台灣上市櫃公司融資決策之分析-普通公司債、可轉換公司債及現金增資

Abstract

本研究以台灣上市櫃公司於 2001~2010 年間曾發行普通公司債、可轉換債 券及普通股現金增資等募資工具的企業作為研究主體，並藉由多項邏輯斯模型 來分析影響企業募資決策的主要因素。 實證結果發現，影響台灣企業募資決策的主要因素仍可歸因於國外學者所 提出的相關理論如企業週期、財務健全與發行時點。但受企業募資目的之差異、 或國家金融市場的差異特質，也導致各解釋變數的影響效果與國外不盡相同。 在台灣，風險較高的企業將偏向以未來有高股價空間的可轉換公司債來進行融 資，而現金水準高的企業或許因為經理人的積極投資行為，偏愛股權融資。此 外，雖然債務比率愈高的企業偏愛發行普通公司債募資，推估其原因乃是財務 比率愈高的企業愈容易舉新債還舊債。除此，債務比率愈高的企業若不選擇發 行普通公司債來維持財務槓桿，就會選擇發行普通股以降低負債比率，而鮮少 選擇可轉換債券此種對企業資本結構不穩定之募資工具。

This paper employs nominal logistic model to analyze the main factors that influenced the financing decisions of companies, based on the samples of Taiwanese listed companies once issued stocks, convertible bonds and straight bonds during 2001-2010. The results show that the main determinants of financing decisions can be roughly attributed to the theory of Life Cycle, Financial Health, and Market Timing proposed by the extant literature. However, due to the variation of financing purpose and different nature of each country’s financial markets, the results of each explained variable are not totally identical to those of foreign countries. In Taiwan, firms with higher operation risk tend to issue convertible bonds to enjoy the upside potential of stock price. And, firms with higher cash balance will prefer SEO because of managers’ aggressive investment strategies. Moreover, although some firms with higher debt ratios issue stocks to deleverage their capital structure, most firms are likely to issue straight bonds. My explanation is that the firms with high leverages tend to repay their maturing debts by new debts. In other words, high leveraged firms will issue either straight bonds to keep their financial structure or stocks to deleverage, and avoid using convertible bonds which may deteriorate the companies’ stable financial structure.