非常態貨幣政策時期對公司發債行為之影響

Abstract

本文以2000~2021年期間美國紐約證交所上市之公司作為樣本，共蒐集5,058筆數據，探討非常態貨幣政策期間公司發債行為之影響。本研究結果發現，考量公司個別特質後，公司規模以及公司獲利能力皆對發債頻率和金額有顯著影響，分別為正向及負向關係，而總體經濟的變數效果被大幅降低，僅有通膨率有顯著影響，換言之，公司考量是否發債主要依據公司的財務狀況來衡量，經濟環境則較為次要。本文亦研究樣本內有發行可轉換債券之公司對於財務績效之影響，結果發現，發行可轉換債券之公司有獲利表現較差，與原先假說相違背。本文推測發行可轉債之公司可能有公司治理較弱的問題，進而間接影響到公司財務績效。

This paper examines the impact of corporate bond issuance during unconventional monetary policy periods using a sample of 5,058 unbalanced panel data from companies listed on the New York Stock Exchange between 2000 and 2021. The results reveal that, after considering firm characteristics, both company size and profitability have significant effects on the frequency and amount of debt issuance. Company size shows a positive relationship, while profitability exhibits a negative relationship with debt issuance frequency and amount. On the other hand, the effects of macroeconomic variables are significantly reduced, with only inflation rate showing a significant impact. This suggests that companies primarily consider their financial conditions rather than the macroeconomic environment when deciding the corporate bond issuance. Furthermore, the study delves into the impact of issuing different types of bonds, particularly convertible bonds, on financial performance. The findings contradict the initial hypothesis, as companies issuing convertible bonds exhibit poorer profitability. This discrepancy is attributed to potential weaknesses in corporate governance among firms that issue convertible bonds, indirectly affecting their financial performance.