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| Title: | 投資人情緒對現金增資及股價表現之影響
The effects of investor sentiment on seasoned equity offering and stock return |
| Authors: | 劉柏毅
Liu, Po-Yi |
| Contributors: | 周冠男
江彌修
Chou, Kuan-Nan
Chiang, Mi-Hsiu
劉柏毅
Liu, Po-Yi |
| Keywords: | 現金資增
投資人情緒
股價表現
Seasoned equity offerings
Investor sentiment
Stock returns |
| Date: | 2018 |
| Issue Date: | 2018-07-03 17:26:11 (UTC+8) |
| Abstract: | 國外有許多文獻證實了經理人確實有市場擇時的能力，當公司進行現金增資時，其長短期股價表現通常顯著為負，雖然台灣的實證研究發現長期股價表現為負，但並沒有得到一致的短期股價表現。本文採用2001-2017年間之台灣上市櫃公司為研究對象，觀察現金增資後之長短期股價表現是否會因定義不同日期為事件日而有所差異，並進一步探討投資人情緒是否會影響到現金增資的決策及增資後的股價走勢。
本研究發現，台灣上市櫃公司在現金增資後之短期股價表現並沒有一致的結論，若定義宣告日為事件日則短期股價表現為正，若以股東決議日為事件日則短期股價表現為負，然而在長期的股價表現皆顯著為負，上述結果都與先前的文獻相符。再者，公司若在投資人情緒高的期間內現金增資，則其增資後股價表現顯著低於在投資人情緒低的期間內增資之股價表現。此外，投資人情緒也會影響公司對於現金增資的決策，當投資人情緒越高時，公司越有可能實施現金增資。
Prior studies show that managers have the ability to time the market and both short- and long-run cumulative abnormal returns (CARs) subsequent to seasoned equity offerings (SEOs) are negative. However, evidences in Taiwan do not show consistent results in the short-run abnormal returns. We wonder if the reason is that these studies define the event day differently and thus get different results. Collecting all the SEOs of the firms listed on TWSE and OTC market from 2001 to 2017 as our sample, we further analyze how investor sentiment affects the stock prices subsequent to SEOs and the decision of SEOs.
The results show that short-run CARs are inconsistent under different definitions of event day, however, the long-run CARs are all significantly negative. We also find that if firms conduct SEOs during high sentiment periods, they will suffer from worse impacts of SEOs, compared to those conducting SEOs during low sentiment periods. Moreover, investor sentiment also affects firm’s decision of SEOs. If the sentiment is higher, firms are more likely to conduct SEOs. |
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| Description: | 碩士
國立政治大學
金融學系
105352010 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105352010 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.MB.004.2018.F06 |
| Appears in Collections: | [金融學系] 學位論文
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