宣告日與送件日間距對現金增資宣告效果的影響

THE IMPACT OF INTERVAL BETWEEN DECLARED DATE AND DELIVERY DATE ON THE ANNOUNCEMENT EFFECT OF SEASONED EQUITY

沈志達(CHI-TA SHEN)

指導教授 ： 池祥麟

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2009年)

摘要

本文最主要在探討發行公司宣告辦理現金增資至送件間之時間間距大小，是否會對該公司之股價造成影響。本研究期間為93 年度至97 年度。
研究後發現，在第一個議題：現金增資之宣告效果方面，有顯著負的異常報酬，與大多數國外學者論點較為接近。而在第二個議題：前次現金增資宣告日與送件日間距大小對本次現金增資宣告效果之影響方面，結果顯示 間距較大者事件期有顯著正的異常報酬。另在第三個議題：本次現金增資宣告日與送件日間距大小對股價之影響方面，結果顯示間距較大者事件期有較為顯著之負的異常異酬，惟在加入產業別後因素考量後，並無顯著之異常報酬；而在間距較大且募資金額小於1 億元者及3 億元以上者，事件期有極為顯著之負的異常報酬；另外，在間距較小且募資項目為轉投資時，在大部分事件期有顯著正的異常報酬發生，而間距較小且募資項目為償還銀行借款時，有顯著負的異常報酬。
最後在執行因變數－累積異常報酬及自變數－產業別、募資金額大小、間距大小、募資資金運用項目別之複迴歸分析上，第一個議題，僅募資資金運用項目為轉投資時對累積異常報酬有顯著影響；第二個議題，僅募資金額對累積異常報酬有顯著影響；第三個議題，僅募資資金運用別為充實營運資金及轉投資兩者，對累積異常報酬有顯著影響。惟整體來說，各議題之自變數影響因變數之模型解釋力非常薄弱。

關鍵字

現金增資宣告日；現金增資送件日；股價平均異常報酬率(AR)

並列摘要

This study examines the extent to which the interval between a company's announcement of SEO and its delivery may impact on its stock price. This research was conducted between 2004 and 2008.
Three conclusions may be drawn from the research findings. First, the interval between the declared date and the delivery date has a significant negative impact on the abnormal returns of a company's announcement of SEO. This finding is similar to those provided by many researchers overseas. Second, with regard to the extent to which the interval between declared date and delivery date may impact on the announcement effect of SEO, it is found that a greater interval has a significant positive impact on the abnormal returns of the announcement. Third, with regard to the extent to which the interval between declared date and delivery date may impact on stock price, it is found that a greater interval has a significant negative impact on the abnormal returns. However, no significant abnormal returns are found after factors such as industrial sectors are taken into consideration. In cases where the interval is greater and the offering is either below 100 million dollars or above 300 million dollars, the interval length has a significant negative
impact on the abnormal returns of the announcement of SEO. Meanwhile, in cases where the interval is shorter and the offering is for reinvestment, during most of the interval there is a significant positive impact on the abnormal returns. In comparison, in cases where theinterval is shorter and the offering is for bank loan repayment, the interval length has a significant negative impact on the abnormal returns.
Finally, results of multiple regression analysis are taken into consideration, with the dependent variable being cumulative abnormal return (CAR) and the independent variables being industrial sectors, offering sizes, interval lengths and offering utilization items. With
regard to the aforementioned first conclusion (i.e. impact on abnormal returns of announcement of SEO), only when the offering utilization item is reinvestment is the CAR significantly affected. With regard to the second conclusion (i.e. impact on announcement effect), only the offering size has an effect on the CAR. With regard to the third conclusion (i.e. impact on stock price), only when the offering utilization item is either sufficient working capital or reinvestment is the CAR significantly affected. Nonetheless, overall, in all three conclusions there is not enough evidence supporting the model that the independent variables are affecting the dependentvariables.

並列關鍵字

Declared Date of SEO；Delivery Date of SEO；Stock price AAR

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