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標題: | 企業財務特性與可轉換公司債契約設計 How Company Financial Characteristics Affect Convertible Bond Design |
作者: | Wei-Shiang Feng 馮韋翔 |
指導教授: | 盧秋玲 |
關鍵字: | 企業財務特性,可轉換公司債契約設計,牛熊市,高科技與傳統產業,Logistic 迴歸, Financial characteristic,Convertible designing,hot and cold market,high tech and non-tech industry,Logistic regression, |
出版年 : | 2011 |
學位: | 碩士 |
摘要: | According to the pecking order theory, business financing cost from high to low are new stock issued, debt financing and internal earning. Convertible bond is one of the debt financing and it owns debt and equity characteristics simultaneously. We use Black-Scholes formula to separate convertible bonds into debt-like and equity-like debt. Then, we apply classified convertible bonds to regress with financial characteristics of other business which hadn’t issue convertible bond ever. The results show business which are large firm size, low slack, high current asset ratio, high market to book value, high growth in asset change, high volatility and low stock return propensity to issue debt-like CB. There are similar results in equity-like CB, however, the stock return isn’t significant.
We also considered the specialty of Taiwan capital market and bifurcated into tech and non-tech industry. The study reveals equity-like CB has more significant variables than debt-like CB. Last but not least, we add market condition into our regression model. Firm size and stock return variables have significant in market condition regression. Furthermore, we mixed market condition and industry different together. The result suggests no matter in hot or cold market. CB issued by high tech industry have less significant. There are more significant variables in non-tech industry during cold market. We believe that shows investors will highly concerned the implicit value of embedded option during cold market. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/39528 |
全文授權: | 有償授權 |
顯示於系所單位: | 國際企業學系 |
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