轉換債發行折(溢)價及股票異常報酬與公司治理之關係

Abstract

近年來，公司治理議題受到市場投資人的重視，購買公司債券或是股票，必須仔細檢視公司是否存在公司治理問題，尤其台灣許多上市公司，以家族企業形式存在，更提升此議題之重要性。而公司治理品質優劣，會影響可轉換公司債發行價格及股票在轉換價格訂價日前後之異常報酬率，本文以可轉換公司債發行時之折價幅度為對象，探討公司治理相關變數對發行折價率與異常報酬率之影響，結果顯示公司治理品質較好者，其轉換債發行折價幅度會較低，股票之異常報酬則較高。

Recently, the issues related to corporate governance have been taken seriously by investors. Whether buying corporate bonds or stocks, it is important to examine the quality of corporate governance carefully. Especially, many companies listed on the Taiwan Stock Exchange are formed by families. This will enhance the importance of the issue. The quality of corporate governance will influence the issuing price of convertible bond and the stock cumulated abnormal return on the few days between pricing day. The issuing margins of convertible bonds are taken as subjects ,and then the effects of corporate governance variables to the discount rate of convertible bond and the cumulated abnormal return have been discussed. The outcome implies that which with the higher quality of corporate governance will make the discount rate of convertible bond lower and stock abnormal return higher.