台灣海外可轉債發行後轉換價格重設對股東價值之影響

The Effect of Conversion Price Downward Resetting on the Value of Convertible Bond Issuing Companies in Taiwan

10.6226/NTURM2011.21.2.157

李存修(Tsun-Siou Lee)；胡星陽(Shing-Yang Hu)；王瑪如(Ma-Ju Wang)

可轉換公司債 ； 轉換價格 ； 重設條款 ； convertible bond ； conversion price ； reset clause

臺大管理論叢

21卷2期（2011 / 06 / 01）

157 - 185

繁體中文

可轉換公司債的轉換價格向下重設使轉換比率提高，預期每股盈餘會被稀釋，但轉換價格的調降也使轉換的可能性升高，減緩償債壓力。我們發現公司宣告重設轉換價格時，市場反應並不顯著，但重設生效日的事件效果則顯著為負，此時盈餘稀釋效果大於債務緩和效果。比較發行日與重設轉換價格日兩個期間的營運績效顯示，重設期間之績效相對於發行時都是衰退的。 一般而言，重設轉換價格下降之幅度愈大，對股東愈不利，但是對於營運現金流量衰退幅度較大之公司，包括向下重設幅度接近法定兩成上限之公司，可能面臨較嚴重的償債壓力，當重設的幅度愈大，轉換可能性愈高，償還本息的壓力愈小，重設日之股票異常報酬卻是正的，顯示此時股東重視債務緩和更勝於盈餘被稀釋。

It is not uncommon for convertible bonds to have a conversion-price reset option built in, especially in Taiwan. Downward resetting of conversion price raises the conversion ratio and hence induces heavier potential dilution on EPS upon conversion. On the other hand, downward resetting of CP also enhances the likelihood of conversion and therefore ease the cash flow burden of principal repayment. While the former, called dilution effect, is predicted to be negative, the latter, called debt alleviation effect, is predicted to be positive-on the underlying share price. It is found in this paper, using Taiwanese data, that share prices do not react in any significant way around the announcement date of CP downward resetting. Share prices however do react negatively around the effective date of the resetting event, making dilution effect dominant over debt alleviation effect. After reviewing the operating performance between the CB issuing period and the CP resetting period, we find that sales growth, return on assets and operating cash flow have all been worsening off, which may explain the motivation behind the decision of CP downward resetting. Intuitively, the higher the magnitude of CP downward resetting, the more the dilution effect will be. But for companies suffering from severe cash flow shortage, the opposite effect may prevail. In other words, when CP reset by close to 20% downward (the legal limit), share prices react positively to the event, i.e., debt alleviation effect becomes dominant.

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