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| Title: | 影響公司上市（櫃）掛牌後辦理現金增資之原因探討 |
| Authors: | 王方伶 |
| Contributors: | 徐燕山
王方伶 |
| Keywords: | 市場回饋假說
ipo訊號假說
ipo
seo |
| Date: | 2004 |
| Issue Date: | 2009-09-18 19:17:52 (UTC+8) |
| Abstract: | 本研究旨在探討國內發行公司在IPO掛牌後1年內辦理SEO之決策因素。本研究以民國85 年至89 年間新上市（櫃）的公司為樣本進行實證，並歸納實證結果如下：
一、 國內上市（櫃）公司於IPO掛牌後首次辦理SEO之決策實證結果支持市場回饋假說，即IPO掛牌後60、120、180、240個營業日之累積超額報酬率越高（低），發行公司越（不）可能於1年內辦理SEO。惟就股價報酬波動度對之影響而言，對非電子業公司來說，IPO掛牌後60、120、180、240個營業日股價報酬波動度與發行公司辦理SEO間有顯著之負相關，但電子業公司除短天期60個營業日之波動度有顯著負相關外，較長天期之波動度則較不具解釋能力。
二、 公司規模較小、設立年限較短及負債比率較高之發行公司，較有可能在掛牌後1年內辦理SEO。另發行公司是否在IPO公開銷售時採用競價拍賣方式，及內部人持股比例等因素與發行公司是否於掛牌後1年內辦理SEO之決策間較無明顯之關係。
The purpose of this study is to explore the factors which determine Taiwanese companies’ conducting seasoned equity offerings (SEOs) within one year after their initial public offerings (IPOs). The samples come from firms first listed on the TSEC and OTC market between 1996 with 2000. The empirical findings of this research are as follows:
1、 The factors effecting firms’ decisions on SEO support market feedback hypothesis. That is, the more abcdrmal stock returns within 60, 120, 180, and 240 transaction days after IPOs, the higher the possibility for firms to conduct a SEO. However, although the factor of stock price’s volatilities has a significantly negative relation to hi-tech firms’ SEO decisions, it has less relation to non-hi-tech firms’.
2、 Firms with smaller size, shorter age and higher debt ratio have more chance to SEO. Nevertheless, neither the factor of whether IPO in auction or not, nor the one of the insider holding ratio has a relation to companies’ SEO decisions. |
| Reference: | 一、 中文文獻：
林嘉琦（民85），新上市上櫃股票之產業規模、承銷制度與增資效果的實證研究，國立中央大學財務管理學所未出版碩士論文。
林珍如（民87），我國承銷制度變革與新上市公司股價績效關係之研究，國立政治大學會計研究所碩士論文。
吳振生（民91），不同交易制度對新上市股票承銷價低估影響之研究，東吳大學企業管理學所碩士論文。
石依芳（民92），公司上市後首次現金增資時程之因素探討，國立臺灣大學財務金融學所碩士論文。
薛智隆（民93），上市後股價跌破掛牌價格可能性之分析:引進「部分競拍」制度前後期相互比較之實證結果，朝陽科技大學財務金融所碩士論文。
二、 英文文獻：
Allen, F. and G. P. Faulhaber, (1989) “Signaling by Underpricing in the IPO Market,” Journal of Financial Economics Vol.23, pp. 303-323.
Chemmanur, T. J., and H. Liu, (2003) “How Should A Firm Go Public? A Dynamic Model of the Choice Between Fixed-Price Offerings and Auctions in IPOs and Privatizations,” EFA 2003 Annual Conference Paper, No. 366.
Garfinkel, J.A., (1993) “IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?” Financial Management, Vol. 22, No. 1, pp. 74-83.
Jegadeesh, N., Weinstein, M., and Welch, I., (1993) “An empirical investigation of IPO returns and subsequent equity offerings,” Journal of Financial Economics, Vol. 34, (October) pp. 153-175.
Leland, H. E., and Pyle, D. H., (1977) “Informational asymmetries, financial structure, and financial intermediation,” Journal of Finance, Vol.32, pp. 371-387.
Logue, D.E., (1973) “On the pricing of unseasoned equity issues: 1965–1969,” Journal of Financial and Quantitative Analysis, Vol. 8, No 1, pp. 91–103.
Michaely, R., and Shaw, W., (1994) “The pricing of initial public offerings: test of adverse-selection and signaling theories,” Review of Financial studies, Vol. 7, pp. 279-317.
Pagano, M., F. Panetta, and L. Zingales, (1998) “Why Do Companies Go Public. An Empirical Analysis.” Journal of Finance, Vol. 53, No. 1, pp. 27-64.
Ritter, J., (1984) “The Hot Issue Market Of 1980,” Journal of Business, Vol. 57, pp.215-241.
Spiess, D. K., and R. H. Pettway, (1997) “The IPO and First Seasoned Equity Sale: Issue Proceeds, Owner/Managers’ Wealth, and the Underpricing Signal.” Journal of Banking & Finance, Vol. 21, No. 7, pp. 967-988.
Welch, I., (1992) “Sequential sales, learning, and cascades,” Journal of Finance Economics, Vol.47, pp. 695-732
Welch, I., (1989) “Seasoned offerings, imitation costs and the underpricing of initial public offerings,” Journal of Finance, Vol.44, pp. 421-449. |
| Description: | 碩士
國立政治大學
財務管理研究所
92357015
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0092357015 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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