臺灣博碩士論文加值系統

本研究旨在回顧與整理美國、國際與我國對於具權益特性金融工具會計處理之規範，以及可轉換公司債於目前規範下應有之分類與表達；並輔以實證測試2006至2009年間有無設置重設條款是否影響可轉換公司債之組成要素對公司權益系統風險之關連，實證結果如下：
ㄧ、可轉換公司債分離之負債組成要素(嵌入式衍生性金融負債)，與其它負債融資相同會增加公司權益系統風險，推論投資人認定該負債要素特性與其他負債融資類似。
二、自願性將可轉換公司債之負債要素重分類至權益要素者，其重分類後之負債組成要素會影響公司權益系統風險增加，表示有重分類情況下，可轉換公司債之負債要素得到類似的結果，投資人看法維持不變，皆視為財務槓桿增加。
三、不具重設條款之可轉換公司債其負債要素會影響公司權益系統風險增加，顯示無重設條款情況下與前述二種情況無異；此外，無重設條款之可轉換公司債其權益組成要素，影響權益系統風險增加；而有重設條款尚未重分類之可轉換公司債，其權益要素影響權益系統風險減少，亦即，有無重設條款之可轉換公司債，投資人對於未來轉換機率看法不一致。

This study was to review the rules of financial instruments with characteristics of equity under United States, international and R.O.C., as well as discuss how should the convertible debts classify and express under the current standards; supported by empirical testing between 2006-2009 that whether the components of the convertible bonds with reset terms or not affect systematic risk of equity to the company, the results are as follows:
1. The debt components (embedded derivative financial liabilities) separated from the convertible bonds increases systematic risk of equity, which is the same as other liabilities. Thus the study inference the investors view the characteristics of debt components of convertible bonds are similar with other liabilities.
2. When the companies voluntary to reclassify the equity components of the convertible bonds to the debt components, the debt components of convertible bonds increase systematic risk of equity, said reclassification cases get the same results. The investors remained treating as financial leverage increased.
3. The debt components of convertible bonds with no reset terms will affect the companies’ systematic risk of equity increase; in addition, the equity components of convertible bonds with no reset terms effect systematic risk of equity increase; and the equity components of convertible bonds with reset terms affect the companies’ systematic risk of equity reduce. That is, investors have inconsistent views to the convertible bonds with reset terms or not about their conversion chances in the future.

目 錄
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻探討 5
第一節 具權益特性金融工具目前會計處理規範 5
第二節 具權益特性金融工具會計處理之討論 12
第三節 可轉換公司債之會計處理 28
第四節 可轉換公司債與風險攸關性相關文獻探討 32
第三章 研究設計 36
第一節 研究假說 36
第二節 模型發展 37
第三節 研究期間與樣本 41
第四章 實證結果 43
第一節 敘述性統計 43
第二節 t檢定 48
第三節 實證結果 50
第五章 結論與建議 52
第一節 研究結論 52
第二節 研究限制 53
第三節 研究建議 53
參考文獻 54

表 次
表 2-1 所有權交割法下工具要素分離之結果分析 16
表 2-2 具權益特性工具於各種方法下應有之分類 19
表 2-3 資本工具特性之分類 21
表 2-4 FASB「初步觀點」三法與IAS32之比較 27
表 3-1 變數定義與說明 40
表 4-1 2006-2009年發行可轉換公司債統計 43
表 4-2 追溯重編樣本之統計 45
表 4-3 變數之敘述性統計量 47
表 4-4 自願性重分類與否兩群組樣本平均數差異之t檢定 49
表 4-5 2009年新發行與否之可轉換公司債兩群組樣本平均數差異之t檢定 49
表 4-6 衡量風險攸關性模型之實證結果 51

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