美國現金增資承銷商聲譽再探討

Reexamining the Reputation of Underwriters of US Seasoned Equity Offerings

林海麗(Hai-Li Lin)

指導教授 ： 林修葳

國立臺灣大學/管理學院/國際企業學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.10074

摘要

本研究檢視企業增資發行新股時，聘任承銷商的影響因素。承銷商扮演中介角色，除了擔任企業顧問，對投資人而言，更具有品質擔保的功能。本研究以2005年至2012年美國現金增資之企業為研究對象，將其依地理位置分為URBAN、CITY、RURAL三個區域，探討地理位置、和承銷商間的距離、增資規模、ROE變量、產業別等因素，對於企業和承銷商在彼此相互選擇時的影響力，以檢視承銷商聲譽機制所扮演的角色與運作，本研究以Ordered Logit模型實證分析的結果如下：
1.企業增資規模或市值越大，選擇的承銷商聲譽也越高。
2.和承銷商間的距離和承銷商聲譽呈反向關係，顯示企業在距離和承銷商聲譽之間的取捨，此現象在鄉村區更為顯著，可成為解釋該區企業選擇平均聲譽較低承銷商的原因。
3.電力、天然氣、石油運輸產業，對於距離的敏感度高於其他產業。距企業較近的承銷商對於本地市場、相關管制將具有其訊息優勢，又上述產業於產、銷面向有顯著在地性，因此較近的承銷商較具吸引力與效益。
4.績效與體質良好的企業選擇高聲譽的承銷商，可向外傳遞正面訊息。本研究的實證結果顯示ROE變動量對於所選擇承銷商聲譽具有部分解釋力，符合訊息傳遞機制假說。
5.在承銷需求大的年度，承銷商也發揮其選擇力。或因承銷業務有高固定成本，承銷商的獲利會隨著增資規模提升，因此，於案件量多的年度，增資規模大的企業越容易爭取到高聲譽的承銷商。

關鍵字

承銷商聲譽 ； 現金增資 ； 資訊不對稱 ； 訊號傳遞 ； Carter-Manaster聲譽排序

並列摘要

This study examines the factors that help explain the seasoned equity offering (SEO) firm appointments of underwriters. We examine firms conducting SEOs between 2005 and 2012 in the US market, and classify our observations into urban, city and rural firms. Factors including location, distance between firms and underwriters, issuing scale, change in ROE, are discussed for their influence on the mutual choice of issuer and underwriter, and the significance of the reputation mechanism. Our Ordered Logit analysis results are as follow:
1.Firms with large issuing scale or market value choose prestigious underwriters.
2.Underwriter reputation is positively related to the distance between firms and underwriters. Moreover, this phenomenon is more significant for rural firm.
3.The underwriter appointments by firms within the localized industries are more sensitive to distance, the SEO firms appear to choose underwriters who are more familiar with the local market and located near them.
4.The firms with return on equity (ROE) that increases largely in the future appear to employ the underwriters with high reputation, which supports the signaling theory.
5.During the periods when the market demand for underwriting services is large, underwriters prefer choosing firms that had large issuance scale.

並列關鍵字

Underwriter reputation ； SEO ； Information asymmetry ； Signaling ； Carter-Manaster Rankings

參考文獻

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5.Carter, R. B., Dark, F. H., and Singh, A.K. (1998), “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks,” The Journal of Finance, Vol. 53, 285-311.