臺灣博碩士論文加值系統

可轉換公司債評價模式一直是財務領域相當重要的議題，而過去文獻多指出選擇權模式(Options Pricing Theory)與純粹債券模式(Pure Bonds Theory)為最常被採用之方法。然而，相關研究並未說明兩種方法之相對重要程度與其影響之準則。故本研究欲進一步探討此議題。本研究使用包含決策實驗室分析法(Decision Making Trial and Evaluation Laboratory, DEMATEL)、網路程序分析法(Analytic Network Process, ANP)與折衷排序法(VlseKriterijumska Optimizacija I Kompromisno Resenje, VIKOR)的新型多評準決策方法(Multiple Criteria Decision Making, MCDM)建立可轉換公司債評價模型，並以台灣三間科技產業所發行可轉換公司債進行決策模型驗證。結果發現，兩種方法皆存在交互影響與自我回饋關係；在八項評估準則中，轉換價格為最重要的影響準則，其次為標的股股價與殖利率；在評選可轉換公司債方面，鴻海科技發行之可轉換公司債為最接近投資者期望報酬的渴望水準，為三間樣本中最佳的投資選擇。

Evaluation model of convertible bonds is an important financial evaluation for financial investment in recent years; the model indicates that options pricing theory and pure bond theory are most commonly used method. But it did not explain the relative weight of these two methods and what are the sub-factor that will influence the methods. Therefore the purpose of this thesis is to discuss more in details, which evaluation of convertible bonds did not explain. This paper use DEMATEL (Decision Making Trial and Evaluation Laboratory), and ANP (Analytic Network Process) to establish the evaluation model. Our research also uses VIKOR (VlseKriterijumska Optimizacija I Kompromisno Resenje) to selection convertible bonds in three firms of technology industry. The result shows that these two factors have the relationship of interdependence and feedback. In these eight evaluation criteria, the most important factor that will affect investment is the convertible price, followed by the underlying stock price and yield to maturity. In the selection of technology industry, the leading manufacturer B is the closet to investor’s aspired level.

第一章 前言

第一節 研究背景與動機-------------------------------------- 1
第二節 研究目的------------------------------------------- 3
第三節 研究流程------------------------------------------- 4

第二章 可轉換公司債評價模式之評估準則

第一節 過去可轉換公司債評價模式之研究方向-------------------- 5
第二節 可轉換公司債評價模式評估準則回顧---------------------- 7
第三節 可轉換公司債投資方案之選擇--------------------------- 9

第三章 可轉換公司債評價模式之建構

第一節 評估準則之建立-------------------------------------- 10
第二節 可轉換公司債評價模式之架構建立------------------------ 12

第四章 實證分析

第一節 DEMATEL網路影響關係驗證----------------------------- 22
第二節 ANP計算權重 --------------------------------------- 26
第三節 策略績效值及運用VIKOR評選最佳方案-------------------- 28

第五章 結論與建議

第一節 研究結論------------------------------------------ 31
第二節 研究貢獻與建議------------------------------------- 32

參考文獻 33


附錄

附錄一 DEMATEL問卷---------------------------------------- 41
附錄二 ANP問卷 ------------------------------------------- 44
附錄三 VIKOR問卷 ----------------------------------------- 49


表 目 錄

表3-1 準則說明表 --------------------------------------- 11
表4-1 構面總影響關係矩陣T ------------------------------- 23
表4-2 構面影響程度關係表 --------------------------------- 23
表4-3 準則總影響關係矩陣T ------------------------------- 24
表4-4 準則影響程度關係表 ------------------------------- 24
表4-5 專家學者對準則偏好比較表 -------------------------- 28
表4-6 總績效評估表 ------------------------------------- 30


圖 目 錄

圖1-1 研究方法與流程 ------------------------------------- 4
圖3-1 網路關係模型示意圖 --------------------------------- 12
圖3-2 DEMATEL模式圖 ---------------------------------- 13
圖3-3 超級矩陣圖 --------------------------------------- 18
圖4-1 網路關係模型圖 ------------------------------------- 25
圖4-2 準則XY散布圖 -------------------------------------- 25

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