可轉換公司債與現金增資均為現代企業重要的融資方式。面對這兩種不同的融資 工具，上市公司的動機、融資目的，以及其中所蘊涵的資訊內容等，是否有所不同，是一個 值得深究的問題。本研即針對二者的本質、發行主要考量因素、融資目的，以及二者對股價 的影響，做一全盤性探討，期能對二者的異同暨對公司價值的影響有一清楚比較。 經問卷調查與事件研究，本研究發現企業發行可轉換公司債最主要是著眼於票面利率低，現 金增資的主要動機在於獲取較高溢價收入；融資目的方面，二者並無顯著差異。而不考慮發 行可轉換公司債的主要考量，係鑑於市場接受度不高，惟對於未來是否會配合新的籌資需要 考慮發行，多數均抱持肯定態度。在投資人認知方面，機構投資人對該商品的接受度確實不 高，主要是因為轉換溢價太高，其次是因為價格波動幅度較小以及轉換凍結期太長。 在對股價的影響方面，本研究採用由標準化橫斷面檢定的事件研究法，以減少事件引發變異 改變而導致宣告效果的估計受到扭曲。實證結果顯示，現金增資與可轉換公司債的融資宣告 ，皆未產生顯著的異常報酬，但是前者的負向程度較可轉換公司債為大，在符號方向上符合 資訊不對稱假說。

　　　　　Both convertible bonds (Cbs) and seasoned offerings are important financing tools. Whether their motives, purposes, and information content are different is worth of exploring. This study does an integrated research on these issues. By questionnaire and event studies, this research found that the main motive of issuing Cbs is of the low par-rate, while higher cash inflow premium for seasoned offerings. But no difference on financing purposes is shown. On the other hand, taking no advantage of Cbs to finance is due to the absence of popularity among investors. Most of the companies, however, investigated demonstrate interest in this instrument for the coming financing needs. As for the reasons the institutional investors did not pay much attention to Cbs is mainly because of the high conversing price, low volatility, and long period of freezing to convert into stocks. Regarding to the impact on stock price, this study found no significant effects from both financing instruments. But the asymmetrical information hypothesis received a directional support, since the negative impact from seasoned offerings is greater than that of Cbs.