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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/153834


    Title: Intended Use of Proceeds and Long-run Performance: Evidence from Private Placements and Public Offerings in Taiwan
    預期資金用途與長期績效：來自臺灣私募融資與公開發行之實證
    Authors: 徐政義;魏慧珊
    Shiu, Cheng-Yi;Wei, Hui-Shan
    Contributors: 國貿系
    Keywords: Private placements;Public offerings;Capital expenditures;Long-run performance
    私募融資;公開發行;資本支出;長期績效
    Date: 2019-06
    Issue Date: 2024-10-04
    Abstract: Many believe that increased investment in capital expenditure is what causes the long-run underperformance of initial public offerings (IPOs) and seasoned equity offerings (SEOs). We argue that such underperformance is caused by the agency costs of managerial discretion over free cash flow, rather than capital expenditure per se. The results of the empirical examination of 418 private placements and 416 public offerings by firms on the Taiwan stock markets confirm our hypothesis. We show that placements characterized by increased capital expenditure are associated with better long-run performance, whereas placements in non-investment category and public offerings have significantly negative abnormal returns.
    許多文獻認為，增加資本支出導致初次公開發行與現金增資後企業長期績效變差。本文則假設由自由現金流量之代理問題所致，而非前述之事後資本支出。經研究臺灣證券市場418件私募融資及416件公開發行，結果支持本文提出之假設，發現資金用於資本支出之私募有較佳之長期績效，而其他類別的私募與公開發行有較差之報酬。
    Relation: Journal of Financial Studies (財務金融學刊), Vol.27, No.2, pp.75-120
    Data Type: article
    DOI link: https://doi.org/10.6545/JFS.201906_27(2).0003
    DOI: 10.6545/JFS.201906_27(2).0003
    Appears in Collections:[Department of International Business] Periodical Articles

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