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學年
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110 |
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學期
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2 |
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出版（發表）日期
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2022-04-15 |
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作品名稱
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Convertible bond issuance volume, capital structure, and firm value |
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作品名稱（其他語言）
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著者
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Yulu Liao; Paoyu Huang; Yensen Ni |
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單位
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出版者
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著錄名稱、卷期、頁數
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The North American Journal of Economics and Finance 60, 101673 |
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摘要
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We investigate whether convertible bond (CB) issuance volume that causes capital structure change would affect firm value. We focus on either the hand-collected data due to multiple CB issues or diverse CB issuance volume (CB-IV) measures, including CB-IV over debt, equity, and assets. We reveal that the firms with higher CB-IV would enhance firm value, somewhat different from previous findings that CB might not be a cheap financing instrument for raising funds. We infer that because increased CB-IV might not be easily permitted by Taiwan authorities, enterprises might endeavor to exploit profits by using the funds raised by CBs. We argue that, to our understanding, our explored issues are essential for enterprises because they link CB-IV and firm value through the capital structure channel. Given that these issues have rarely been a comprehensive focus, this study may contribute to the existing literature. |
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關鍵字
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Convertible bonds;Convertible bond issuance volume;Capital structure;Firm value |
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語言
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en_US |
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ISSN
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1062-9408 |
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期刊性質
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國外 |
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收錄於
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SSCI
Scopus
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產學合作
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通訊作者
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審稿制度
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是 |
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國別
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USA |
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公開徵稿
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出版型式
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,電子版 |