台灣上市櫃公司辦理現金增資動機之探討

A study on the motives of SEOs in Taiwan

張曉雯(Hsiao-Wen Chang)

指導教授 ： 林益倍

朝陽科技大學/管理學院/財務金融系/碩士(2011年)

摘要

本文藉由「市場時機假說（Market Timing Hypothesis）」和「資金募集假說(Funds Raising Hypothesis）」之驗證，以及縱橫資料（Panel Data）迴歸分析之應用，探討台灣上市櫃公司辦理現金增資的動機。市場時機假說基於Baker and Wurgler (2002) 及Pástor and Veronesi (2005)，認為管理者是根據市場時機與市場條件的變動來選擇融資時機，因此剛辦理現金增資後的上市櫃公司其股票報酬的績效較差；資金募集假說則依循Loughran et al.(1994)及Shyam-Sunder and Myers (1999)，認為公司有好的投資機會，但其內部資金不足，才會考慮向外融資，因此剛辦理現金增資後的上市櫃公司其股票報酬的績效會有所改善。本文應用「解釋力」與「檢定力」等統計方法，驗證上述兩假說何者較能適切解釋台灣上市櫃公司現金增資的行為。實證結果顯示，當股價被高估時，公司會藉此機會發行新股以獲取價差利益或降低資金成本，但對於資金募集假說的驗證結果其證據較為薄弱。故本文偏向支持市場時機假說，而對資金募集假說持保留態度。因此，本文建議投資人應減少剛辦理現金增資後的上市櫃公司股票的投資比重。

關鍵字

現金增資 ； 市場時機 ； 資金募集

並列摘要

This study develops Market Timing Hypothesis, Fund Raising Hypothesis and a Panel Data empirical regression model. It analyzes the reason why firms use Seasoned Equity Offers (SEOs). Market Timing Hypothesis claims, that managers observe the changes of market timing or/and market conditions to choose the best funding opportunity. It suggests that the investors will suffer a lower return from companies issuing new stocks. Fund Raising Hypothesis claims that, according to the Pecking Order Theory, the companies are going to conduct SEOs eventually when they have good investment opportunities. It suggests that the investors will gain a higher return after companies issue new stocks. We use Explanatory Test and Power Test to verify which hypothesis suit the firms using SEOs. The results show that when stock prices are overestimated, managers are going to gain capital or reduce capital costs by issuing stocks. Although, the results are not enough to support Fund Raising Hypothesis. Therefore, the present paper tends to accept Market Timing Hypothesis, but suggests that investors decrease the portfolio in those companies which have been using SEO’s for a short time.

並列關鍵字

Market Timing ； SEOs ； Funds Raising

參考文獻

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