本論文的目的為探討在短期下信用評等於每一季財報公佈並由TEJ完成評分後之宣告效果對於可轉債之價格報酬之關係研究。本論文以2012年至2016年的台灣上市櫃公司發行可轉換公司債為研究對象。希望透過探討信用評等之宣告效果，試圖找出可轉債價格報酬於信用評等宣告後，其價格報酬與發行公司股價報酬、信用評等之變化以及市場信心之關係。藉此期望本研究之結果，能給予投資人作為投資參考之用。
經由實證分析之後，發現當信用評等宣告後於一週後，股價開始產生正向累積異常報酬。上升與下降評等之可轉換債券，其信用評等宣告效果則較不明顯。而經由本研究之實證後，發現可轉換公司債之報酬，與股價報酬、市場信心程度，以及信用評等之變動，均呈現正相關之結果。

The purpose of this research is to explore the announcement effect to Taiwan convertible bonds’ return after credit rating (TCRI) releases its rating quarterly.This thesis uses 2012 to 2016 Taiwan public convertible bonds as sample , hoping that we can find out the relationship between convertible bond price return ,stock price return and the level of investors’ confidence to company.
The empirical result shows that after credit ratings’ announcement, the price of the stock price creats the average cumulative abnormal return (CAR).Besides, while TCRI changes ,it is not exactly clear that the announcement effect of TCRI would create aumulated abnormal compensation ,which is out of our expectation.Last, we find that it is positive relation with convertible bond price return ,stock price return , investors confidence and TCRI changing.

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(三) 網路資料
台灣經濟日報(2016)，TCRI信用風險資料庫。