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| Title: | 現金增資公司之長期績效探討
The Research of Long-Term Performance following Seasoned Equity Offerings |
| Authors: | 蔡宜諠
Tsai, Yi-Hsuan |
| Contributors: | 李志宏
蔡宜諠
Tsai, Yi-Hsuan |
| Keywords: | 現金增資
過度投資
盈餘管理
機構持股
SEO
Overinvestment
Earnings management
Institutional investors |
| Date: | 2023 |
| Issue Date: | 2023-07-06 16:59:41 (UTC+8) |
| Abstract: | 過去研究指出公司在增資後營運績效及股票表現有惡化情況，但大多探討現金增資後的公司特徵或是增資後投資人行為對於增資後績效的影響，鮮少有針對增資前即可辨識到的特性做討論，故本研究以2000-2019年台灣上市櫃公司為研究對象，針對其在增資前過度投資、盈餘管理程度、機構投資人持股變動對於增資後股價表現的影響進行實證。研究結果指出，增資前過度投資與增資後長期股票報酬呈現顯著負相關，且增資前較長一段時間被辨別出有過度投資的公司，後續績效劣於增資前僅短期過度投資的公司；在盈餘管理方面，增資前一年的盈餘管理程度越大，增資後績效越差，且從時間趨勢來看，公司在增資公告前兩年的盈餘管理顯著為負、前一年度顯著提升為正值，並在公告當年達最高，增資後則趨緩；在機構持股的部分，在增資公告前一年的外資、投信持股變動皆和增資後長期績效呈正相關，但以外資的影響較為顯著。
Most of prior studies documented that firms’ operating and stock performance deteriorates following seasoned equity offerings (SEO). This study investigates the overinvestment, earnings management and the institutional ownership prior to SEO and long-term performance following seasoned equity offerings. We examine SEOs during 2000-2019 in Taiwan. The results show that the long-term stock performance following SEO is negatively related to preceding overinvestment, and firms which have overinvested for a long time before SEO have the worst performance following SEO. In terms of earnings management, the degree of earnings management prior to SEO negatively impacts the following performance. Further, earnings management increases from the year before the offering announcement, reaching the highest in the SEO announcement year, and then slows down in years of post-SEO.
Finally, the changes in the holdings of institutional investors before SEO are positive correlation to the long-term stock performance, but the impact of foreign institutional investors is more significant than domestic institutional investors. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357007 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357007 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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