發行動機與公司成長性對上市公司發行普通公司債宣告效果影響之研究

Abstract

當公司資金不足以因應投資所需時，公司即會向外融資。融資行為會傳遞關於公司價值的內部資訊並改變公司之資本結構與自由現金流量，使股價產生異常報酬率。而本研究之目的係探討影響發行普通公司債宣告效果之因素為何，以及其影響程度。本文選擇民國84年至97年間台灣上市公司發行之普通公司債為研究對象，共選取432筆觀測值；樣本資料皆來自公開資訊觀測站與台灣經濟新報(TEJ)資料庫。 本文係採事件研究法與多元迴歸分析法進行研究。實證結果發現： 一、公司成長性愈高，宣告事件期的累積異常報酬率顯著愈低。 二、公司若因未預期營業現金流量缺口動機與未預期資本支出動機發行普通公司債，對宣告事件期的累積異常報酬率有顯著之正向影響。 三、兩稅合一施行前，因改變財務槓桿動機發行公司債，對宣告事件期的累積異常報酬率有顯著正向影響。 四、非因再融資動機發行普通公司債，對宣告事件期的累積異常報酬率並無顯著影響。 五、兩稅合一制度施行後，財務槓桿比率變動數對宣告事件期的累積異常報酬率有顯著之負向影響。

When cash flow generated from the operations of a company is lower than its capital expenditures, the company needs to finance from outsiders. Financing decisions will signal inside information to the market. They also change financial leverage ratios and free cash flow, so that announcements of financial decisions make abnormal returns. The study analyzes the factors of the announcement effects of straight debt issues in Taiwan with the sample from 1995 to 2008. Using event study and multiple regression analysis, the study finds there is a significantly negative correlation between the growth of issuers and the abnormal returns. Other findings also indicate both cash flow shortfall motivation and capital expenditure motivation generating significant positive abnormal returns. However, the non-refinancing motivation has no significant correlation with abnormal return. Finally, the increase of leverage percentage generates significant negative abnormal return after Taiwan adopted the tax integration system, and leverage change motivation generates significant positive abnormal return before adopting the tax integration system.