本研究採用上、市櫃之矽晶圓產業於2003年至2021年8月之發行債權融資樣本數13筆為例，探討其發行國內可轉換公司債以及其他不同債權籌資工具如海外可轉換公司債、公司債等，其發行宣告效果對公司股價所造成的影響與比較 以事件研究法進行研究，實證結果發現對於矽晶圓產業在宣告發行債權工具籌資時，呈現正向但效果不顯著，在累積異常報酬表現上呈現上揚走勢，表示市場上對矽晶圓產業的前景看好，所以會為股價帶來有利的效果；在宣告發行國內可轉換公司債時，市場看好未來成長性反應在股價上使宣告效果為正向訊息；在宣告發行國外可轉換公司債及公司債時，公司股價則皆為負向的異常報酬，且在國內、國外可轉債在宣告前均已開始出現異常報酬，訊息有提早洩漏的可能；而在公司債部分，其宣告效果反應為負面效果，其不利影響為期約兩週累積異常報酬開始呈現向上走勢，表示市場上短期而言對公司股價為不利的，但長期而言仍看好矽晶圓產業走勢。 ;This study focused on the impact of domestic convertible bonds issued 13 samples by Taiwan’s OTC companies on the silicon wafer industry company’s stock price as an example from 2003 to Aug. 2021, in order to discuss the company′s stock price for the impact and comparison of the issuance of domestic Convertible Bonds and other different debt financing instruments, such as Euro-Convertible Bonds and Corporate bonds, etc. The empirical results convey a positive message in the market when the silicon wafer industry announces the issuance of Convertible Bonds, indicating that the prospects of the silicon wafer industry are promising, which will also have a positive impact on the stock price; However, When the issuance of Euro-Convertible Bonds was announced, the company′s stock price has a negative abnormal return ; while the company′s stock price had a negative abnormal return when the issuance was announced, the stock price started to show an upward trend after about two weeks., This indicates that the market is unfavorable to the company′s stock price in the short term, but still bullish on the silicon wafer industry in the long term.
