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    题名: 現金增資執行率之影響因子
    The determinants of SEO execution rate
    作者: 簡敏如
    贡献者: 謝淑貞
    簡敏如
    关键词: 現金增資
    一般動差法
    seasoned equity offering
    GMM
    日期: 2011
    上传时间: 2012-10-30 14:35:01 (UTC+8)
    摘要: 本文研究 1996 至2001 年間，894 家美國上市公司之現金增資活動及現金增資執行率之影響因子。除了重要財務會計指標，如：每股盈餘、本益比與市值之外，本研究也將增資期間的股價波動程度納入迴歸模型中。又，考量到變數間的同質性與內生性問題，本研究採用一般動差估計法估計模型參數。結果顯示，增資規模、流通在外股數的變化與公司市值對於現金增資執行率具有統計上顯著的影響力。
    This paper investigates the 894 seasoned equity offerings filed by American listed corporations from 1996 to 2001 in an attempt to identify the key determinants that may affect the execution rate of seasoned equity offerings. The impacts of share price fluctuations during offering periods and other accounting characters are also taken into consideration. Apart from the ordinary least square method, the general method of moments is applied in order to account for heteroskedasticity and endogeneity problems. The
    results show that total offer amount, changes in shares outstanding and market capitalization have a significant impact on determining the execution rates of seasoned equity offering.
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    Heinkel, Robert and Eduardo S. Schwartz, 1986, Rights versus underwritten offerings: and asymmetric information approach, Journal of Finance 41, 1-18.
    Karim, Khondkar E., Robert W. Rutledge and Mojib U. Ahmed, 2001, An empirical examination of the pricing of seasoned equity offerings: a test of the signaling hypothesis, Review of Quantitative Finance and Accounting 17, 63-79.
    Kosala, Raymond, 2011, Intraday patterns of initial public offerings in hot and cold markets: an Indonesia study, Internation Research Journal of Finance and Economics 74, 188-197.
    Jenter, Dirk, Katharina Lewellen, and Jerold B. Warner, 2011, Security issue timing: what do managers know, and when do they know it? Journal of Finance 66, 413-443.
    Jo, Hoje, Yongtae Kim and Myung Seok Park, 2008, The impact of surprise offer-share adjustments on offer-day returns: evidence from seasoned equity offers, Review of Quantitative Finance and Accounting 31, 261-286.
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    Majluf, Nicholas S. and Stewart C. Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
    Manaseer, Mousa F. Al, Eleimon Gonis, Riyad Mohamad Al-Hindawi and Iaad Issa Sartawi, 2011, Testing the pecking order and the target models of capital structure: evidence from UK, European Journal of Economics, Finance and Administrative Sciences 41, 84-96.
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    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    99351013
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0993510131
    数据类型: thesis
    显示于类别:[國際經營與貿易學系 ] 學位論文

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