近年來，可轉換公司債已經成為台灣企業廣泛使用的籌資方式，除了債券持有者自願轉換外，公司通常也會有贖回權可用來強制債券持有者進行轉換，本研究即是想探討有哪些因素會影響到公司宣告贖回的時機點，因此根據以往學者提出的現金流量利益、代理衝突、資訊信號傳遞及財務危機成本等假說，進行台灣可轉換公司債市場的實證研究。
研究期間為2003年至2013年台灣上市櫃公司所發行之國內可轉換公司債，並在2015年底前有宣告贖回者，共取得261筆樣本。
使用Poisson迴歸結果可以發現到，台灣的可轉換公司債市場有延遲贖回之現象，且贖回政策的確會受到股利支出與票面利息之差、M/B 比率、未來盈餘的改變等因素影響。

This study focused on the actual situation of convertible bonds redemption in Taiwan listed firms, and whether the factors which impact call policy of Taiwan companies correspond with previous foreign studies. I added the samples during the financial crisis to conduct preliminary analysis and empirical research, then using Poisson regression model. Finally, I found that the phenomenon of delayed call really exist, and factors which affect call policy of Taiwan companies are consistent with the theory of cash flow advantage, agency conflicts, information signaling and financial distress costs.

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