探討台灣上市櫃公司掛牌後辦理現金增資的影響因素

本研究以Harjoto 和 Garen (2003)的二期模型來探討台灣上市櫃公司在掛牌後辦理現金增資的影響因素。以1996到 2000年的台灣上市櫃公司為樣本，我們發現當公司有越多未被預期到的成長機會時，該公司越可能在上市櫃後四年內辦理現金增資且具有較大的發行規模。我們也同時發現當公司的資產波動度越高時則越不傾向於以現金增資做為集資的手段，其現金增資的發行規模也相對較小。上述實證結果支持Harjoto 和 Garen於2003年所提出的見解。認為當公司面臨未被預期的成長機會時，公司的所有人/管理者有動機辦理現金增資；而當公司資產波動度高時，則傾向不辦理現金增資。

關鍵字

現金增資；公司治理；未預期的成長機會

並列摘要

We investigate the reason behind the IPO firm’s decision to conduct a primary seasoned equity offering (SEO). In this paper, we follow the two-period model of blockholder incentives starting from the IPO stage developed by Harjoto and Garen (2003). Using a sample of Taiwan IPO firms during 1996 to 2000, we find that IPO firms with higher anticipated opportunities of growth are more likely to conduct an SEO within four years after their IPOs and positively affect the relative size of the firm’s SEO. We also find that the firm’s risk measure decreases the likelihood of conducting an SEO and reduces the relative size of an SEO. All our empirical findings provide support of the two-period model developed by Harjoto and Garen (2003).

並列關鍵字

Seasoned equity offering (SEO) ； Corporate governance ； Unanticipated growth ； Blockholder

參考文獻

Admati, Anat, Zechner, Josef and Pfleiderer, Paul, 1994. “Large shareholder activism, risk sharing and financial market equilibrium”, Journal of Political Economy102, pp.1097-1130

Asquith, Paul and Mullins, David, 1986. “Equity issues and offering dilution”, Journal of Financial Economics 15, pp. 61-89

Denis, David, 1994. “Investment opportunities and the market reaction to equity offerings”, Journal of Financial and Quantitative Analysis 29, pp. 159-177

Eckbo, B. Espen, Marsulis, Ronald and Norli, Oyvind, 2000. “Seasoned public offerings: resolution of the New Issues Puzzle”, Journal of Financial Economics 56, pp.251-291

Eckbo, Espen and Marsulis, Ronald, 1992. “Seasoned equity offering: A survey”, in Handbooks in Operations Research and Management Science, Vol. 9, North Holland

國際替代計量

探討台灣上市櫃公司掛牌後辦理現金增資的影響因素

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