本研究採用事件研究法,主要以2001-2011年台灣上市公司有宣告現金增資發行普通股、普通公司債、可轉換公司債為融資宣告的研究樣本,探討融資宣告是否具資訊內涵。實證結果發現:就全部樣本而言,的確具有資訊內涵且為負向。研究各融資方式宣告,僅普通公司債宣告可能引起市場正向看法。當樣本為現金增資或普通公司債宣告,市場予以成長期較多的負面看法。另可轉換公司債宣告,在成熟期引起較多負效果,但若為電子產業對宣告效果影響為正,而國內景氣則為負向影響。無論融資宣告在成長期或成熟期均產生負效果,然而若具正效果,代表獲得投資人肯定,將促使累積異常報酬更為之增加。
An event study was applied to examine the impact of Financing Announcement on the stock prices of Taiwanese public-listed firms over the period 2001-2011. Financing Announcement include seasoned equity offering, corporate bonds and convertible bonds. The empirical results support that Financing Announcement effect was negative. The stock price reaction was related to the corporate life cycle, corporate industry and market situations. Both Financing Announcement effects in growth stage and decline stage were negative.