本文探討2016至2020年間台灣上市（櫃）公司發行公司債的選擇，其發行前後之股價異常變動，以及發行後之營運績效影響，作為未來籌資方式的選擇。 1.採用資產報酬率、股東權益報酬率、現金流量比率、流動比率、負債比率及營收成長率六項營運績效指標，衡量公司發行公司債之營運績效變化。 2.利用事件研究法分別檢定普通公司債與可轉換公司債發行前後10個交易日之普通股股價變化。 結果顯示上櫃公司多傾向發行可轉債，發行當年度獲利能力指標表現較佳，但次年度卻衰退;普通公司債發行日前後無顯著的異常報酬;可轉債發行日前具有顯著的正向異常報酬，而轉換日後，結果顯示為負的累計異常報酬。 ;This study investigates the TSE and OTC listed companies which issued corporate bonds during the period of 2016 to 2020. The abnormal changes in stock prices before and after the issuance, and the operating performance changes after the issuance, as the choice of future financing methods. Ⅰ. The six operating performance indicators including return on assets, return on shareholders’ equity, Cash Flow Ratio, Current Ratio, Debt Ratio, and Revenue Growth Rate, were used to measure the operating performance after the issuance of corporate bond. Ⅱ. The change of common stock price in 10 trading days before and after the issuance of ordinary corporate bonds and convertible bonds was examined by using the event study method. OTC companies mainly issue convertible bonds. Profitability is good in current year, but declines in the next year. The ordinary corporate bonds have not significant abnormality. The convertible bonds have significant positive abnormal returns before the issuance date. After the conversion date, the convertible bonds have negative cumulative abnormal returns.
