對比國外研究發現分析師關注將產生有利於現金增資的正面效果,本研究針對2006年至2015年台灣上市公司的現增事件,卻發現分析師資訊中介功能的混淆現象。在利用I/B/E/S Thomson Bankers One與TEJ資料庫進一步解讀外資券商分析師與本土券商分析師資料後,研究證實前者的關注有利於現增公司的融資發行收入,而後者的關注與折價率則呈現正向影響,不利於融資成本下降。整體而言,市場面對外資券商分析師的報告,具有正面訊息的感受,然而本土券商分析師訊息則有負面的涵義。因此,研究結果可應用於企業現金增資事件,投資人應蒐集兩種分析師的資訊進行判斷。
In contrast to the foreign studies going with the analysts' coverage on the firms of Seasoned Equity Offerings (SEO), this paper finds another confounding phenomenon of analyst intermediary role, using 532 SEOs quoted on the listed companies in Taiwan from 2006 to 2015. In the use of I/B/E/S Thomson Bankers one and TEJ database, as the foreign analysts' coverage could be known from domestic ones, the empirical evidence shows that the former coverage is helpful for raising proceeds, while the later one tends to have more discount of SEO price against the cost down of financing. To sum up, the foreign analysts' coverage is affirmative in the market as well as the domestic often bad implicates; hence, the empirical result implies that investors have to collect both foreign and domestic analysts' coverage to read the events of SEO.