探討上市與增資新股之長期股價績效－檢測後續現金增資決策的影響

The Long-Run Performance of Equity Issuances in Taiwan: A Test of Subsequent SEO Effect

邱正仁(Jeng-Ren Chiou) ； 周庭楷(Ting-Kai Chou) ； 翁嘉伶(Chia-Ling Wong)

《財務金融學刊》 12卷2期 (2004/08) Pp. 1-41

https://doi.org/10.6545/JFS.2004.12(2).1

摘要

本研究旨在探討新上市公司長期股價績效衰退的現象是否受到後續有／無現金增資決策的影響。檢測1991年至2000年間初次在台灣證券交易所掛牌上市的206家公司，研究發現上市新股的長期股價績效對基準報酬的選擇相當敏感；且上市後三年內有辦理現金增資的公司，新股長期績效顯著優於無現金增資的公司。此外，新上市公司在首次現金增資前存在「現金增資行情」；而首度現增後，未來有二度現金增資公司之增資後股價表現顯著優於無二次現增的公司。最後，本文發現上市後九個月內重回資本市場籌資的公司，其增資後之長期績效顯著劣於上市九個月後才辦理增資的公司，隱含新上市公司愈快回到市場籌資的動作傳達出管理者對未來經營疑慮的負面訊號。

關鍵字

新股上市 ； 現金增資 ； 長期績效

並列摘要

This study investigates the impact of seasoned equity offering after the IPO on the long-run performance. We have a sample of 206 IPOs that went public in Taiwan during the period from 1991 to 2000. The empirical results show that long-run performance of IPOs is sensitive to the benchmark portfolio chosen and that the firms with first SEO within 3 years after going public show the superior performance relative to the firms that do not return to the equity market. Furthermore, firms raised additional funds after first SEO through a second SEO outperformed the firms that return to the equity market only once. We also find the timing of the first SEO could be suited to explain the long-run underperformance following equity issuances.

並列關鍵字

IPO ； SEO ； Long-run Performance

參考文獻

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