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研究生:李泓陞
研究生(外文):Hung-Sheng Lee
論文名稱:非常態貨幣政策時期對公司發債行為之影響
論文名稱(外文):Bond Issuance Activity under Unconventional Monetary Policy
指導教授:盧秋玲盧秋玲引用關係
指導教授(外文):Chiuling Lu
口試委員:莊文議張元晨
口試委員(外文):Wen-I ChuangYuan-Chen Chang
口試日期:2023-06-30
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:國際企業學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2023
畢業學年度:112
語文別:中文
論文頁數:33
中文關鍵詞:非常態貨幣政策公司債可轉債獲利能力
外文關鍵詞:unconventional monetary policycorporate bondconvertible bondprofitability
DOI:10.6342/NTU202304425
相關次數:
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  • 點閱點閱:6
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本文以2000~2021年期間美國紐約證交所上市之公司作為樣本,共蒐集5,058筆數據,探討非常態貨幣政策期間公司發債行為之影響。本研究結果發現,考量公司個別特質後,公司規模以及公司獲利能力皆對發債頻率和金額有顯著影響,分別為正向及負向關係,而總體經濟的變數效果被大幅降低,僅有通膨率有顯著影響,換言之,公司考量是否發債主要依據公司的財務狀況來衡量,經濟環境則較為次要。本文亦研究樣本內有發行可轉換債券之公司對於財務績效之影響,結果發現,發行可轉換債券之公司有獲利表現較差,與原先假說相違背。本文推測發行可轉債之公司可能有公司治理較弱的問題,進而間接影響到公司財務績效。
This paper examines the impact of corporate bond issuance during unconventional monetary policy periods using a sample of 5,058 unbalanced panel data from companies listed on the New York Stock Exchange between 2000 and 2021. The results reveal that, after considering firm characteristics, both company size and profitability have significant effects on the frequency and amount of debt issuance. Company size shows a positive relationship, while profitability exhibits a negative relationship with debt issuance frequency and amount. On the other hand, the effects of macroeconomic variables are significantly reduced, with only inflation rate showing a significant impact. This suggests that companies primarily consider their financial conditions rather than the macroeconomic environment when deciding the corporate bond issuance. Furthermore, the study delves into the impact of issuing different types of bonds, particularly convertible bonds, on financial performance. The findings contradict the initial hypothesis, as companies issuing convertible bonds exhibit poorer profitability. This discrepancy is attributed to potential weaknesses in corporate governance among firms that issue convertible bonds, indirectly affecting their financial performance.
誌謝i
摘要ii
ABSTRACTiii
目錄iv
表目錄v
圖目錄vi
第壹章、 緒論1
一、 研究動機1
二、 研究標的選擇3
三、 本文架構與研究流程4
第貳章、 文獻回顧與假說建立5
一、 貨幣政策與總體經濟狀況對公司發債之影響5
二、 公司特性與資本結構之關係6
三、 發行可轉債對公司之優點7
四、 假說建立8
第參章、 樣本與研究方法10
一、 樣本與數據來源10
二、 研究方法10
三、 變數定義14
第肆章、 實證結果與分析17
一、 敘述統計17
二、 變數相關性分析17
三、 迴歸模型檢驗17
1. VIF 17
2. Hausman Test 17
3. Breusch-Pagan Lagrange multiplier (LM) test 21
四、 迴歸結果分析24
1. 在非常態貨幣政策,總經變化及公司特質對公司發債行為影響24
2. 公司發行可轉換債券對於獲利能力影響27
第伍章、 結論30
一、 結論30
二、 研究限制與建議31
參考文獻32
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