| dc.description.abstract | 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. | en_US |