上市公司首次現金增資時程及績效之探討-以光電產業為例

The Association Between Seasoned Equity Offerings Process and Performance-The Case Study of Optoelectronics Industry

詹苾智(Pi-Chih Chan)

指導教授 ： 丘邦翰

元智大學/管理學院/管理碩士在職專班/碩士(2011年)

摘要

企業在資本市場籌資活動攸關產業發展甚深，而現金增資是企業籌資之重要管道之一。研究發現光電產業之發展深受產業起伏變化及研發技術快速更新之產業特性影響，隨著產業持續開發新產品，生產設備不斷擴充，光電產業投資活動資本支出的現金流出已大於營業活動的現金流入，為維持光電產業之競爭力，企業必須藉由融資活動來支付龐大之資本支出。

本研究主要目在探討台灣新上市公司於上市後之現增決策及衡量如何在資本市場籌資及影響首次現金增資時程選擇之重要因素考量，研究發現對光電產業來說籌資工具之選擇及現金流量之控制是非常重要。另本研究探討光電產業在營業、投資及融資活動透過財務指標分析，瞭解現金流量之變化及對企業可能潛在的營運風險。藉由財務比率分析；進行企業上市前後之經營績效評估分解至企業生產之基本要素，並可以作為企業經營決策之參考。

企業應如何選擇股權融資之工具來因應未來營運成長所需之營運資金及龐大之資本支出，以達到企業最佳之成長機會，企業在上市後重返資本市場籌資，必須審慎考量籌資之目的及企業未來之經營績效及產業發展之增資效益，除此之外；公司若能同時建立投資者之信心就更能維護企業的形象，將有助於企業在營運績效上的表現，才能提升整體企業經營績效。

關鍵字

新上市公司 ； 首次現金 ； 增資 ； 現金 ； 流 ； 量 ； 時程 ； 長期股價績效 ； 技術創新

並列摘要

Financing activities of enterprises in the capital market are deeply relevant to the industrial development, and cash capital increase plays as one of the main financing channels for enterprises. The development of optoelectronics industry is significantly affected by ups and downs in the industry and the rapid updating trend of R&D, as the industry continues to develop new products and expand the production equipment, cash capital expenditure of investment activities in optoelectronics industry has exceeded the cash flow of business activities, and in order to maintain the competiveness of optoelectronics industry, enterprises must rely on financing activities in order to pay a large capital expenditure.

The main purpose of this study is to discuss how the cash increase decision and consideration of newly listed companies in Taiwan affects the financing and first cash replenishment process in the capital market after entering the market. As for optoelectronics industry, financing tools selection and cash flow control are extremely important factors. In addition, this study as well aims to discuss the business, investment, and financing activities of optoelectronics industry through financial indicators, and to have a comprehensive understanding on changes of cash flow and potential risks that enterprise might encounter. By financial ratio analysis; begins with the performance evaluations of an enterprise before and after it enters the market, and narrow it down to the basic elements of production, for these could be used as a reference for business decision-making.

How to choose right equity financing tools in response to the working capital and large capital expenditure in the future growth in order to achieve the best opportunity of growth? When a listed company returns to the market for financing purpose, it must carefully consider the purpose of its action and its future performance, and its capital increase efficiency of the development, other than that, if the company is able to establish the confidence of investors at the same time, thus may maintain the corporate image, which would help accelerate the operating performance, thus enhances the overall business performance.

並列關鍵字

IPO ； First SEO ； Cash flow ； Timing ； Long-Run Performance ； Technological Innovation

參考文獻

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