| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 106 === In recent years, as market interest rates have been relatively low, interest in debt issuance has been greatly enhanced. Convertible corporate bonds have gradually become the major financing vehicles for enterprises and have taken the place of cash replenishment. This study uses the even-study method and regression analysis to explore whether the response of initial public offering of convertible bonds in Taiwan to the performance of common stock of listed companies is abnormally paid before and after the announcement day. The sample period from 2009 to September 2017 , only a total of 110 samples. The empirical results indicate that when the listed company announces the issue of convertible bonds, the effect will be declared a negative reaction to the abnormal returns of its common stock price. Secondly , this study endeavors to find the key reasons for the stock price decline for the first-time CB issues among the following factors : the TCRI rating ,whether the CB is guaranteed by banks ,equity concentration ,and the dollar amount of purchase and sales of the three institutional investors. Our empirical results show that the sale dollar amount of foreign institutional investors and investment trust has a statistically significant, negative impact on the stock price, and also verify Duca, Dutordoir, Veld, and Verwijmeren (2012) Arbitrage patterns.
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