台灣上市櫃公司現金增資宣告效果與其影響因素探討

The Seasoned Equity Offering Announcement Effect and Its Impact Factors ─The Case of Taiwan Publicly Listed Companies

梁智戎(Chih-Jung Liang)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融組/碩士(2014年)

https://doi.org/10.6342/NTU.2014.11089

摘要

本研究旨在探討民國99年1月至102年6月期間台灣上市櫃公司之現金增資宣告效果，以及此宣告效果之可能影響因子。採用以公司董事會現金增資案決議日為事件日之事件研究法，以市場模式法進行分析，檢驗事件日前後是否存在顯著之股價異常報酬，並探討公司成長機會、資本結構、公司治理機制以及承銷方式等四大類因子對現金增資宣告效果之影響。
檢定結果為：一、現金增資之董事會決議訊息揭露當天即會出現顯著正向之股價異常報酬，代表市場反應相當迅速，且此正向效果在宣告後的兩天內仍會持續在市場上發揮作用；二、具成長機會(即高營收成長率、高股東權益報酬率或低市價淨值比率)的公司在宣告日當天出現顯著之正向平均異常報酬，此狀況還會延續至宣告日隔天，意味著市場認為此類公司股價被低估，因而願意給予較高評價；三、負債比率高(即資本結構差)之公司在宣告日當天存在比負債比率低公司更為顯著之正向異常報酬，符合資本結構假說之現金增資將能幫助高負債公司改善資本結構；四、低控制股東佔董監席次比例或內部人總持股淨增加之公司在宣告日當天與隔天皆存在顯著正向異常報酬及累積異常報酬，代表此類公司較能釋放正向資訊內涵；五、採詢價圈購承銷方式之公司在宣告日當日與隔日即會出現顯著正向之異常報酬與累積異常報酬，然採公開申購之公司卻無此狀況，可能係因為詢價圈購能替公司帶入外部監控力量，對一般投資大眾有較多保障，故市場能給予較高評價。

關鍵字

現金增資 ； 宣告效果 ； 成長機會 ； 資本結構 ； 公司治理 ； 承銷方式

並列摘要

This research aims to study the seasoned equity offering (SEOs) announcement effect and its impact factors of publicly-listed companies in Taiwan from Jan. 2010 to Jun. 2013. Event study method and market model analysis are employed to testify whether a SEO announcement event yields significant abnormal return. Furthermore, four factors, including growth opportunities, capital structure, corporate governance and underwriting type are explored to understand the impacts on a SEO announcement event.
The empirical result indicates that: (1) Upon the press release by the board, there was a significantly positive abnormal return which existed until the next second day, which implied the stock market is highly efficient with quick response to the event; (2) Companies with high growth opportunities (i.e. high revenue growth, high return on equity or low price to book value ratio) showed significantly positive abnormal return on the announcing day which last until the next day. It is inferred that investors are more willing to offer higher evaluation for those who are undervalued; (3) Companies with high debt ratio (i.e. weak capital structure) generated significantly positive abnormal return, which is in line with the capital structure hypothesis that SEO can help improve the capital structure; (4) Companies with low board seats proportion of controlling shareholders or net increase of changes on insiders’ total shareholdings demonstrated significantly positive abnormal return and cumulative abnormal return; (5) Companies adopting book-building showed significantly positive abnormal return and cumulative abnormal return on the announcing day until the next day. This is probably because investors believe that more external monitoring mechanism can be carried into the company, which thus deserves high evaluation.

並列關鍵字

Seasoned Equity Offering (SEO) ； Announcement Effect ； Growth Opportunities ； Capital Structure ； Corporate Governance and Underwriting Type

參考文獻

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