摘要
本文以2008至2015年間臺灣上市櫃公司之證券發行資料，探討公司治理與套利者需求對企業選擇發行可轉債和現金增資之影響。研究發現辦理可轉債的公司相較於辦理現金增資的公司，有較低的負債水準、較佳的獲利能力、較弱的公司治理與發行當月有較高的放空比率。並且，根據多元羅吉斯廻歸分析結果，發現公司治理愈弱的公司，愈傾向選擇發行可轉債替代現金增資；套利者需求愈大的公司，愈傾向選擇發行可轉債替代現金增資。
關鍵詞：可轉換公司債、現金增資、公司治理、套利者
Abstract
This study investigates the influence of corporate governance and arbitrageurs’ demand on firms’ choice between convertible bonds and seasoned equity, using a sample of Taiwanese-listed firms that issued securities between 2008 and 2015. It found that firms that issue convertible bonds have lower debt ratio, higher profitability, weaker corporate governance and higher short-selling ratio in the month of issuance than firms with seasoned equity offerings. Moreover, according to the results of multiple logistic regression analysis, this study found that firms with weak corporate governance are more likely to issue convertible bonds rather than seasoned equity. On the other hand, firms with more arbitrageurs’ demand are more likely to issue convertible bonds rather than seasoned equity.
Keywords: Convertible Bond, Seasoned Equity Offerings, Corporate Governance, Arbitrageurs