現金增資採用詢價圈購方式對外部股東財富之影響

The Effect on Wealth of Outside Stockholders Resulting from Adopting Bookbuilding When Seasoned Equity Offerings

李建然(Jan-Zan Lee) ； 林子瑄(Tzu-Hsuan Lin)

《當代會計》 2卷2期 (2001/11) Pp. 127-146

https://doi.org/10.6675/JCA.2001.2.2.01

摘要

本研究利用事件研究法探討上市上櫃公司的管理當局在現金增資時，是否藉由詢價圈購的方式，透過老股換新股或融券交易等策略壓低圈購價，從事短期套利；或是排除外部股東分享公司未來的成長，移轉外部股東的財富。實證結果顯示，內部人採用詢價圈購的目的主要是為了短期的套利；而不是預期公司將來前景看好，利用詢價圈購排除外部股東分享未來成長的價值。相反的，在現金增資後的二年間，股價出現平均-44%左右的異常報酬率，這種現象似乎隱含著，即使採用詢價圈購辦理現金增資的公司，也是選擇股價被高估的時機辦理現金增資。

關鍵字

現金增資 ； 詢價圈購 ； 事件研究法

並列摘要

Through the methodology of event study, we examine whether insiders of the public companies transferring the external stockholders' wealth to themselves by means of reducing offering price or excluding external stockholders to share the companies' future growth value when the seasoned equity offering (SEO) firms adopt bookbuilding. The empirical results show that, in the short-term, the insiders of companies could earn abnormal returns by means of beating offering price down other than excluding external stockholders to share the value of firms' growth. On the contrary, in the long-term, the stocks price of SEO firms adopting bookbuilding suffers about 44% negative abnormal returns after two years from SEO. This result suggests that insiders of firms usually issue new equity when their stock are overpriced even insiders adopt bookbuilding.

並列關鍵字

Seasoned equity offerings (SEO) ； Bookbuilding ； Event study