國內上市櫃公司運用現金增資及轉換公司債之分析

Abstract

國內資本市場一直是以股票市場為主體，在2001年台灣正式加入WTO後，原本對外資投入國內股市及經營證券業務之種種限制，亦已逐步解除，促成資本市場的多元化，而企業籌資在工具選擇上，也隨著國際金融創新的引入及國內資本市場的變革，各種籌資工具如海外轉換公司債、海外存託憑證逐步為台灣上市櫃公司所採行，是故本研究論述之重點包括募集資金的時機、用途之規劃、承銷方式的決定以及企業在籌資工具上的各種面向，諸如從公司募集資金的考量、大股東的考量、同業狀況、資本市場狀況、籌資計畫用途的參考等，皆為本研究論述之重點。 本研究採取比較分析方法，探索國內上市櫃公司使用籌資工具的發展，並就各種籌資工具之優劣加以探討，藉此歸納出企業在籌資上所進行之規劃。接著從統計93~95年度現金增資和轉換公司債案件，比較其籌資應用項目及產業類別對不同籌資工具的運用，並將此三年度籌資案件停止生效及退件原因詳加分析，以瞭解證券主管機關對籌資案件的審查重點。再佐以個案分析研究，將使用不同籌資工具籌資成功的案例及籌資失敗的案例其發展歷程做比較，希望能提供日後企業籌資的規劃參考。 根據目前台灣資本市場籌資的現況與籌資工具選擇所應思考的問題，本研究歸納出的結論包括：總體經濟對企業選擇籌資工具具有影響力、掌握良好的籌資時點有助於企業籌資成功、慎選籌資工具能改善企業的財務結構、籌資對國內上市櫃公司的股價有一定的衝擊、有效選擇募資承銷方式對企業籌資的成敗具有影響力。依據廣運公司辦理現金增資及鴻海公司發行國內轉換公司債之籌資成功個案及茂矽公司籌資失敗個案研究得到下列建議：(一)對籌資公司的建議：評估企業本身財務結構及產業發展、慎選籌資工具及籌資時機、確實掌握籌資條件並瞭解籌資風險。(二)對投資人的建議：審慎評估籌資條件、瞭解籌資公司的債信及產業、注意籌資工具之流動性風險。(三)對主管機關的建議：放寬對籌資公司的事前審核、加重籌資後之資訊揭露、開放籌資的靈活性。最後則提出對後續研究者的建議，以期對企業籌資工具的選擇有更佳的建樹。

The Taiwanese Capital Market has traditionally focused fundraising being done on the equity market. Since Taiwan officially joined the WTO in 2001, the restrictions on foreign capital investing into the domestic equity market have been gradually lifted, creating a capital market with greater diversity. Selections for financing tools for Taiwanese publicly listed companies have grown and included tools such as convertible bonds and depositary receipts. Therefore, the key topics of research of this thesis includes the timing of financing, uses of funds, decision on choices of underwriting methods, and various aspects that a listed company considers on the financing methods, such as the company’s viewpoint, the major shareholders’ viewpoint, industry comparison, capital market conditions, and the uses of funds. The research uses a comparison method and traces out the evolution of how Taiwanese listed companies used different financing tools. The advantages and disadvantages of the various financing tools are explored, and the research summarizes the planning processes used by a listed company in fundraising. By looking at the equity and convertible bond cases from 2004 to 2006, a comparison is done by reviewing the use of funds and industry sector on the different uses of financing tools and an analysis of the cases where the financing was not completed and the reasons they were rejected by officials. This is done to understand what the major considerations are for the Securities and Futures Commission in evaluating cases that seek to raise funds publicly. Supported by individual case studies, a comparison of the various successful and unsuccessful cases and the process involved, with the intention of serving as a future reference for listed companies seeking to raise money publicly. Given the current market condition for fundraising and the issue of choosing the appropriate tools, this research have made the following conclusions: the macroeconomics have an influence on the choice of financing tools, the importance of timing in having a successful financing, the right choice of financing tool can improve a company’s capital structure, the choice of financing tools have a significant impact of a company’s stock price, the right selection of the underwriting methods have a significant effect on company financing. Based on the successful equity issurance by Kenmec Mechanical Engineering Company and the convertible bond offering by Foxconn Technology Group and the failed financing offered by Mosel Vitalic Inc, the following recommendations are made: (1) To the company seeking financing: The importance of evaluating a company’s financing structure and industry development, proper selection of financing tools and timing for financing, and to understand the risks and impact of the choice of financing tools, (2) To the investor: the importance of detailed evaluation of the terms of offering and to understand the company’s credit status and financial status and industry status, and be aware of the liquidity risk of the investment, (3) to the Securities and Futures Commission : to loosen up conditions for companies seeking financing, to tighten up control of information disclosure after the financing, allow more flexibility for companies seeking financing. A final recommendation to future researchers on this topic is provided, with the expectation to provide a better understanding of the choices made using various financing tools.