The comparison of announcement effect on private convertible bond and public convertible bond

Abstract

本研究探討國內上市櫃公司私募可轉債與公開發行可轉債宣告效果之比較。以臺灣2005年1月至2009年12月之間宣告進行私募可轉債及公開發行可轉債的上市櫃公司為研究樣本,分別以事件研究法(Event Study)、多元迴歸分析(Multiple Regression Analysis)與多元名義羅吉特迴歸(Multinomial Logistic Regression)探討私募可轉債及公開發行可轉債兩組樣本之宣告效果、影響宣告效果的解釋因素以及影響公司選擇私募或公開發行可轉債的因素。本研究之實證結果發現:1.公司宣告私募可轉債在事件日隔日有顯著正向宣告效果,宣告公開發行可轉債在事件日當天有顯著負向宣告效果。2.公司宣告私募可轉債與公開發行可轉債之間的累積異常報酬率,除了以董事會決議見報日為事件日、CAR(0,1)為事件期之外,其他情況下無顯著差異。3.實證結果顯示,私募可轉債方面,相對發行規模、公司規模、負債比率與累積異常報酬率為顯著正相關,內部人持股比例與累積異常報酬率為顯著負相關,營收成長率、股價淨值比與累積異常報酬率為不顯著正相關。公開發行可轉債方面,營收成長率、內部人持股比例與累積異常報酬率為顯著正相關,股價淨值比、負債比率與累積異常報酬率為顯著負相關,相對發行規模與累積異常報酬為不顯著負相關,公司規模對累積異常報酬率影響方向不明確。4. 利用多元名義羅吉特迴歸分析影響公司選擇以私募或公開發行可轉債融資方式的因素,結果顯示相對發行規模愈大、營收成長率愈高、股價淨值比愈高、公司規模愈大的公司,愈傾向公開發行。內部人持股比例愈高、負債比率愈高的公司,愈傾向私募。The study investigates the announcement effect of those companies which have issued convertible bonds by private placement and by public offering in Taiwan. The empirical results show that: 1.The abnormal return of the announcement of convertible bond by private placement is positive at the next day of event day. The abnormal return of the announcement of convertible bond by public offering is negative at the event day. 2.The cumulative abnormal returns between companies who issued convertibles by private placement and by public offering are not significantly different. 3.In terms of private placement of convertible bonds: Relative issue size, firm size and debt ratio are significantly positive related to the cumulative abnormal return. The proportion of insider ownership is significantly negative related to the cumulative abnormal return. Sales growth rate and P/B ratio are not significantly positive related to the cumulative abnormal return. In terms of public offering of convertible bonds: Sales growth rate and the proportion of insider ownership are significantly positive related to the cumulative abnormal return. P/B ratio and debt ratio are significantly negative related to the cumulative abnormal return. Relative issue size is not significantly negative related to the cumulative abnormal return. The relation between firm size and the cumulative abnormal return is not clear. 4.Those companies, which have larger relative issue size, higher sales growth rate, higher P/B ratio, larger firm size, would prefer issuing convertible bonds by public offering. Those companies, which have higher proportion of insider ownership, higher debt ratio, would prefer issuing convertible bonds by private placement

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Last time updated on 10/04/2020

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