本研究以2006年至2023年間台灣上市(櫃)公司作為研究樣本，探討美國經濟政策不確定性(EPU)與企業發行可轉換公司債(CB)之關聯性。過去研究發現，經濟政策不確定性增加時，企業偏好保留更多現金，這是因為經濟政策不確定性會更導致銀行放款更加嚴謹，意味著企業從傳統銀行管道獲取資金變得更加困難和昂貴。本研究認為，企業可能會尋求其它替代性融資工具，如可轉換公司債(CB)，藉此保留銀行借款額度、增加資金運用彈性、降低借款利息對獲利之侵蝕並提高營運競爭力。由於CB具有債轉股的潛在吸引力，企業可藉此吸引投資者並降低即期的資金成本，透過轉換的功能，從而保留現金流。本研究發現，企業發行可轉換公司債的金額随著美國經濟政策不確定性而顯著增加。穩健性測試將EPU指數分別用全球EPU、年度最後一個月的美國EPU指數及當年度EPU指數作為自變數來重新進行實證測試，實證結果仍顯示經濟政策不確定性越高，企業更傾向發行可轉換公司債。

This study uses Taiwanese listed companies as research samples from 2006 to 2023 to explore the relationship between U.S. Economic Policy Uncertainty (EPU) and corporate issuance of convertible bonds (CB). Previous research has found that when economic policy uncertainty increases, companies prefer to retain more cash. This is because economic policy uncertainty leads banks to tighten their lending practices, making it more difficult and expensive for companies to obtain funds through traditional banking channels. This study posits that companies may seek alternative financing tools, such as convertible bonds (CB), to preserve bank borrowing capacity, increase the flexibility of capital use, reduce the erosion of profitability due to borrowing interest, and enhance operational competitiveness.
Due to the potential appeal of the bond-to-equity conversion feature, companies can attract investors and lower their immediate capital costs through conversion, thus preserving cash flow. The study finds that the amount of convertible bonds issued by companies significantly increases with U.S. Economic Policy Uncertainty. Robustness tests utilize the Global EPU index and the U.S. EPU index from the last month of each year, and the annual EPU index as independent variables for further empirical testing, and the empirical results still indicate that higher economic policy uncertainty leads companies to be more inclined to issue convertible bonds.

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