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| Title: | 以重複事件分析法分析現金增資
Recurrent event analysis of seasoned equity offerings |
| Authors: | 劉佩芸
Liu, Pei Yun |
| Contributors: | 謝淑貞
Shieh, Shwu Jane
劉佩芸
Liu, Pei Yun |
| Keywords: | 重複事件
現金增資
資本結構
recurrent event
SEOs
capital structure |
| Date: | 2008 |
| Issue Date: | 2016-05-09 11:26:21 (UTC+8) |
| Abstract: | 在公司財務的領域中，探討公司資本結構決策主要有三個主流理論：靜態抵換理論、融資順位理論以及折時理論。本篇文章採用重複事件分析法，首先沿用Baker and Wurgler (2002)中提及之五個因素做為自變數，研究影響公司辦理現金增資危險函數之因子研究，研究結果顯示，公司現金增資之危險函數與財務槓桿成正向關係，此項證據傾向支持融資順位理論，然而本篇論文研究結果，並無顯著證據支持折時理論。本篇論文接著建立另一組變素設定，將價格趨勢納入模型中，取代原來在Baker and Wurgler(2002)中觀察折時現象之因子，結果顯示折時現象是顯著的。因此，本篇論文研究結果並未對是否支持折時理論下定論，值得思考的是，欲觀察公司是否存在折時現象，除了Baker and Wurgler(2002)中提及之變數之外，直接將價格趨勢納入模型或許是另一個可行之道。
In the field of traditional corporate financing theories, there are three mainstream theories leading the way while talking about the firms’ financing decisions: static trade-off theory, pecking order theory, and market timing theory. In this paper, we apply the recurrent event analysis and follow the independent variables appearing in the Baker and Wurgler (2002) first to examine the factors that affect firms’ hazard rate to offer seasoned equity. The results indicate that higher leverage is in positive relation
with the hazard rate of firms’ seasoned equity offering, meaning that firms’ financing decisions follow the pecking order theory to some degree. However, while the recurrent event analysis is adopted, the market timing effect becomes insignificant when considering the independent variables appearing in the Baker and Wurgler(2002). As a result, we proceed to establish another set of covariates in which the
price trend factor is involved to examine the market timing effect. While the price trend factor is substituted for the market-to-book ratio to represent the market timing effect, the market timing effect turns out to be significant. Thus, we consider that using the price trend of the market directly may be a suitable way to examine the market timing effect. |
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
95351030 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0095351030 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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