臺灣博碩士論文加值系統

本研究採用行為面觀點，分析與檢測1998至2001年間台灣高科技電子企業進行海外籌資的決策因素與海外融資決策對公司股價平均報酬與公司股價報酬風險的影響。爾後更進一步地去了解使用不同海外籌資工具之決定要素與不同籌資工具對公司股價平均報酬與公司股價報酬風險的影響。本研究實證結果指出：第一、企業各類財務面因子，包括：負債比率、流動比率與每股盈餘等，對企業進行海外籌資行為，並無顯著的一致性結果。第二、在心理行為面因素部分，慣性效果、心理帳戶效果、企業吸引力與企業是否進行海外投資是解釋企業海外籌資的重要因素。若進一步分析不同類型海外籌資工具的選擇，其中長期慣性效果主要存在於單獨使用存託憑證與海外可轉換公司債籌資的企業；心理帳戶效果則存在於本文所定義的三種海外籌資企業;企業吸引力能有效地解讀存託憑證的籌資決策;海外投資行為愈積極的企業，海外籌資行為也愈積極，尤其顯著於同時使用存託憑證與海外可轉換公司債的企業。第三、海外籌資決策對企業股價報酬平均值無顯著的一致性影響，但能有效地降低企業股價報酬波動性，尤其顯著於使用存託憑證籌資的企業。

This paper examines and analyzes the behavioral determinants and impacts of overseas financing policies on the Taiwan high-tech enterprises from 1998 to 2001. We also extend the analysis to the various types of oversea financing tools. Our empirical findings are consistent with the following notions. First, the financial characters including the debt ratio, current ratio and EPS do not pronounce consistent influences on the enterprises’ overseas financing decisions. Second, in contrast, most of the behavior characters such as persistent behavior, mental account and attractiveness effects as well as international investment effects do significant impact on the enterprises’ overseas financing decisions. Moreover, persistent behavior effects significantly pronounce in the corporations with DR or ECB only. Attractiveness effects make significant influence in the corporations with DR. The mental account effects significantly pronounce in Taiwan high-tech enterprises regardless of various foreign financing tools. There are positive relationship between foreign investment and overseas financing behaviors, especially in the corporations using both of DR and ECB. Third, the overseas financing policies have no consistent influences on the stock return means, but do significant decreases in the stock return volatilities, especially for the enterprises with DR only.

誌謝辭........................................................ i
中文摘要..................................................... ii
英文摘要.................................................... iii
目錄頁與表次頁............................................... iv
第壹章 緒論...................................................1
第貳章 文獻回顧
一、 海外籌資的行為面決策因素之研究.........................5
二、 海外籌資效果之研究.....................................7
第参章 研究課題建立
一、 海外籌資的行為面決策因素之研究........................10
二、 海外籌資效果之研究....................................14
第肆章 實證模型設定
一、 海外籌資的行為面決策因素與效果之研究
(一) 海外籌資的行為面決策因素之研究 ..................... 16
(二) 海外籌資效果之研究.................................. 19
二、 不同類型海外籌資工具選擇的行為面決策因素與效果之研究
(一) 不同類型海外籌資工具選擇的行為面決策因素之研究...... 20
(二) 不同類型海外籌資工具之效果研究...................... 21
第伍章 實證結果分析
一、 海外籌資的決策因子與效果之研究
(一) 海外籌資的決策因子之研究............................ 22
(二) 海外籌資之效果研究.................................. 27
二、 不同類型海外籌資工具的決策因子與效果之研究
(一) 不同類型海外籌資工具的決策因子之研究................ 29
(二) 不同類型海外籌資工具之籌資效果研究.................. 34
第陸章 結論..................................................37
參考文獻......................................................39

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