海外可轉換公司債轉換價格重設之市場反應與決定因素之探討

The Investigation of Market Response and Factors Influencing Conversion Price Resetting on Taiwanese Companies

本文探討發行海外可轉換公司債之公司，其宣告重設與實際執行重設轉換價格時之市場反應，以及應用羅吉斯迴歸研究影響公司決定執行重設之因子，與選擇執行一般重設或特別重設之因素。我們發現兩個事件時期之市場反應都為負面。當淨值成長率、淨值週轉率愈大，公司愈不會重設。股東權益報酬率愈大者，重設的機會增加。負債比率、速動比率等都不具顯著性，代表大部分公司決定重設與否之當下，並無特別考量財務風險。但當公司決定執行重設時，負債比率愈高，公司仍不會輕易的採取特別重設以快速減輕償債壓力。董監質押比率愈大，董監事能靈活運用的股票愈易受限，公司較不會執行重設。其他公司治理變數目前仍未能看出是否明顯影響公司進行重設之決定。

We study the market response of Taiwan’s listed companies to the first announcement and the effective date of conversion price resetting. Specifically, we focus on the factors influencing the decision to reset conversion price either in the form of general reset or special reset, using the logistic regression analysis. We find that the bigger the net asset growth rate, the higher the net asset turnover, the less likely the firms reset the conversion price. This is in line with the hypothesis that growing companies tend not to increase their equity size. Further, the higher the return on equity, the more likely the reset will occur. The empirical evidence also points to the insignificance of debt ratio and quick ratio, which are relevant to financial risk, when determining whether to reset the conversion price or not. Firms will not select special reset to alleviate the burden of finance, even if the debt ratio is relatively high. The higher the pledge ratio of directors and supervisors’ shareholdings, the less likely the firms choose to reset. Overall, the relevant variables of corporate governance do not affect the decision of conversion price resetting.