- 學位論文
研發支出對現金增資發行折價之影響
The Impact of R&D Expenditures on SEOs Underpricing
摘要
過去研究已經證實研發支出與初次上市櫃公司股票(initial public offerings, IPOs)發行折價之間存在非單調線性關係，故本研究主要目的在於探討研發支出與現金增資(seasoned equity offerings, SEOs)發行折價之間是否同樣存在非單調線性關係。本研究選取樣本期間為證交所提供SEOs申購資料之最早時間點1997年11月至2014年7月，實證模型引用盧正壽與陳安琳(2010)的分段式迴歸模型檢測不同程度的研發強度對SEOs發行折價可能產生的影響。結果發現，研發支出的雙面刃效果將會延續至公司日後從事SEOs，投入適量的研發支出能有效傳遞公司經營良好的品質訊息，有助降低折價幅度；然而，過度投入研發支出所引起的資訊不對稱問題將會高過品質訊息之正面效益，因而導致折價提高，該現象在高科技產業中尤其明顯。
並列摘要
Previous studies have shown that the relationship between R&D expenditure and IPOs (initial public offerings) underpricing is non-monotonic, so the purpose of this paper is to examine if there is also a non-monotonic relationship between R&D expenditure and SEOs (seasoned equity offerings) underpricing. We perform a piecewise linear regression analysis by using a sample of seasoned equity offerings (SEOs) listed in the Taiwan Security Exchange from Dec. 1997 to July 2014. The empirical result has confirmed that the double-edged sword effect of R&D expenditures will continue to exist when firms issue SEOs after an initial. When R&D intensity is moderate, it signals a good quality and can help to lower the extent of underpricing. However, too much R&D expenditure will increase in information asymmetry and lead to underpricing, particularly in the high-tech industries.