The Research of overseas convertible bonds issued by domestic enterprises

• Main Authors: Shou Chin Yee, 蕭駿逸
• Other Authors: 吳瑞山
• Format: Others
• Language: zh-TW
• Published: 1998
• Online Access: http://ndltd.ncl.edu.tw/handle/05718032110615063960

碩士 === 國立中興大學 === 企業管理研究所 === 86 === For continuous operation,enterprises have to engage in many investing and financing activities to create value for their corporation, and pursue the best welfare for stockholders.So the financing decisions become a much important part in corporation''s financial management.Recently,there are much differences in world trade and finance environment ,and domestic enterprises can''t be satisfied with the internal capital market,many corporations start to finance in global capital market.This research is discussing the topics that the enterprises issuing overseas convertible bonds(OCB).This research has four intentions:1. Discussing the meanings and characteristics of OCB.2. Discussing how to issue OCB and what factors should be considered while issuing OCB.3. Test if the financial leverage degrees of the corporations which have issued OCB are obviously different from those which don''t issue OCB.4. Test the financial leverage degrees versus foreign exchange rate.After discussing and testing,we got some conclusions:1. Because of our slower progress in the change of financial environment,and we still have many limitations with the stock market,strictly speaking,the OCBs issued by domestic enterprises are just like common bonds with convertible lines .2. Besides national economic environment,many south-east Asia nations start to issue OCBs in Europe capital market,so the market is in saturation.Our corporations which are willing to issue OCB in Europe market should pay attentions to this situation.3. Although the financial leverage degree tests between issuing companies and non-issuing companies don''t have significant difference,but the financial leverage degrees of issued companies are indeed lower than non-issuing.So if the samples are large enough and the testing term is long enough,we can get the outcomes that we assumed.4. Because of the foreign exchange rates are stable during 1994 to 1997,so the influences of exchange rate toward financial leverage degree are not significant enough.