可轉債發行與制度性因素之跨國實證研究

Abstract

本篇論文探討金融市場發展、總體經濟環境、及投資人權利保障等制度性因子對於可轉債發行動機的影響，並且透過跨國的公司財務資訊以橫斷面時間序列迴歸法進行分析。股票市場發展及銀行體系規模對於可轉債有負向影響，此結果支持金融市場發展會降低資訊及監督成本，進而降低可轉債發行動機；然而，當銀行體系吸收過多存款，銀行會放鬆對企業的監督，反而提高可轉債發行動機以控制可能的資產替代問題。經濟發展及公司舉債利率水準對於可轉債發行有負向效果，而物價膨脹率對於可轉債則是有正向效果。另外，當投資人權利保障越好，企業越傾向發行可轉債。實證結果不但支持過去可轉債用來解決代理問題、破產成本、資訊不對稱及降低資金成本等動機外，我們也發現制度性因子對於可轉債發行動機的影響效果對於已開發國家較有解釋能力。

We study the institutional factors of financial markets development, macroeconomic conditions, and investor rights protection which affect convertible bond (CB) offering by using the panel regression approach with international firm-level data. The results suggest that the stock market development and the size of the bank sector reduce information costs and then lower the motivation of convertible bond offering. However, an over-sized deposit economy may weaken the bank’s monitoring and need additional convertible bonds as complements to control the possible asset substitution problem. The economic growth rates and interest rate levels are negatively related to convertible bond offering while inflation has a positive relation with convertible bond offering. Additionally, both shareholder and creditor rights protection have positive effect on convertible bond offering. The empirical evidence of institutional effects supports the fact that convertible bonds can control agency problems, information asymmetry, financial distress costs, and lower costs of capital. We also notice that the explanatory power of institutional factors is stronger for developed countries than for emerging countries.