現金增資長期績效之研究－以中國大陸A股上市公司為例

陳淑英

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現金增資長期績效之研究－以中國大陸A股上市公司為例

The long-term performance of seasoned equity offerings: evidence from Chinese listed A-share companies

陳淑英 , Masters　　Advisor：王明隆　　

英文

中國大陸；分量迴歸；長期績效；現金增資； China ； long-term performance ； Seasoned equity offerings (SEOs) ； quantile regression

Abstract │ Reference (83) │ Altmetrics

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This study investigates the long-term performance of Chinese seasoned equity offerings (SEOs). We analyze post-issue performance of firms conducting SEOs on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through quantile regression. Samples are selected from 1996 to 2001. It is documented that the market reacts negatively to the announcement of SEOs and those firms have a comparatively poor performance. Due to information asymmetry between shareholders and managers, managers may use the proceeds of SEOs to invest in unfavorable projects for their self-interests. Therefore, we concerned about what the firm contributes and if the financial performance has been influenced and changed following due to SEOs.
    Firms with a larger amount of issuance, smaller size, larger book-to-market ratio, and a shorter length of time since the IPO date are significantly underperformance. Firms with more non-tradable shares and younger firms tend to underperform after conducting SEOs but are insignificant. Moreover, whatever if firms choose a new issue or right issue for SEO, it makes no difference. Also SEO firms are listed in SSE or SZSE does not make a difference in our study. In the financial performance part, we observe that most financial performances decline while the sign of some financial indices vary 1, 2, and 3 years after SEOs. We also observe some significant outcomes through quantile regression. We suspect it may because there are many outliers in financial data, as OLS focuses on central tendency of distribution and omits the outliers; we obtain biased estimators and insignificance results.

Reference ( 83 ) 〈TOP〉

Agarawal A., J. F. Jaffe, G. N. Mandelker, 1992, The post-merger performance of. acquiring firms: A re-examination of an anomaly, Journal of Finance, Vol. 47, 1605-1621
連結：
Aggarwal R. and P. Rivoli, 1990, Fads in the Initial Public Offering Market?, Financial Management, Vol. 19, No. 4, 45-57
連結：
Ang, J. S. and Y. Ma, 1999, Transparency in Chinese stocks: A study of earnings forecasts by professional analysts Pacific-Basin Finance Journal, Volume 7, Issue 2, 129-155
連結：
Ang, J. S., R. A. Cole, and J. W. Lin, 2000, Agency Costs, and Ownership Structure, The Journal of Finance 55, 81-106
連結：
Asquith, P., and W. M. David, 1986, Equity Issues and Offering Dilution, Journal of Financial Economics 15, 61-89.
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