997年至2001年間、臺灣股票市場中上市電子類股,曾宣告發行海外可轉換公司債(ECB)之公司的公司特質,與發行ECB對公司股價之影響的宣告效果,並比較公司發行前後的財務績效與β-係數是否有顯著的不同。本文所得之結論如下:(1)在5%的顯著水準下,發行ECB的上市電子公司,比未發行ECB的上市電子公司,在負債比率與利息保障倍數等兩項財務比率上,有顯著的差異。(2)發行ECB之公司的發行宣告,對股價之影響為不顯著之負的異常報酬。(3)比較發行ECB之發行前後各二季的財務比率及β-係數,在5%的顯著水準下,負債比率、總資產週轉率、總資產報酬率、淨值報酬率等四項財務比率皆有顯著的差異,而在10%的顯著水準下,速動比率及β-係數才有顯著的差異;此外,在發行後的二季,發行公司的負債比率與β-係數會顯著低於發行前的二季。 |
英文摘要 | The purpose of this study is to explore the distinctions of the TSE (Taiwan Stock Exchange) listed electronics companies who have issued European Convertible Bond (ECB) during 1997 to 2001, to identity and evaluate the influence on the aforesaid companies' share price followed by the issuance of ECB, and to compare the operating performance and β-coefficient before and after the issuance of ECB, from the statistical viewpoint of financial analysis and the dynamic viewpoint of the impacts on the company value. The conclusions are as follows: (1)At 5% significance level, empirical results shows that listed electronics companies with ECB issuance have significant differences in Debit ratio and Interest coverage compared to the companies who have not yet issued ECB. (2)There exist no significant, but negative abnormal returns on the announcement of issuing ECB. (3)Comparing the operating performance and β-coefficient before 2 quarters and after 2 quarters when the issuance of ECB, at 5% significance level, there are significant difference in Debit ratio, Total assets turnover ratios, ROA, and ROE. At 10% significance level, there are significant differences in Quick ratio and β-coefficient. And we find after 2 quarters of the issuance of ECB, liability ratio and β-coefficient are smaller than that before 2 quarters of the issuance. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。