可轉換公司債為過去幾年企業募集資金的主要來源之一，2020 年新冠肺炎 (COVID-19) 疫情重創了全球經濟體系，連帶影響國內企業之海外營業收入，使企業的資金需求相對增加。不過受惠於國內債券利率走低影響，企業紛紛發行公司債及可轉債等金融商品來籌措中長期資金或償還銀行借款等，使得國內企業發債量大增，在企業發行可轉債募資的同時，依法須取得專業且具獨立性之金融工具評價報告，因相關評價報告內容具高度專業性，一般投資大眾若未接受相關訓練難以辨別資訊是否有偏差之可能，因此本研究旨在透過了解產業背景及發行可轉債對股價的影響，以於 2020 年發行可轉債的 F 公司作為實例，經由現金流量折現模型及 CRR 二項式模型兩種不同的評價方式，分別推得股權價值及可轉債價值，研究結果顯示股權及可轉債之理論價格與市場價格未有顯著偏差，投資人可藉由了解評價參數之內涵，評估是否有明顯異常，即可有效降低投資風險。

Convertible bonds have been one of the main sources of raised money by companies in the past few years. The COVID-19 pandemic in 2020 has caused severe, negative impacts on the global economy and has also affected the foreign income of domestic companies, which has increased the capital needs of companies. Benefiting from low interest rates, companies can issue corporate bonds and convertible bonds to raise medium and long-term funds or repay bank loans, etc., when companies issue bonds or convertible bonds, they need to obtain professional and independent financial instrument evaluation reports and announce those findings in accordance with the International Accounting Standards. However, common stock investors who are not as savvy as trained professionals may have difficulty understanding the evaluation methods in the report and make wrong investment decisions. The main purpose of this study includes exploring the industry background and the impact of the issuance of convertible bonds on the stock price, then using the DCF model to evaluate the value of F company and using the CRR binomial model to evaluate the value of convertible bonds. The study result shows ultimately that there is no significant deviation between the theoretical price and the market price whereby investors can effectively reduce investment risks by understanding the connotation of the evaluation parameters and assessing whether there are obvious abnormalities.

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