English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51624505      Online Users : 488
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/111237


    Title: 公司現金持有對公司發行新股影響之研究
    Other Titles: A Study of the Effect of Corporate Cash Holdings on Seasoned Equity Offerings
    Authors: 陳鴻毅
    Contributors: 財務管理學系
    Keywords: 現金持有;財務彈性假說;發行新股;撤銷發行新股;Cash holdings;Financial flexibility hypothesis;Seasoned equity offering;SEO;Withdrawn SEO
    Date: 2014
    Issue Date: 2017-07-17 16:36:21 (UTC+8)
    Abstract: 本研究擬探討公司的現金持有是否會影響公司發行新股的決策。如果公司的現金持有及可支配現金較多時，該公司於發行新股時將擁有談判優勢，進而反映在其承銷成本及其徹銷發行的機率。此外，對於撤銷發行新股的公司，如果該公司現金持有較少且現金的需求增，該公司將有較大的機率再度進行新股的發行。本研究將對美國公司發行新股的事件進行實證分析，其分析可分為四部分。第一，探討公司現金持有對公司決定發行新股或撤銷發行新股的機率的影響；第二，探討發行新股的公司是否因現金持有的水準不同而有不同的發行動機;第三，探討公司現金持有對公司承銷成本及市場反應的影響；第四，探討公司現金持有對於撤銷後再度發行新股決策的影響。This study is to investigate how corporate cash holdings affect the corporate decision of seasoned equity offerings (SOEs). I hypothesize that the firm with higher excess cash will has higher bargaining power when issuing new equities, resulting lower issuance costs and higher probability to withdraw SEO. In addition, due to lack of funds, the firm with lower cash holdings has more incentive to re-file SEO following a SEO cancelation. This study will use completed and withdrawn SEOs in U.S. market to empirically study four main questions. First, is the probability of completing (or canceling) SEOs altered by corporate cash holdings? Second, is the motivation of SEOs altered by the level of cash holdings? Third, are the issuance costs and market reaction to the SEOs affected by corporate cash holdings? Fourth, is the decision of re-issuance after a withdrawn SEO due to the deficiency of cash holdings?
    Relation: 科技部
    102-2410-H-004-240
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

    Files in This Item:

    File Description SizeFormat
    102-2410-H-004-240.pdf346KbAdobe PDF2321View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    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 ©   - Feedback