本研究在探討台灣上市櫃公司辦理現金增資時,影響承銷價格決定之因素。運用市場法、收益法與資產法計算企業價值,並加入市場擇時與市場條件研究企業在辦理現金增資時較符合哪種理論。以2009年1月1日至2019年12月31日,共計11年內曾辦理現金增資之公司為主,使用多元線性迴歸模型進行實證分析。 在長達11年之研究期間,僅2011年及2012年出現市場擇時的效果,另2012年雖符合市場擇時說,但其造成的影響卻與預期結果相反,由此可看出企業在辦理現金增資時較無考慮到市場擇時的影響,甚至在加入市場擇時之代理變數後,可能擾亂其他變數之變化。 而研究台灣企業在現金增資時是否會考慮市場條件的效果時,本研究將資料分成四個市場進行探討,研究結果顯示不論採用何種企業評價方法,在牛市皆符合市場條件說,由此可知台灣企業在進行現金增資時較常考慮市場條件造成之影響,進而影響承銷價格的決定。
The purpose of this study is to explore the factors that influence the underwriting price during issuing the seasoned equity offerings for listed companies in Taiwan. The market method, income method and capital method are employed to calculate the enterprise value. The market timing and market conditions theory are used to test which theory the listed companies is more in line with as issuing the seasoned equity offerings during the periods from January 1, 2009, solstice and December 31, 2019. During more than 11 years of research, we empirically found out only the market timing effect appeared in 2011 and 2012. However, in 2012, after joining the proxy variable of market timing, it might disrupt the impact of other variables on the difference between closing price and underwriting price. The evidence showed that it complied with the market condition as issuing the seasoned equity offerings for listed companies in Taiwan. In the present study, we classify the sample data into four market periods. The empirical results showed that no matter what kind of business valuation methods. At the bull market, it would be in line with market conditions. Therefore, it would comply the market condition as the listed companies conducted the seasoned equity offerings. It would further influence the underwriting price.