The Study on the Corporation Character、Announcement Effect and Financial Performance of European Convertible Bond---An Empirical Evidence of Taiwan Electronic Industry

• Main Authors: Yu-Ya Su, 蘇郁雅
• Other Authors: Jian-Hsin Chou
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/97695217294071296667

碩士 === 國立高雄第一科技大學 === 財務管理所 === 89 === The purpose of this study is to explore the distinctions of the TSE（Taiwan Stock Excharge） listed electronics companies who have issued European Convertible Bond（ECB）during 1997 to 2001, to identity and evaluate the influence on the aforesaid companies’ share price followed by the issuance of ECB, and to compare the operating performance and β coefficient before and after the issuance of ECB, from the statistic viewpoint of financial analysis and the dynamic viewpoint of the impacts on the company value. The conclusions are as follows: 一、At 5% significance level，empirical results shown that listed electronics companies with ECB issuance have significant differences in Debit ratio and EBITDA compared to the companies who have yet issued ECB. 二、With “Event study” the results shown that there is no significant effect but abnormal returns is negative on the announcement data in exiting shareholders stake of issuing ECB. 三、Compare the operating performance and Beta coefficient before 2 quarters and after 2 quarters the issuance of ECB，at 5% significance level，there are significant difference in Debit ratio，ROA，ROE，Total assents turnover and so on financial ratios. At 10% significance level，there are significant differences in Quick ratio and Beta coefficient. After 2 quarters the issuance，Liability ratio and beta coefficient are smaller than before 2 quarters the issuance.