台灣增資新股(SEO)上市後長期績效之整體研究

The Long-Run Performance of Season Equity Offering in Taiwan

夏侯欣榮(Shin-Rong Shiah-Hou)

《管理評論》 19卷2期 (2000/05) Pp. 1-33

https://doi.org/10.6656/MR.2000.19.2.CHI.1

摘要

本研究之目的在於探討SEO是否有長期績效較差的現象（包含市場表現以及營運績效）：另一方面將從盈餘操弄(earnings management)的觀點來解釋SEO上市後長期績效的變化。結果發現，不論是哪一種配對公司，綜合二年的累積報酬率，仍是SEO較配對公司為低；就長期營運績效而言，不論全部樣本或增資比率≧15%的部份樣本，發行公司在SEO上市後的總資產報酬率、營業報酬率和資金流量比率均有相對較配對公司表現為差的趨勢。此外，就盈餘操弄的觀點而言，發行公司確有在上市當年度正向操弄短期應計項目(Accruals)來增加帳面盈餘的做法。

關鍵字

增資新股

並列摘要

The first purpose of this paper is to discuss that season equity issuers have lower long-run performance than non-issuers. The second purpose is to explain the long-run performance of season public offerings (SEO) from earnings management. We find that the two-year accumulated return rates of SEOs are lower than matching firms (non-issuers). According to the long-run operating performance, issuers have lower returns of asset, returns of operating and rates of operating cash flow than matching firms. Finally, issuers really manage the short-term accruals to increase booking value of firms at the going public year.

並列關鍵字

Season Equity Offering SEO

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