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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/30974
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30974


    Title: 影響現金增資折價之因素探討
    Authors: 林宜蓁
    Contributors: 徐燕山
    林宜蓁
    Keywords: 現金增資
    折價
    承銷方式
    詢價圈購
    公開申購
    Date: 2004
    Issue Date: 2009-09-14
    Abstract: 本研究主要樣本為台灣地區85年至91年上市櫃公司發行現金增資之案件。先探討台灣現金增資案其承銷方式選擇的影響因素,以及根據實證模型推測衡量非最適承銷方式選擇之殘差值。再探討台灣現金增資案之折價影響因素,找出何種特性的發行公司及增資案條件將影響折價幅度。實證結果為:
    現金增資發行公司之法人持股比例顯著的影響承銷方式的選擇,當公司法人持股比例越高(低),在發行現金增資時,公司越會採用公開申購(詢價圈購)的承銷方式。

    現金增資前市價異常報酬率、同時期的IPO折價幅度以及公司是否為電子業皆顯著的支持符合假說,分述如下:
    (1) 公司股票在現金增資定價日前市價異常報酬率越高(低),其折價幅度將會較大(小),支持Gerard and Nanda(1993)所提出的假說,也就是所謂的以急遽跌落的價格來訂定現增價格,將會低估真實的折價程度,使我們觀察到的折價幅度將會變小。
    (2) 同時期IPO的折價幅度越大(小),其辦理現金增資之折價幅度將越大(小),顯示現金增資折價幅度會被同時影響IPO與現金增資折價幅度的影響因素所影響。
    (3) 當現金增資發行公司為(非)電子業時,其現金增資折價幅度較大(小)。意即電子公司之景氣循環大,造成不確定性較高,且一般投資大眾對於電子產品其生產過程背景較不易了解,造成投資時的風險較大,所以電子業在發行現金增資時,會有較大的折價幅度。

    實證結果得出,非最適承銷方式選擇之殘差值、公司規模、以及股票波動性皆顯著的不支持理論假說。顯示台灣在本段樣本期間之市場實際狀況不支持理論假說。分述如下:
    (1) 理論上,公司發行現金增資時,非最適承銷方式選擇之殘差值的程度越大(小),其折價幅度將越大(小),然而實證結果卻相反,不支持此一假設。
    (2) 公司規模時常用以代表公司的資訊不對稱程度以及不確定性程度,公司規模越大,代表資訊不對稱程度較低,不確定性較小,因此,理論上公司規模越大(小),現金增資折價幅度將會越小(大)。然而實證結果卻不支持此一理論。
    (3) 現金增資前的公司股票波動性代表公司價值的不確定性,波動程度越大,不確定性程度越高,因此,理論上現金增資前的公司股票波動性越大(小),現金增資折價幅度將會越大(小)。然而實證結果亦不支持此一理論。
    Reference: 一、 英文文獻:
    Altinkilic, Oya, and Robert S. Hansen, 2003, “Discounting and underpricing in seasoned equity offers,” Journal of Financial Economics, 69, pp. 285-323.
    Ball, C. A., W. A. Torous, and A. E. Tschoegl, 1985,” The degree of price resolution: The case of the gold market,” Journal of Futures Markets, 5, pp. 29-43.
    Beatty, Randolph P., and Jay R. Ritter, 1986, “Investment banking, reputation, and the underpricing of initial public offerings,” Journal of Financial Economics, 15, pp. 213-232.
    Benveniste, Lawrence M., and Walid Y. Busaba, 1997, “Bookbuilding vs. Fixed Price: A Analysis of Competing Strategies for Marketing IPOs,” Journal of Financial Quantitative Analysis, 32, pp. 383-403.
    Bradley, Daniel J., John W. Cooney, Jr., Bradford D. Jordan, and Ajai K. Singh, 2004, “Negotiation and the IPO offer price: A Comparison of Integer vs. Non-Integer IPOs,” Journal of Financial and Quantitative Analysis, Vol. 39, pp. 517-540.
    Chemmanur, T., 1993, “The pricing of initial public offerings: A dynamic model with information production,” Journal of Finance, 48, pp. 285-304.
    Corwin, Shane A. 2003, “The Determinants of Underpricing for Seasoned Equity Offers,” The Journal of Finance, Vol. 58, pp. 2249-2279.
    Eckbo, B. Espen, and Ronald W. Masulis, 1992, “Adverse selection and the rights offer paradox,” Journal of Financial Economics, 32, pp. 293-332.
    Gerard, Bruno, and Vikram Nanda, 1993, “Trading and manipulation around seasoned equity offerings,” Journal of Finance, 48, pp. 213-245.
    Harris, Lawrence, 1991, “Stock price clustering and discreteness,” Review of Financial Studies, 4, pp. 389-415.
    Keim, Donald B., and Ananth Madhavan, 1996, “The upstairs market for large-block transactions: Analysis and measurement of price effects,” Review of Financial Studies, 9, pp. 1-36.
    Lee, Inmoo, Scott Lochhead, Jay Ritter, and Quanshui Zhao, 1996, “The costs of raising capital,” Journal of Financial Research, 19, pp. 59-74.
    Loughran, Tim, J. Ritter and K. Rydqvist, 1994, “Initial Public Offerings: International Insights,” Pacific-Basin Finance Journal, 2, pp. 165-199.
    Lynch, Anthony W., and Richard R. Mendenhall, 1997, “New evidence on stock price effects associated with changes in the S&P 500 Index,” Journal of Business, 70, pp. 351-383.
    Mola, Simona, and Tim Loughran, 2004, “Discounting and clustering in Seasoned equity offerings prices,” Journal of Financial and Quantitative Analysis, 39, pp. 1-23.
    Rock, Kevin, 1986, “Why new issues are underpriced,” Journal of Financial Economics, 15, pp. 187-212.
    Scholes, Myron S., 1972, “The market for securities: Substitution versus price pressure and the effects of information on share prices,” Journal of Business, 45, pp. 179-211.
    Sherman, Ann E., 2000, “IPOs and Long-Term Relationships: An Advantage of Book Building,” Review of Financial Studies, 13, pp. 697-714.
    Wang Kehluh, Yi-Hsuan Chen, and Sy-Woei Huang, 2001, “Flotation Methods and Abcdrmal Returns in Seasoned Equity Offerings--Agency Theory v.s Asymmetric Information Theory,” Working Paper, National Chiao Tung University.
    Welch, Ivo, 1989, “Seasoned offerings imitation costs, and the underpricing of initial public offerings,” Journal of Finance, 44, pp. 421-449.
    二、 中文文獻:
    李青娟(民88),公司新股上市時配售方式之選擇與影響,國立中正大學財務金融所碩士論文。
    王正郎(民91),現金增資承銷方式之選擇,輔仁大學金融研究所碩士論文。
    劉文鼎(民88),現金增資承銷方式之選擇與影響,國立中正大學會計研究所碩士論文。
    陳右超(民90),現金增資承銷配售制度之研究,輔仁大學金融研究所碩士論文。
    呂建樺(民87),證券承銷配售方式之選擇,國立中山大學財務管理所碩士論文。
    陳怡璇(民90),現金增資承銷方式與其異常報酬關係之研究,國立交通大學管理科學所碩士論文。
    Description: 碩士
    國立政治大學
    財務管理研究所
    92357031
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0092357031
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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