Analysing investors' characteristics and purchasing behavior of contingent convertible bonds in the post-Basel II period

[[abstract]]本研究探討新巴賽爾協定(Basel III)推行後，是否影響投資者投資應急可轉債之意願，同時檢測投資者投資應急可轉債之原因為何。藉由問卷調查的方式，蒐集受測者資料，並利用變異數分析進行檢測，實證結果如下：首先，為了使資產能夠穩定成長，利潤指標是投資者考量的首要因素，尤其是對於年齡小的投資者，利潤指標的重視程度相對較高；其次，相對於投資獲利，風險指標也是影響投資應急可轉債另一關鍵因素，不同年齡之投資者，因為風險承擔程度的差異，年長者相對較重視風險指標；最後，應急可轉債的投資，會增加投資者的財務風險，故當投資者持有較多流動資產時，會更偏好高利潤與低風險，避免對其資金運用與週轉造成影響。[[abstract]]We investigate whether the Basel III affects investors’ motives for investing contingent convertible bonds and what key factors investors consider more. Using questionnaire to collect information and ANOVA to analyze data, the empirical results are as follows: first, profit indicators are important for investors to choose contingent convertible bonds, especially for younger investors. Second, for those older investors, they are more interested in risk indicators. Finally, since contingent convertible bonds may increase the financial risks, the more current assets the investors own, the more preferences the investors have on profit and risk indicators.[[note]]碩