举债的财富效果-国立高雄科技大学金融资讯系.pdfVIP

臺大管理論叢 2011/6 第21 卷第2 期 315-348 不同類型公司(專業經營vs.多角化)舉債的財 富效果 Organizational Forms and Wealth Effects of Public Debt Offerings 陳一如 ∕元智大學管理學院財金學群助理教授 I-Ju Chen, Assistant Professor, Division of Finance, College of Management, Yuan-Ze University Received 2009/2, Final revision received 2010/4 摘 要 本研究提出投資機會假說與自由現金流量假說，利用事件研究法檢視1999 年到2005 年 間台灣上市上櫃公司中不同經營型態(專業經營vs.多角化)的公司，宣告發行普通公 司債後的股東財富效果。實證結果發現台灣上市上櫃公司宣告發行普通公司債後，專業 經營公司有正的標準化累積超額報酬，但多角化公司宣告期間的累積超額報酬表現並不 明顯，此實證結果支持投資機會假說。另外，本研究也進一步發現，當一成長機會低且 自由現金流量高的多角化公司宣告發行公司債時，市場負面評價較不明顯，此結果顯示 對代理問題較嚴重(成長機會低且自由現金流量高)的多角化公司而言，舉債可有效控 制代理成本，並可有效提升公司會計績效。 【關鍵字】投資機會假說、自由現金流量假說、舉債 Abstract Literature indicates that the multiple-segment firms have higher free cash flows and lower growth opportunities compared to the single-segment firms. It also has been long recognized that leverage helps control the agency costs problem associated with potential corporate over-investment. Based on these findings, two hypotheses, including free cash flow and investment opportunities hypotheses, are proposed in this study to examine the effects of the different organization forms (single-segment vs. multiple-segment firms) on the announcement of public debt offering by Taiwan public traded firms between 1999 and 2005. Free cash flow hypothesis expects that announcement effect of debt offering is more positive for multiple-segment firms than for single-segment firms because the potential for debt offering to reduce over-investment problem should be higher for multiple-segment firms than for single-segment firms. However, single-segment firms on the other hand are predicted to have higher announcement return of debt offerings under the investment opportunities hypothesis. We find that consistent with the investment opportunities hypothesis, the stock market’s re