- 學位論文
台灣資訊產業現金增資與競租行為之研究
Write Off Offering and Rent-Seeking: Evidence from Taiwan IT Industry
摘要
中文摘要 廠商理論假設「廠商經營的目的只有一個:追求最大利潤」。在現實的世界中，廠商追求利潤透過兩個途徑；一是在產品市場上，由產品裡獲取利潤。另一是在金融市場上，由股票獲得利益。 企業從金融市場裡取得的利益，就像企業賣產品的所得一樣，是貨真價實的貨幣收益。企業從金融市場取得「利益」只有一個途徑，就是透過辦理現金增資，使公司可以取得「公司股票面值與增資股價的溢酬」。這個溢酬在經濟學上，可延伸視為一個「準租」(quasi-rents) 或是「租」(rent)，也可稱為「經濟租」(economic rent)。 租(rent)「是一種多餘的報酬」，「所謂多餘，就是說若沒有這份報酬，要素供給者仍然願意提供的要素數量」，為了這種多餘的利潤，廠商有誘因將一些資源消耗在此。達到此一目的的行為，稱之為「競租行為」(rent-seeking)。 企業增加股本的方式有三種，可以現金增資、盈餘轉增資、其他資本公積轉增資。但只有現金增資才是真的資金流入企業，而溢價發行的現金增資對於大股東也才會產生競租的利益。本研究發現： (一). 這二十年資訊電子業透過「現金增資」總共從台灣資本市場募集了台幣1,895,989.20 百萬元。 (二). 這二十年間13378人/次的董監事從現金增資裡的競租行為裡獲利台幣117,080.80百萬元，約合每人台幣875萬元。 (三). 這二十年間台灣資訊產業的員工共有1,361,686人/次，從現金增資行為裡獲利台幣188,412.70百萬元，約合每人台幣13.8萬元。 (四). 資訊業中績效良好的公司傾向盈餘轉增資，而非現金增資增加資本；績效良好公司的董監事也傾向使用盈餘轉增資以避稅。 (五). 企業以現金增資作為競租行為，其影響因素有董監事持股比例、獲利能力和公司成長率。董監事以現金增資作為競租行為，其影響因素有：與董監事持股比例、獲利能力、研發費用比例。 關鍵字：現金增資、競租行為。
並列摘要
Abstract The “Theory of the Firm” assumes that running a business only has the purpose of pursuing profit maximization. In the real business world, there are two ways for companies to pursue profit: to provide products or services in the general market and to offer stocks to raise capital in financial markets. The thesis is to research how companies gain profits from the financial market. Money gained from capital markets is just like products sold to earn profit. The only way for companies to gain money from capital market is to Seasoned Equity Offering. Seasoned Equity Offering allows companies to gain premiums over the stock’s par value. In economics, the premiums are called quasi-rents or rents. Rents are an additional income; “additional,” here, means that factor providers still have the will to provide services or products even without income. Meanwhile, there are some incentives to entice companies to use their resources to gain additional income. These kinds of actions are called rent-seeking. From the study, we learned that the Taiwan IT industry raised approximately NTD 190 trillion from financial markets during the past 20 years. Over 13 thousand board members gained about NTD 11 trillion cumulatively, which amounts to about NTD 9 million per board member. Moreover, Seasoned Equity Offerings have also had beneficial effects on the overall economic development of Taiwan. We also observed that over 1.3 million employees gained over NTD 1.8 trillion, which amounts to about NTD 150 thousand per employee, from Seasoned Equity Offerings during the last 20 years. We provided hypotheses to test the relationships between board members and companies’ characteristics to understand the seeking rent behavior of the Taiwanese high-tech industry. We found that good-performing companies like to use Capitalization of Retained Earnings instead of Seasoned Equity Offerings to increase their capital. Similarly, board members also like to use Capitalization of Retained Earnings instead of Seasoned Equity Offerings to avoid taxes. We also built a regression model to study what factors impact companies’ seeking-rent behaviors and board members seeking-rent behaviors. We found that company seeking-rent behavior is affected by the holding rate of board members, EPS and the growth rate of the company. Board members’ seeking-rent behavior is affected by the holding rate of board members, EPS and the expense-rate of the R&D. Keyword: Write Off offering, Rent-Seeking.