臺灣博碩士論文加值系統

企業的永續經營，必須透過各種投資與融資的活動，來為公司創造價值，為股東求取最大財富。因此融資決策成為公司財務管理中相當重要的一環。近幾年來，隨著世界經濟自由化及國際化的帶動之下，國際間的金融情勢有很大的改變，而國內企業也因規模日亦茁壯和國內的市場已不符所需，在政府逐漸放寬法令限制之後，紛紛至海外籌資，開拓新的融資管道。而本研究是就企業發行海外可轉換公司債之各種情況作一探討。本研究之研究目的為:1. 探討海外可轉換公司債的意義及特性。2. 探討海外可轉換公司債如何發行及發行時所需考量的因素。3. 檢定發行海外可轉換公司債的企業其財務槓桿程度和同產業中沒有發行之對照公司是否有顯著性差異。4. 發行海外可轉換公司債企業之財務槓桿程度對匯率變動間的檢定。 經探討得以下結論:1. 由於我國金融自由化及國際化的腳步仍慢，因此對於外人投資 國內股市的限制仍多，所以國內企業發行之海外可轉換公司債 嚴格來說是一種附記轉換條件的普通公司債，此一限制，可能 影響投資人之持有意願，對於有意願發行之國內公司亦造成不 利影響。2. 除了國內經濟環境之外，由於許多東南亞及新興的發展中國家， 急切的需要資金，亦紛紛投入資金充足利率低廉的歐洲債券市 場，使得近年來，此市場有漸成飽和之狀態，因此國內企業在 未來是否能繼續在歐洲資本市場論利發行公司債有待觀察。3. 雖然發行公司和對照公司之財務槓桿程度差異之檢定不並顯著,但發行公司之財務槓桿程度的確較小，當樣本數夠大及期間夠長時，應可得到顯著的差異。4. 83至86年之台幣對美元及瑞士法郎的轉換匯率還算穩定，並無大起伏，所以匯率對財務槓桿程度之影響並不顯著。

For continuous operation,enterprises have to engage in many investing and financing activities to create value for their corporation, and pursue the best welfare for stockholders.So the financing decisions become a much important part in corporation''s financial management.Recently,there are much differences in world trade and finance environment ,and domestic enterprises can''t be satisfied with the internal capital market,many corporations start to finance in global capital market.This research is discussing the topics that the enterprises issuing overseas convertible bonds(OCB).This research has four intentions:1. Discussing the meanings and characteristics of OCB.2. Discussing how to issue OCB and what factors should be considered while issuing OCB.3. Test if the financial leverage degrees of the corporations which have issued OCB are obviously different from those which don''t issue OCB.4. Test the financial leverage degrees versus foreign exchange rate.After discussing and testing,we got some conclusions:1. Because of our slower progress in the change of financial environment,and we still have many limitations with the stock market,strictly speaking,the OCBs issued by domestic enterprises are just like common bonds with convertible lines .2. Besides national economic environment,many south-east Asia nations start to issue OCBs in Europe capital market,so the market is in saturation.Our corporations which are willing to issue OCB in Europe market should pay attentions to this situation.3. Although the financial leverage degree tests between issuing companies and non-issuing companies don''t have significant difference,but the financial leverage degrees of issued companies are indeed lower than non-issuing.So if the samples are large enough and the testing term is long enough,we can get the outcomes that we assumed.4. Because of the foreign exchange rates are stable during 1994 to 1997,so the influences of exchange rate toward financial leverage degree are not significant enough.