本論文研究台灣自1990年至2006年所有無擔保可轉換公司債在賣回日前3~24個月出現折價的情況下，是否仍有其投資價值。本研究發現在符合條件的樣本中，未違約以及賣回時可轉換公司債市價逾賣回價格的整體報酬，明顯大於因違約所產生的損失。結果顯示，即使是無擔保可轉換公司債有無法償還本息的風險，但整體而言，投資折價可轉換公司債仍有顯著的報酬。 We study all unsecured convertible bonds in Taiwan from 1990 to 2006 and evaluate the performance of those which the price discount appears in the period of 3 to 24 months before being sold back. Based on our final sample, we find that the overall profit of non-default unsecured onvertible bonds is significantly higher than the loss caused by the default counterparts. The results show that, in spite of the risk of unpaid principle and interest involved in unsecured convertible bonds, the performance of discounted unsecured convertible bonds still yields considerable profit.
