資本支出用途現金增資公司之長期營運績效－由自由現金流量理論探討

Long-term Operating Performance of the SEO Firms for the Capital Expenditures Purpose: Evidence from the Free Cash Flow Theory

林問一(Wen-Yi Lin) ； 蔡佩珊(Pei-Shan Tsai)

《財務金融學刊》 19卷2期 (2011/06) Pp. 1-35

https://doi.org/10.6545/JFS.2011.19(2).1

摘要

本研究主要探討資本支出用途現金增資公司，在增資後的長期營運績效能否由Jensen（1986）自由現金流量理論所解釋。結果發現，以現金增資融通資本支出的公司，在增資後長期營運績效未顯著惡化，這與傳統現金增資公司的實證結果不同。然而，增資前有較高自由現金流量的公司，當其現金增資的目的為資本支出時，增資後長期營運績效會變差，這結果符合Jensen（1986）自由現金流量假說。

關鍵字

現金增資 ； 資本支出 ； 自由現金流量 ； 營運績效

並列摘要

The main purpose of this study is to examine whether the long-term operating performance of the seasoned equity offerings (SEOs) company for the capital expenditure purpose can be explained by Jensen's (1986) free cash flow theory. The empirical evidences show that the firms' operating performance does not significantly deteriorate after SEOs and contrast with the conventional SEOs firms' empirical results. However, we find when a SEO-issuing company for the purpose of capital expenditure holds excess free cash flow, its long-term operating performance would be declined. Overall, our findings support Jensen's (1986) free cash flow hypothesis.

並列關鍵字

Seasoned equity offerings (SEOs) ； capital expenditures ； free cash flow ； operating performance

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