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題名 市場擇時及公司財務彈性對現金增資決策影響
Effects of market timing and corporate financial flexibility on seasoned equity offerings作者 卓宜靜
Cho, Yi Ching貢獻者 陳鴻毅
Chen, Hong Yi
卓宜靜
Cho, Yi Ching關鍵詞 現金增資
撤回
財務彈性
SEO
cancellation
Financial flexibility日期 2016 上傳時間 20-Jul-2016 17:12:50 (UTC+8) 摘要 本研究主要探討公司進行現金增資之決策是否受到市場對公司的股價反應與公司本身財務彈性所影響。本研究以 1980 年至 2015 年間,美國證券市場 328 家撤銷現金增資的公司與 11,754 家完成現金增資的公司為樣本,並進一步探討撤銷現金增資之決策影響因素。實證結果顯示,當市場於現金增資宣告日給予負向反應時,公司傾向撤銷現金增資。該結果證實公司會運用其市場擇時能力以進行現金增資之決策。本研究亦針對撤銷現金增資之決策影響因素進行探討,發現股價現金增資反應較差、成長機會較低或獲利能力越好的公司會傾向撤銷現金增資。此外,本研究發現當公司因宣告現金增資而引起股價下跌時,財務彈性較佳的公司將傾向撤銷現金增資。然而,財務彈性不佳的公司則不受市場狀況所影響,並傾向完成現金增資。因此,公司除了將市場情形納入現金增資決策外,在市場狀況不佳時更特別注重公司是否持有足夠的現金以保持財務彈性。
The main purpose of this study is to examine whether the interaction between market reaction to the announcement and financial flexibility of seasoned equity offering (SEO) will affect the decision of SEO cancellation. This study includes 328 canceled SEOs and 11,754 completed SEOs in U.S. market from 1980 to 2015 and conducts a comprehensive analysis on the decision of SEO cancellation. We find that, consistent with market timing theory, SEO firms tend to cancel their equity offerings if the market reaction to those SEOs are negative. We further investigate determinants of the decision of SEO cancellation. We find that SEO cancellation is negatively associated with stock price reaction and the growth opportunity, and positively associated with the profitability. In addition, we show the evidence that the association between SEO cancellation decision and the market condition depends on the level of financial flexibility for SEO firms. Specifically, we find that firms with more financial flexibility tend to cancel SEOs if their stock prices experience a large decline around the filing date, while firms with less financial flexibility will complete equity issuance regardless of the market conditions.參考文獻 ReferencesBaker, Malcolm, and Jeffrey Wurgler (2002), “Market timing and capital structure”, The Journal of Finance, Vol.57, No. 1, pp.1-32.Busaba, Walid Y., Lawrence M. Benveniste, and Re-Jin Guo (2001), “The option to withdraw IPOs during the premarket: Empirical analysis”, Journal of Financial Economics, Vol. 60, No. 1, pp.73-102.Clarke, Jonathan, Craig Dunbar, and Kathleen M. Kahle (2001), “Long-run performance and insider trading in completed and canceled seasoned equity offerings”, Journal of Financial and Quantitative Analysis, Vol. 36, No. 4, pp.415-430.DeAngelo, Harry, Linda DeAngelo, and Rene M. Stulz.(2009) “Seasoned equity offerings, market timing, and the corporate lifecycle”, Journal of Financial Economics, Vol 95, Issue.3, pp. 275–295Dunbar, Craig G., and Stephen R. Foerster (2008), “Second time lucky? Withdrawn IPOs that return to the market”, Journal of Financial Economics, Vol.87, No.3, pp.610-635.Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969), “The adjustment of stock prices to new information”, International Economic Review, Vol. 10, No. 1, pp. 1-21Harjoto, Maretno, and John Garen.(2003) “Why do IPO firms conduct primary seasoned equity offerings?”, The Financial Review, Vol.38, Issue.1, pp.103-125.Hardin III, W. G., Highfield, M. J., Hill, M. D., & Kelly, G. W. (2009), “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Vol.39, No.1, pp.39-57.Loughran, Tim, and Jay R. Ritter (1995), “The new issues puzzle”, The Journal of Finance, Vol.50, No.1, pp.23-51.Loughran, Tim, and Jay R. Ritter (1997), “The operating performance of firmsconducting seasoned equity offerings”, Journal of Finance, Vol.52, No.5, pp. 1823-1850.Lian, Qin, and Qiming Wang. (2009), “Does the market incorporate previousIPO withdrawals when pricing second-time IPOs?” Financial Management, Vol.38, No.2 pp.357 – 380Mikkelson, Wayne H., and M. Megan Partch (1988), “Withdrawn security offerings”, Journal of Financial and Quantitative Analysis, Vol.23, No.2, pp.119-133.Officer, Dennis T., and Richard L. Smith. (1986), “Announcement effects of withdrawn security offerings: evidence on the wealth redistribution hypothesis.” The Journal of Financial Research, Vol4, No3 描述 碩士
國立政治大學
財務管理研究所
103357032資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357032 資料類型 thesis dc.contributor.advisor 陳鴻毅 zh_TW dc.contributor.advisor Chen, Hong Yi en_US dc.contributor.author (Authors) 卓宜靜 zh_TW dc.contributor.author (Authors) Cho, Yi Ching en_US dc.creator (作者) 卓宜靜 zh_TW dc.creator (作者) Cho, Yi Ching en_US dc.date (日期) 2016 en_US dc.date.accessioned 20-Jul-2016 17:12:50 (UTC+8) - dc.date.available 20-Jul-2016 17:12:50 (UTC+8) - dc.date.issued (上傳時間) 20-Jul-2016 17:12:50 (UTC+8) - dc.identifier (Other Identifiers) G0103357032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99329 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 103357032 zh_TW dc.description.abstract (摘要) 本研究主要探討公司進行現金增資之決策是否受到市場對公司的股價反應與公司本身財務彈性所影響。本研究以 1980 年至 2015 年間,美國證券市場 328 家撤銷現金增資的公司與 11,754 家完成現金增資的公司為樣本,並進一步探討撤銷現金增資之決策影響因素。實證結果顯示,當市場於現金增資宣告日給予負向反應時,公司傾向撤銷現金增資。該結果證實公司會運用其市場擇時能力以進行現金增資之決策。本研究亦針對撤銷現金增資之決策影響因素進行探討,發現股價現金增資反應較差、成長機會較低或獲利能力越好的公司會傾向撤銷現金增資。此外,本研究發現當公司因宣告現金增資而引起股價下跌時,財務彈性較佳的公司將傾向撤銷現金增資。然而,財務彈性不佳的公司則不受市場狀況所影響,並傾向完成現金增資。因此,公司除了將市場情形納入現金增資決策外,在市場狀況不佳時更特別注重公司是否持有足夠的現金以保持財務彈性。 zh_TW dc.description.abstract (摘要) The main purpose of this study is to examine whether the interaction between market reaction to the announcement and financial flexibility of seasoned equity offering (SEO) will affect the decision of SEO cancellation. This study includes 328 canceled SEOs and 11,754 completed SEOs in U.S. market from 1980 to 2015 and conducts a comprehensive analysis on the decision of SEO cancellation. We find that, consistent with market timing theory, SEO firms tend to cancel their equity offerings if the market reaction to those SEOs are negative. We further investigate determinants of the decision of SEO cancellation. We find that SEO cancellation is negatively associated with stock price reaction and the growth opportunity, and positively associated with the profitability. In addition, we show the evidence that the association between SEO cancellation decision and the market condition depends on the level of financial flexibility for SEO firms. Specifically, we find that firms with more financial flexibility tend to cancel SEOs if their stock prices experience a large decline around the filing date, while firms with less financial flexibility will complete equity issuance regardless of the market conditions. en_US dc.description.tableofcontents ContentChapter 1 Introduction 11.1 Introduction 11.2 Research purpose and motivation 21.3 Framework 3Chapter 2 Literature Review 42.1 Market timing 42.2 Stock price behavior and operating performance of SEOs 42.3 Determinant of choice to cancel SEOs 5Chapter 3 Hypothesis Development 73.1 Canceled and completed SEOs 73.1.1 The price reaction of canceled and completed SEOs 73.1.2 The decision to cancel SEOs 8Chapter 4 Methodology 114.1 Event study 114.2 Logit analysis 15Chapter 5 Data and Empirical analysis 185.1 Data 185.2 The factors affecting the decision to cancel SEOs 195.3 The market reaction of canceled and completed SEOs 205.3.1 The average abnormal return of canceled and completed SEOs 205.3.2 The Cumulative abnormal return of canceled and completed SEOs 215.4 Logit analysis of determinant of choice to cancel SEOs 225.5 The probability of cancellation after negative price reaction 235.6 The probability of cancellation after stock price declines dramatically 24Chapter 6 Conclusion 266.1 Conclusion 266.2 Further Research 27References 28List of TablesTable 1: The description and the expected effect of the decision to cancel SEOs 30Table 2: Sample of canceled and completed ceasoned equity offerings 31Table 3: Summary statistic of completed and canceled security offerings. 32Table 4: Average abnormal return around the filing date of completed and canceled security offering. 33Table 5: Average abnormal return around the issuance date for completed security offerings and cancellation date for canceled security offering. 34Table 6: Cumulative abnormal return (CAR) around the filing date and issuance or cancellation date. 35Table 7: Logit model of the determinant of choice to cancel SEOs 36Table 8: Summary statistic of security offerings divided into group with positive CAR and with negative CAR. 37Table 9: Logit model of the determinant of choice to cancel SEOs between 1980 and 2015 in negative CAR group. 38Table 10: Summary statistic of security offerings divided into group into five quintiles by CAR. 39Table 11: Logit model of the determinant of choice to cancel SEOs between 1980 and 2015 in first quintile rank. 40 zh_TW dc.format.extent 918118 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357032 en_US dc.subject (關鍵詞) 現金增資 zh_TW dc.subject (關鍵詞) 撤回 zh_TW dc.subject (關鍵詞) 財務彈性 zh_TW dc.subject (關鍵詞) SEO en_US dc.subject (關鍵詞) cancellation en_US dc.subject (關鍵詞) Financial flexibility en_US dc.title (題名) 市場擇時及公司財務彈性對現金增資決策影響 zh_TW dc.title (題名) Effects of market timing and corporate financial flexibility on seasoned equity offerings en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) ReferencesBaker, Malcolm, and Jeffrey Wurgler (2002), “Market timing and capital structure”, The Journal of Finance, Vol.57, No. 1, pp.1-32.Busaba, Walid Y., Lawrence M. Benveniste, and Re-Jin Guo (2001), “The option to withdraw IPOs during the premarket: Empirical analysis”, Journal of Financial Economics, Vol. 60, No. 1, pp.73-102.Clarke, Jonathan, Craig Dunbar, and Kathleen M. Kahle (2001), “Long-run performance and insider trading in completed and canceled seasoned equity offerings”, Journal of Financial and Quantitative Analysis, Vol. 36, No. 4, pp.415-430.DeAngelo, Harry, Linda DeAngelo, and Rene M. Stulz.(2009) “Seasoned equity offerings, market timing, and the corporate lifecycle”, Journal of Financial Economics, Vol 95, Issue.3, pp. 275–295Dunbar, Craig G., and Stephen R. Foerster (2008), “Second time lucky? Withdrawn IPOs that return to the market”, Journal of Financial Economics, Vol.87, No.3, pp.610-635.Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969), “The adjustment of stock prices to new information”, International Economic Review, Vol. 10, No. 1, pp. 1-21Harjoto, Maretno, and John Garen.(2003) “Why do IPO firms conduct primary seasoned equity offerings?”, The Financial Review, Vol.38, Issue.1, pp.103-125.Hardin III, W. G., Highfield, M. J., Hill, M. D., & Kelly, G. W. (2009), “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Vol.39, No.1, pp.39-57.Loughran, Tim, and Jay R. Ritter (1995), “The new issues puzzle”, The Journal of Finance, Vol.50, No.1, pp.23-51.Loughran, Tim, and Jay R. Ritter (1997), “The operating performance of firmsconducting seasoned equity offerings”, Journal of Finance, Vol.52, No.5, pp. 1823-1850.Lian, Qin, and Qiming Wang. (2009), “Does the market incorporate previousIPO withdrawals when pricing second-time IPOs?” Financial Management, Vol.38, No.2 pp.357 – 380Mikkelson, Wayne H., and M. Megan Partch (1988), “Withdrawn security offerings”, Journal of Financial and Quantitative Analysis, Vol.23, No.2, pp.119-133.Officer, Dennis T., and Richard L. Smith. (1986), “Announcement effects of withdrawn security offerings: evidence on the wealth redistribution hypothesis.” The Journal of Financial Research, Vol4, No3 zh_TW
