A Study on Determinants of Initial Public Offering time for Taiwan Listed Corporations

• Main Authors: Chin-Yi Hsiao, 蕭進益
• Other Authors: Chuang-Chu Chuang
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/35729614606599929001

碩士 === 真理大學 === 管理科學研究所 === 97 === To raise fund by using the corporate bond is one of the frequently approaches for Taiwan’s businesses except for the initial public offering in the stock market, which it was the most popular from 2002 to 2004 for the electronic industry. The study applies the survival analysis method to investigate the Corporate Bonds’ Initial Public Offering for Taiwan Listed Corporations as the research samples from 1999/1/1 to 2007/12/31 to discuss the corporate reputation, bond financing, and bank relationships for the effects of the corporate bonds’ IPOs timing for Taiwan Listed Corporations, and simultaneously to study RI and BMC as the interruption variables to affect the above-mentioned situations. The research results are as follows: 1. The corporate reputation for the timing of corporate bond’s IPO doesn’t affect. 2. The bond financing for the timing of corporate bond’s IPO doesn’t affect. 3. The bank relationships for the timing of corporate bond’s IPO doesn’t affect. 4. The Recession Index (RI) and the Bond Market Condition (BMC) will interrupt the timing of corporate bond’s IPO, which is partially valid. There are a vast of literatures to discuss Taiwan’s businesses to issue the corporate bonds; however, there lacks of the systematically and professionally to discuss the timing of issue the corporate bonds. The results for the study can offer for the corporate finance managers’ decision making in the IPO of corporate bonds as the reference.