台灣企業可轉債發行趨勢與影響因素分析：疫情前、中、後之比較研究

Abstract

新冠疫情對全球經濟與金融市場帶來深遠影響，亦顯著改變台灣企業的融資選擇。本文以 2015 至 2024 年台灣上市櫃企業為研究對象，探討企業在疫情前（2015–2019 年）、疫情期間（2020–2022 年）與疫情後（2023–2024 年）三個階段發行可轉債之行為變化及其驅動因素。實證結果顯示：疫情期間市場波動顯著上升，企業為因應資訊不對稱與融資不確定性，傾向以可轉債作為兼顧債務安全與股權彈性的折衷工具，導致發行件數與金額皆大幅上升。 進入疫情後階段，儘管市場不確定性相對降低，企業資本支出與成長需求回升，促使發行動機由「風險管理」轉向「成長布局」，帶動發行規模持續擴大，年平均發行件數自疫情前之 70 件，上升至疫情期間之 100 件，並進一步在疫情後達 116 件。迴歸分析亦顯示，企業之成長性、財務槓桿及所處疫情階段，均為影響可轉債發行的重要因素。 本研究結果支持融資順位理論與後門股權理論，並部分符合市場時機理論之預測，說明企業將可轉債作為在不同總體環境下調整融資策略的關鍵工具。本文不僅補足疫情背景下台灣可轉債發行實證研究的空缺，亦可作為企業財務決策與政策制定的參考依據。

The COVID-19 pandemic had a profound impact on the global economy and financial markets, significantly altering corporate financing behavior in Taiwan. This study investigates the changes in convertible bond (CB) issuance among listed firms in Taiwan across three distinct phases: pre-pandemic (2015–2019), during the pandemic (2020–2022), and post-pandemic (2023–2024). Empirical results show that during the pandemic, market volatility increased notably, prompting firms to favor CBs—offering both debt security and equity flexibility—as a compromise to mitigate financing uncertainty and information asymmetry, thereby driving up both the volume and value of CB issuance. In the post-pandemic period, despite a decline in overall uncertainty, rising capital expenditure and growth demand led firms to shift their issuance motivation from "risk management" to "growth planning." This resulted in a continued increase in CB issuance: the average annual number of issuances rose from 70 (pre-pandemic) to 100 (during the pandemic), and further to 116 (post-pandemic). Regression analyses confirm that firms' growth potential, financial leverage, and the pandemic phase are key determinants of CB issuance. This study provides empirical support for the Pecking Order Theory and Backdoor Equity Theory, and partially aligns with Market Timing Theory, suggesting that firms use CBs as a strategic financing tool under varying macroeconomic conditions. The findings contribute to the limited literature on CB issuance in Taiwan during the COVID-19 era and offer practical implications for corporate financing decisions and regulatory policymaking.