南華大學機構典藏系統:Item 987654321/28811
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    題名: 發行可轉債公司異常營收宣告效果之研究
    其他題名: The Effect of Abnormal Operating Revenue Announcement by Companies which Issued Convertible Bond
    作者: 陳清友
    CHEN, CING-YOU
    貢獻者: 財務金融學系財務管理碩士班
    白宗民
    PAI, TZUNG-MIN
    關鍵詞: 可轉換公司債;營收;宣告效果;分量迴歸;事件研究法
    convertible bond;revenue;announcement effect;quantile regression;event study
    日期: 2021
    上傳時間: 2022-08-16 13:19:44 (UTC+8)
    摘要: 　　本研究主要利用事件研究法及分量迴歸進行分析，在2018年至2019年發行可轉換公司債期間公布異常營收之公司，共計50筆資料。第一部份探討可轉換公司債公布異常營收後電子非電子產業、技術面狀態、轉換期前後對股票報酬率的影響，並利用事件研究法與事件窗口分析，得出一組投資策略供投資人作為參考；第二部份探討則在不同的毛利率、EPS、PE等變數下，可轉換公司債在異常營收公布後所產生的累計平均異常報酬是否有所差異，透過分量迴歸進行比較。研究結果顯示：在可轉債發行後轉換日之前，毛利率皆為顯著的正向效果。技術面多頭情況下會有動能效果，強者恆強；電子產業類別則不具顯著水準。
    　　The study mainly uses Even Study and quantile regression to analyze companies which announced abnormal revenue during the issuance of convertible bonds from 2018 to 2019. A total of 50 pieces of data are recorded in the study.　　The first part discusses the impact which is affected by the factors such as electronic and non-electronic industries, technical status on stock returns after the announcement of abnormal revenue from the issuance of convertible bonds, and then analyzes them by using Event Study and event window in order to derive a set of investment strategies to provide Investors as a reference; the second part discusses, under different variables such as gross profit margin, EPS, PE, by using Quantile regression to compare, whether the cumulative average abnormal return generated by convertible bonds after the announcement of abnormal revenue is different or not. 　　According to the study, it shows that after convertible bonds are issued, the gross profit margin has a significant positive effect before the conversion date. In technical analysis, bull markets will have momentum, which makes the gross profit margin remain strong; however, the electronic industry categories do not have a significant level.
    顯示於類別:[財務金融學系(財務管理碩士班)] 博碩士論文

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