本研究主要探討現金增資宣告前公司成長機會、內部人持股變動、資本支出、資本結構、增資比例及自由現金流量等公司特性對於公司現金增資宣告日附近股價報酬率是否具有影響。以2008年1月1日到2011年12月31日為期間,台灣226家上市櫃公司為研究樣本,採事件研究法的市場模式來估計累計異常報酬率,再以迴歸分析及t統計量檢定來做實證分析。實證結果發現現金增資宣告效果具負面影響,以市帳比和淨利成長率低的公司宣告效果較好;內部人於增資前增加持股對宣告效果有正面影響,顯示內部人持股變化對投資人有訊號意義;資本支出低與資本結構佳的公司宣告效果較差,符合融資順位理論;增資比率高的公司現金增資宣告效果相對較好,顯示投資人認為增資發行規模越大,不但可以增加股票流通性,且對未來成長性較看好;投資人對電子業與非電子業之增資並無明顯偏好,實證期間正逢金融海嘯肆虐,台灣投資人面對現金增資案相對於其他研究期間較為保守理性。
The aim of the research is to study the relationship between characteristics of the companies such as growth opportunities, changes of insiders’ holdings, capital expenditures, capital structural, and shares raising percentages, and returns around the announcement date. Adopting event study with sample companies which have seasoned equity offerings (SEOs) from 2008 to 2011 by regression analysis and t test, the study found that SEO announcement has negative effect. Those companies with lower market to book ratio and lower net income growth rate have better announcement effect. There is a signal effects showed by companies with increase insider holdings having positive effects. Complying with pecking order theory, companies with lower capital expenditure and good capital structural have lower abnormal returns around the announcement date. Higher capital raising percentage will increase liquidity of capital market. Investors become more optimistic. There is no significant difference in announcement effects between electronic related industries and others. During the financial crisis, Taiwanese investors show more conservatism.