現金增資宣告效果之成因分析-以台灣電子業為例

Announcement Effect of Seasoned Equity Offering:Evidence from Taiwan’s Electronic Industry

陳曉楓(Hsiao-Feng Chen)

指導教授 ： 路祥琛

淡江大學/商學院/財務金融學系碩士班/碩士(2006年)

https://doi.org/10.6846/TKU.2006.00690

摘要

本研究主在檢視不同產業、不同市場趨勢和不同增資目的對電子類股現金增資宣告的影響。此外，也再試圖從稀釋效果、內部人交易、成長潛力等角度來解釋增資之種種累積異常報酬現象。本研究以民國84年1月1日至93年12月31日期間，曾發行過現金增資之全體上市電子公司為研究樣本，共取得180筆資料。利用市場模式、t 檢定及複迴歸分析來進行各項假說間的實證
探討。結論如下：

一.全體樣本公司現金增資在股東會決議日正式宣告後，宣告當日(t=0)有負向顯著的平均異常報酬。再將樣本群分類，發現凡屬"非光電業"、"多頭時期"及"非投資"目的(兼具還債與混合)之樣本也有負向顯著的累積異常報酬。

二.此外，用複回歸分析，試著從稀釋效果、內部人交易和成長潛力的角度來解釋增資之累積異常報酬現象。結果發現，稀釋效果會與增資宣告呈現顯著的負相關；成長潛力會對增資宣告產生正向顯著的影響。而內部人交易則對增資宣告無顯著性影響。

三.最後，本研究再加入代表產業、市場趨勢及增資目的三大虛擬變數，分別探討對增資宣告效果的影響。結果發現，對各事件窗口累積異常報酬之解釋能力以（-1,0）區間最高。係數方面僅以股東權益報酬率達0.01顯著水準。

關鍵字

現金增資 ； 稀釋效果 ； 成長潛力 ； 內部人交易

並列摘要

This research focuses on the impacts of different industries, market-trends and issuing purposes on seasoned equity offering’s announcement effects. In this paper we use a sample of 180 electronic companies which issued seasoned equity offerings between 1995 Jan 1 and 2004 Dec 31.We study the samples using event study methods, t-test and multiple regression. Our conclusions are:

1.We findthe abnormal returns are negative on "stockholders meeting authorized date."When we divide the sample into three groups. We find that offerings by non-optoelectronic firms, issued during bull-market and issued for non-investment purposes are associated with negative and
significant cumulative abnormal returns.

2.When considering"Dilution Effect"、"Growth Opportunities" and "Insiders Trading",we find that dilution effect is negatively associated with SEO announcement’s abnormal return. We also find that growth opportunity is positively associated with SEO announcement’s abnormal return. Insiders trading, on the other hand, has no significant impact.

3.Finally,we add three dummy variables:"Industry", "Market-trend" and "SEO's purpose" into the model. And we find that ROE is positively associated with SEO announcement's abnormal return.

並列關鍵字

Seasoned Equity Offering ； Dilution Effect ； Growth Opportunity ； Insiders Trading

參考文獻

12.陳安琳、黎萬琳與陳振遠，成長潛力、內部人交易與現金增資之宣告效果，

16.許眀峰，國內上市公司內部人交易與現金增資長期績效關係之研究，國立中央大學企業

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