國內企業運用資本市場籌資工具對股東權益影響之研究
Date Issued
2005
Date
2005
Author(s)
杜文蘅
DOI
zh-TW
Abstract
TABSTRACT
he primary purpose for the study is to evaluate the dilution effect on the existing shareholders’ equity when Taiwan companies use the capital market implements to raise funds. The objects sampled by systematic sampling method were according to the companies listed in TSE or OTC have completed the issuance of domestic cash injection or GDR / ADR or domestic CB or ECB during the period from January 1, 2003 to June 30, 2004.
The key items through quantitative analysis included (1) the cumulative abnormal return of the underlying share in the course of the specific period before pricing. (2) The annualized risk premium carried by the CB issuer. The annualized risk premium was figured out by the factors of conversion option, put option, call option and reset clause.
There are two parts for the conclusion of the study：First part is as the new shares issuance: (1) The issuance with discount terms is a majority (2) in terms of sample cases, the ratio to the cases of cash injection and DR with negative influence（≦-1%）on the existing shareholders was 5% and 53%, respectively. (3) On the same conditions, compared with GDR / ADR of 100% flown back, domestic cash injection with 10~15% public offering is provided with the protection to the existing shareholders’ equity. (4) in terms of sample cases, there has over-selling pressure before pricing. (5) Based on t-test, there has a significant signal to negative AAR on DR pricing day for capital arbitrage purpose. (6) The strategic factors to the pricing terms are mainly based upon the foundamental of the issuer, but there still have exception cases. Second part is as the debt issuance with equity option: (1) The issuance with premium terms is a majority. (2) the funding cost of CB issuance is far more than banking syndication loan. (3) In terms of sample cases, there has over-selling pressure comparatively before pricing. (4) based on t-test, DCB’s percentage weight to negative AAR is more significant than ECB’s before pricing day. (5) The strategic factors to the pricing terms are mainly based upon the foundamental of the issuer, but there still have exception cases.
Subjects
資本市場工具
capital market implements
Type
thesis
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