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研究生： 程裕城
Cheng, Yu-Cheng
論文名稱： 論臺灣海外可轉換公債之設計與外匯避險問題
On the designing and foreign exchange hedging issues of Taiwanese euroconvertibles
指導教授： 吳啟銘
Wu, Qi-Ming
學位類別： 碩士
Master
系所名稱： 商學院 - 財務管理學系
Department of Finance
論文出版年： 1996
畢業學年度： 84
語文別： 英文
論文頁數： 68
中文關鍵詞： 海外可轉換公司債 、證券設計 、發行動機 、外匯避險 、財務工程 、二因子模式
外文關鍵詞： Euroconvertibles, security designa, rationale, foreign exchange hedging, financial engineering, two-factor model
相關次數： 點閱：84  下載：0 
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    • 本文首先利用證券設計的原理來探索臺灣發行海外可轉換公司債的動機同時也探討這些發行公司究竟該不該積極地管理其債券風險

    The thesis first examines the rationales of Taiwanese Euroconvertibles.Then, the foreign exchange hedging issue is explored for the issuers.

    Abstract 1
    I.Introduction 3
    II.Literature Review 4
    1.On the Design of Convertible Bonds 4
    2.Pricing the Exchange Rate Risk 9
    III. On the Design of Taiwanese Euroconvertible 10
    1.An Overview to the Taiwanese Euroconvertible Market 10
    2.Market Background 13
    3.Characteristics in Taiwan’s Euroconvertibles 16
    4.More about the Engineering of the Euroconvertible 18
    4.1Beliefs of academic researchers 18
    4.2Beliefs of practitioners 19
    4.2Synergy of the Euroconvertible 21
    5.Methodology to Explore the Rationales 22
    6.Data Sourees 26
    7.Results 29
    8.Conclusions 32
    IV.Breakeven Analysis 33
    1.Preliminaries 33
    2.Cost of Capital from the Issuer’s Perspective 36
    3.Break-even Scenarios 39
    V.The Issues of Foreign Exchange Hedging 47
    1.Two-factor Model 47
    2.Methodology 48
    3.Data Structure 51
    4.Empirical Results 53
    5.Conclusions 54
    VI.Summary and Future Studies 55
    References 56

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