政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/153834
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113311/144292 (79%)
造访人次 : 50934883      在线人数 : 1006
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/153834


    题名: 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
    作者: 徐政義;魏慧珊
    Shiu, Cheng-Yi;Wei, Hui-Shan
    贡献者: 國貿系
    关键词: 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
    日期: 2019-06
    上传时间: 2024-10-04
    摘要: 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。
    關聯: Journal of Financial Studies (財務金融學刊), Vol.27, No.2, pp.75-120
    数据类型: article
    DOI 連結: https://doi.org/10.6545/JFS.201906_27(2).0003
    DOI: 10.6545/JFS.201906_27(2).0003
    显示于类别:[國際經營與貿易學系 ] 期刊論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    index.html0KbHTML31检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈