Title page for etd-0612116-230202


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URN etd-0612116-230202
Author Jen-yi Wu
Author's Email Address No Public.
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Department Finance
Year 2016
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Relationship between Operating Performance and Convertible Bonds
Date of Defense 2016-06-30
Page Count 65
Keyword
  • Financial Policy
  • Ownership Structure
  • Financial Ratios
  • Operating Performance
  • Convertible Bond
  • Abstract Along with financial market development, there have been progressively more approaches for enterprises to raise funds. This includes convertible bonds--a hybrid security characterized by creditors’ and stockholders’ rights, for companies to raise mid-term and long-term funds. This study selects 112 firms from listed companies on the Taiwan Stock Exchange during the period of 2012 to 2014, and investigates the relationship between structure of ownership and operating performance before and after issuing convertible bonds. Empirical results find that the ownership structure is insignificantly associated with operating performance, the ROA, ROE and ROS have worsened after issuing convertible bond, and the Debt Ratios decrease slightly. From the analysis of this study, we conclude that companies with good operating performance tend to choose to issue CB, but companies with bad operating performance will not. After issuing CB, a company with good operating performance is accepted by investors, While a company with bad operating performance is not.
    Advisory Committee
  • Wei-Che Tsai - chair
  • Wen-Gine Wang - co-chair
  • Ming-Jang WENG - co-chair
  • Yih Jeng - advisor
  • Files
  • etd-0612116-230202.pdf
  • Indicate in-campus at 5 year and off-campus access at 5 year.
    Date of Submission 2016-09-05

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