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題名：The Motivation of Issuing Convertible Bonds in Taiwan Market: A Real Option Approach
書刊名：Asia Pacific Management Review
作者：Chan, Chin-horng／Chen, Hsin-chih
出版日期：2004
卷期：9:1
頁次：頁101-118
主題關鍵詞：Option；Convertible bonds；Sequential financing；Cash flow
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:11
  • 點閱點閱:32
This study uses the sequential financing concept suggested by Mayers [15] to test the purpose of issuing convertible bonds in Taiwan market. We use two kinds of measures, cash flow and capital structure, to test the hypotheses. Since the forced conversion is not as popular in Taiwan convertible bond market as in U.S.A., we use instead voluntary conversion as the research alternative. We conclude that the ratio of cash out flow of investment activities to the total asset is not significantly inclining after voluntary bond conversion. On the other hand, the ratio of cash flow of operating activities to the total assets is not significantly declining after voluntary conversion. We thus cannot get enough evidence to support the argument on over-investment. The new financing is not significantly increasing after voluntary conversion, and thus the hypothesis that issuing convertible bonds will prompt new financing activities is neither sufficiently supported.
期刊論文
1.Stein, J. C.(1992)。Convertible Bonds as Backdoor Equity Financing。Journal of Financial Economics，32(1)，3-21。  new window
2.Trigeorgis, L.(1993)。Real options and interactions with financial flexibility。Financial Management，22(3)，202-225。  new window
3.Constantinides, G. M.、Grundy, B. D.(1989)。Optimal investment with stock repurchase and financing as signals。The Review of Financial Studies，2(4)，445-465。  new window
4.Mayers, David(1998)。Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options。Journal of Financial Economics，47(1)，83-102。  new window
5.Green, Richard C.(1984)。Investment incentives, debt and warrants。Journal of Financial Economics，13(1)，115-136。  new window
6.Dixit, Avinash K.、Pindyck, Robert S.(1995)。The Options Approach to Capital Investment。Harvard Business Review，73(3)，105-115。  new window
7.Luehrman, Timothy A.(1998)。Strategy as a portfolio of real options。Harvard Business Review，76(5)，89-100。  new window
8.陳隆麒、敦敏華、菅瑞昌(19970100)。發行可轉換公司債與現金增資之比較探討。證券市場發展季刊，9(1)=33，31-61。new window  延伸查詢new window
9.方世杰、曾獻惠(19990300)。研發聯盟動機類型與績效之研究--電子資訊業之實證。亞太管理評論，4(1)，63-77。new window  延伸查詢new window
10.Quigg, Laura(1993)。Empirical Testing of Real Option-pricing Models。Journal of Finance，48(2)，621-640。  new window
11.Black, Fischer、Scholes, Myron S.(1973)。The Pricing of Options and Corporate Liabilities。Journal of Political Economy，81(3)，637-654。  new window
12.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
13.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
14.Smith, C. W.(1977)。Alternative methods for Raising Capital: Rights versus Underwritten Offerings。Journal of Financial Economics，5，273-307。  new window
15.許溪南、黃凱靖(1998)。股價分配對選擇權定價之影響。亞太管理評論，3(1)，1-17。new window  延伸查詢new window
16.Luehrman, T. A.(1998)。Investment Opportunities as Real Options: Getting Started on the Numbers。Harvard Business Review，76(4)，102-116。  new window
17.Tufano, P.(1996)。How Financial Engineering Can Advance Corporate Strategy。Harvard Business Review，74，136-146。  new window
18.唐雪萍(1998)。企業成長機會與負債比率關係之研究。亞太管理評論，3(2)，227-234。  延伸查詢new window
學位論文
1.Essig, S.(1991)。Convertible Securities and Capital Structure Determinants(博士論文)。University of Chicago，Chicago, IL。  new window
圖書
1.Wilmott, P.、Dewyne, J.、Howison, S.(1993)。Option Pricing。沒有紀錄：Oxford Financial Press。  new window
2.Trigeorgis, L.(1995)。Real Options in Capital Investment: Models, Strategies, and Applications。Westport, CT：Praeger Press。  new window
3.Dixit, Avinash K.、Pindyck, Robert S.(1994)。Investment Under Uncertainty。Princeton University Press。  new window
4.Trigeorgis, Lenos(1996)。Real Options: Managerial Flexibility and Strategy in Resource Allocation。The MIT Press。  new window
5.Amram, M.、Kulatilaka, N.(1998)。Real Options: Managing Strategic Investment in an Uncertain World。Real Options: Managing Strategic Investment in an Uncertain World。沒有紀錄。  new window
 
 
 
 
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