企業在成長與擴展過程中，通常須要充足資金挹注以支應資本支出，如擴廠、生產設備升級與土地購置等。然而，各種財務籌資策略對企業的財務結構及營運靈活度產生不同影響，評估並選擇合適的籌資方式成為企業發展的關鍵考量。本研究以個案公司為例，探討其成長過程中的籌資決策，並分析其對財務結構與營運績效的影響。 研究結果得顯示，個案公司在擴張需求時，綜合考量資金成本、股權稀釋及股東權益影響下，選擇發行無擔保可轉換公司債為主要之籌資工具。相較於銀行融資，發行轉換公司債提供企業較低的資金成本，並兼具股權與負債的特性，有助於維持財務靈活性。此外，個案公司亦搭配現金增資與銀行融資，以確保穩定的資金來源。研究發現，高成長企業通常偏好使用混合型融資工具，以降低財務風險並提升資本運作的靈活性，因應市場變動與業務成長需求。 本個案研究的結論可作為企業在成長階段進行籌資決策的參考，亦為提供成長型企業籌資行為的實證案例。 ;During the process of business growth and expansion, enterprises typically require adequate capital injection to support capital expenditures such as plant expansion, equipment upgrades, and land acquisitions. However, various financing strategies impact a company′s capital structure and operational flexibility differently, making the evaluation and selection of an appropriate financing method a critical consideration for business development. This study examines case company as a case study, exploring its financing decisions during its growth phase and analyzing their impact on its financial structure and operational performance.
The research findings indicate that when facing expansion needs, case company carefully considered funding costs, equity dilution effects, and market conditions, ultimately choosing to issue unsecured convertible bonds as its primary financing instrument. Compared to bank financing, convertible bonds offer a lower cost of capital while possessing both equity and debt characteristics, contributing to the maintenance of financial flexibility. Additionally, case company complemented its financing strategy with capital increases and bank loans to ensure a stable source of funding. The study further finds that high-growth enterprises tend to prefer hybrid financing instruments to mitigate financial risks and enhance capital management flexibility, enabling them to adapt to market fluctuations and sustain business growth.
This study′s conclusions provide valuable insights for businesses in selecting financing strategies during growth phases and serve as an empirical reference for academic research on the financing behavior of high-growth enterprises.
