本篇論文研究西元2009年至2017年在台灣交易的可轉換公司債分別在短期宣告效果以及長期績效之差異，並探討各變數對可轉債之宣告效果與長期績效之影響，同時研究了公司選擇私募或公開發行可轉債之因素。研究發現：1.私募可轉債在宣告日隔天有正向顯著的平均異常報酬，而私募可轉債在短期並沒有顯著高於公開發行可轉債的累積異常報酬。2.在長期績效方面，私募可轉債與公開發行可轉債在發行後三年的績效表現均較對應公司差，但私募可轉債的長期績效表現顯著優於公開發行可轉債。另外3.在可轉債的研究方面，市價對帳面價值比越大、公司規模越大的公司，平均累積異常報酬越大，在長期則有相反的結果。4.在探討可能影響公司選擇可轉債的發行方式之因素方面，市價對帳面價值比越高的公司越傾向私募可轉債；營收成長率越高、資產報酬率越高的公司越傾向公開發行。

This paper examines the short-term performance and long-term performance of convertible bonds traded in Taiwan between 2009 and 2017. This paper also discusses the impact of variables on the effect of short-term and long-term performance of convertible bonds, and the impact of variables on the choice between private placement and public offering of convertible bonds. The study finds that: 1. Privately placed convertible bonds have positive average abnormal returns on the day after the announcement, but they are not significantly higher than the public offering convertible bonds on cumulative abnormal returns in the short term. 2. The performance of private placement of convertible bonds and public offering convertible bonds is worse than that of matching firms in the three years after issuance, but the long-term performance of privately placed convertible bonds is significantly higher than that of public offering convertible bonds. 3. In addition, the larger the market-to-book value and the larger the company's size, the greater the average accumulated abnormal return the convertible bond has. However, there is an opposite research result in the long term. 4. Companies with higher market-to-book value tend to choose private placement convertible bonds; while companies with higher revenue growth rates and higher return on assets tend to have public offering convertible bonds.

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