臺灣博碩士論文加值系統

In previous articles, there exist several theories explaining why firms take advantage of convertible debts to raise capital: agency cost, information asymmetry, pecking order, backdoor equity, and sequential financing theory. According to the implications derived from these theories, this study integrates some hypotheses and employs evidence of new issuing debts to test. Denis (2003) demonstrates that incremental approach has the characteristic of testing the relationship between new issuing debt and existing debt. This study makes use of incremental approach to find out the determinants of issuing straight debt and convertible debt. Moreover, this study investigates the pattern of firms’ financial decisions.

Using a sample of 1,733 new debt financings during 1996 to 2005, I find that the most important determinant of the debt choice is the degree of information asymmetry of issuing firms. Besides, the financial condition of issuing firms is also the primary consideration of issuing straight debt or convertible debt. I find weak relationship between market-to-book ratio and the selection of new debt issuances. However, When firms issue new convertible debt, it discloses the high growth potential of issuing firms if the prior mix of debt of them is composed of only convertible debt. At last, I also find that there exists pattern of firms’ decision of issuing new debt externally.

在過去對於可轉換公司債的研究裡，學者推導出幾個重要的理論來解釋為何公司會選擇可轉換公司債來作為融資的工具：代理成本、資訊不對稱、融資順位、後門權益融資、後續融資理論。依據上述理論所衍生出來的意涵，本研究整理出相關假設，利用新發行的債務資料來提供實證研究。Denis（2003）提出了增額法的特色為可用來探討公司發行新債與公司既有舊債之間的關連性。因此，本研究利用增額法來檢驗公司發行可轉債與直接債的決定因素。更進一步地，本研究嘗試探討公司的舉債模式是否會受到既有債務結構影響。

利用1996年到2005年間所發行的1,733筆新債資料，本研究發現，當公司在決定發行傳統直接債與可轉換公司債時，該公司資訊不對稱問題嚴重程度扮演著很重要的腳色，資訊不對稱越嚴重越傾向於發行可轉換公司債。此外，公司的財務狀況也是發行新債決定的重要考量，財務健全的公司傾向於發行直接債。本研究發現市價淨值比對於公司舉債決策影響較不顯著，然而當公司發行新的可轉換公司債時，倘若先前公司舉債模式皆為可轉換公司債，則隱含著該公司的高成長潛力。最後，公司在發行新債時會受到先前舉債模式的影響，遵循既有經驗發行同類型的新債。

Contents
Chapter 1 Introduction 1
1.1 Background 1
1.2 Previous researches of convertible debt 1
1.3 The incremental approach 2
1.4 Research motivation and purpose 3
Chapter 2 Literatures Review 5
2.1 Convertible debt vs. Straight debt 5
2.2 The path of debt financing 11
2.3 Hypotheses development 11
Chapter 3 Data and Methodology 15
3.1 Data collection 15
3.2 Methodology 17
3.3 Empirical model and the variables 19
Chapter 4 Empirical Results 21
4.1 Sample Distribution 21
4.2 Characteristics of new debt issues 22
4.3 Existing mix of debt claims 23
4.4 Determinants of the source of new debt 28
Chapter 5 Conclusion 34
References 36

Tables
Table 2-1 Theory implications 11
Table 4-1 Debt distribution 21
Table 4-2 Characteristics of new debt issues 23
Table 4-3 New issues partitioned by prior mix of debt claims 24
Table 4-4 Characteristics of sample firms grouped by prior debt mix 27
Table 4-5 Univariate comparisons 29
Table 4-6 Binary logistic regressions predicting source of new debt 31

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