公司治理與現金增資短期宣告效果及續後長期績效之關聯性-以中國大陸A股上市公司為例

陳淑娟

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公司治理與現金增資短期宣告效果及續後長期績效之關聯性-以中國大陸A股上市公司為例

The impact of corporate governance upon the announcement effect and post-issue performance of firms conducting seasoned equity offerings: evidence from Chinese listed A-share companies

陳淑娟 , Masters　　Advisor：王明隆　　

英文

短期宣告效果；公司治理；長期績效；現金增資；中國大陸； long-run performances ； corporate governance ； China ； seasoned equity offerings (SEOs) ； short-term announcement effect

Abstract │ Reference (73) │ Altmetrics

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This paper investigates the short-term　announcement effect and the long-run stock return performance of companies that conducted seasoned equity offerings (thereafter SEOs) on the Shanghai Stock Exchange and the Shenzhen Stock Exchange of China during the period from 1998 to 2001. It is documented that the market reacts negatively to the announcement of SEOs and SEO firms have been poor long-run investments for investors. Since managers often use the proceeds of SEOs to invest in unfavorable projects for their self interests, I wonder about the impact of corporate governance on the SEOs. Generally, the market reacts negatively to the announcement of SEOs in China, especially for the firms controlled by the state. Following the SEOs, initially the firms gain, however, they decline in the long run with non-issuing firms controlled for the similar size and book-to-market value, especially for the firms controlled by the state. Finally, the empirical results show the short-term stock performance of SEOs firms with better corporate governance is higher than those with worse corporate governance when firms announce SEOs. Following the SEOs, the empirical results support that SEO firms with better corporate governance perform better than those with worse corporate governance following SEOs.

Reference ( 73 ) 〈TOP〉

Asquith, P., and W. M. David, 1986, Equity Issues and Offering Dilution, Journal of Financial Economics 15, 61-89.
連結：
Bacon, J., and A. Weichenrieder, 1999, Ownership Concentration and Share Valuation: Evidence from Germany, CESifo Working Paper.
連結：
Bai, C. E., Q. Liu, J. Lu, F. M. Song, and J. Zhang, 2004, Corporate Governance and Market Valuation in China, Journal of Comparative Economics, Vol. 32, Iss. 4, 599-616.
連結：
Barber, B. M., and J. D. Lyon, 1997, Detecting Long-run Abnormal Stock returns: The Empirical Power and Specification of Test Statistics, Journal of Financial Economics Vol. 43, No.3, 341-372.
連結：
Bayless, M., and R. J. Nancy, 2003, Is the Performance of Firms following Seasoned Equity Issues Anomalous? Journal of Banking and Finance 27, 1273-1296.
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