The Effect of Bank Loans and Corporate Bonds Issued on the Stock Price

• Main Authors: YI-Chun Chiang, 蔣宜麇
• Other Authors: K.Y.Wu
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/96630499698375281684

碩士 === 輔仁大學 === 國際創業與經營管理學程碩士在職專班 === 98 === ABSTRACT Title of Thesis：The Effect of Bank Loans and Corporate Bonds Issued on the Stock Price Name of Institute：MBA Program of Global Entrepreneurial Management and Business Administration Fu Jen Catholic University Name of Student：YI-Chun Chiang Advisor：Dr.K.Y.Wu Total Page：69 Abstract：The purpose of the study applies for bank loans of domestic listed companies (Board approval date and newspaper publication date, signed and newspaper publication date) and short-term abnormal returns for enterprises from issuing ordinary corporate bonds declared. The sample contains of 75 events about Corporate Bonds issued and 110 events about Bank Loans listed in Taiwan Stock Exchange during the period, from1/1/2002 to 12/31/2009.The method of event study and cross-sectional regression analysis are adopted. The empirical results are as follows： （1）The effect of the announced of bank loans on the stock price is not significant. Also, the effect of announcements of the bond issuance is not significant. （2）The issued side of the debt and the cumulative abnormal returns negatively related by regression analysis. In addition, the company size and the cumulative abnormal returns are positively correlation. However, the abnormal returns on bank loans are not significantly higher than the abnormal return of corporate bonds.