企業外部融資決策探討

Determinants of Financing Decisions: SEO and Debt

林俊佑(Lin Chung-Yu)

指導教授 ： 盧敬植

國立政治大學/商學院/財務管理學系/碩士(2022年)

https://doi.org/10.6814/NCCU202201426

摘要

本研究首先探討公司生命週期與企業進行SEO的關聯，以保留盈餘比例代表公司生命週期，分析公司生命週期是否會對其他SEO動機造成影響。實證結果顯示，SEO市場的確是由成長期公司主導，且市場時機理論、債市風險情緒理論對成熟期公司影響較大；至於現金短缺理論不適用於成長期公司，原因在於成長期公司受限於SEO規模有限，會提前在SEO之前累積部分所需現金。此外，考量到SEO與舉債兩種外部融資管道相當於替代品的關係，本研究預測SEO動機同樣適用於舉債，並從後續的實證結果得到證實，更從多元羅吉斯迴歸分析發現，市場時機理論從發生機率的增加率來看，對舉債的影響程度不如SEO明顯。

關鍵字

SEO動機 ； 公司生命週期 ； 市場時機理論 ； 債市風險情緒理論 ； 現金短缺理論 ； 舉債動機

並列摘要

This study analyzes the motivations and behaviors of firms facing seasoned equity offering (SEO) decisions. Using retained earnings-to-asset ratio as a proxy for a firm’s lifecycle stage in the logistic regression model, I found that the corporate lifecycle stage indeed affects SEO decisions. The results suggest that growth stage firms dominate the SEO market, while market timing theory and bond market risk aversion theory have much influence on SEO decisions to mature stage firms. Cash shortage theory is unsuitable to growth stage firms since they tend to accumulate part of cash need before SEO, considering the size constraints of SEO proceeds. Besides SEO decisions, I also apply the same variables of the SEO logistic regression model to examine whether they will affect debt decisions. According to empirical results, the motivations and behaviors of SEO are also suitable for debt decisions, and marketing timing theory would increase more probabilities of SEO than debt.

並列關鍵字

SEO motivations ； Corporate lifecycle theory ； Market timing theory ； Bond market risk aversion theory ； Cash shortage theory ； Debt motivations

參考文獻

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