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題名 以過度投資分析現金增資與營運績效之關係
The effect of overinvestment on the relationship between SEOs and operating performance
作者 陳玫蓉
貢獻者 盧秋玲
陳玫蓉
關鍵詞 現金增資
過度投資
營運績效
SEOs
overinvestment
operating performance
日期 2009
上傳時間 9-May-2016 14:42:23 (UTC+8)
摘要 在台灣現金增資已成為企業集資主要手段之一，尤以電子業之現金增資案例居各產業之首。關於現金增資與營運績效之議題，不論是學術界或實務領域皆受到相當程度關注。本研究以台灣上市公司現金增資為例，探討1995年1月1日至2003年12月31日共九年資料，分析現金增資後過度投資(overinvestment)對於營運績效之影響。本研究結論及實證結果如下：
(1)使用營運資產報酬率、資產報酬率、每股盈餘、股票報酬率等績效衡量指標衡量現金增資前後之營運績效表現，發現增資後營運績效顯著下降。
(2)現金增資後現金收益(proceeds)主要用於投資。
(3)過度投資造成營運績效下降，而電子業之適度投資將使得營運績效上升，投資機會低且過度投資將使得營運績效嚴重下降。
In Taiwan, Seasoned Equity Offerings (SEOs) has become an important source of corporate financing. It is especially the case for the semiconductor and electronic industries. Previous studies have documented that firms’ operating performance deteriorates after SEOs. In this research, the emphasis is on how overinvesting affects firms’ operating performances after SEOs. The sample of this research consists of SEOs of listed companies during 1995 through 2003 in the Taiwan Stock Exchange (TWSE). The results and conclusions of this research are as followings:

(1)The performance indicators, such as operating ROA, ROA, EPS, and stock return performance indexes, decline after SEOs.
(2)The primary purpose of SEO proceeds is for investment.
(3)Firms’ performance improves with optimal investment in the electronic industry while onverinvestment explains poor firms’ performance after SEOs. The adverse effect of overinvestment on performance is more severe in firms with fewer investment opportunities.
參考文獻 一、中文部分
1.朱家萱(1996)，我國上市公司現金增資後經營績效之研究，國立中正大學會計學研究所，碩士論文。
2.潘梧仁(1996)，現金增資長期之價格與經營績效，國立中正大學財務金融學系，碩士論文。
3.何承哲(1998)，以益本比、公司規模探討現金增資公司長期經營績效，國立中正大學財務金融學系，碩士論文。
4.陳建偉(1998)，上市公司現金增資與營運績效變化關係之研究，交通大學管理科學研究所，碩士論文。
5.許嘉臻(1999)，國內現金增資頻率與績效之研究，中正大學會計學研究所，碩士論文。
6.黃士芬(2000)，企業現金增資與經營績效關聯性之研究-以成長機會和閒餘現金流量理論分析，東吳大學會計學系，碩士論文。
7.金管會(2006)，台灣企業於資本市場籌資之分析，行政院金管會網站。
8.謝劍平(2008)，財務報表分析，智勝出版社。

 
二、英文部分
1.Abel, A.B. and O.J. Blanchard, 1983, An intertermporal model of savings and investment, Economertrica, 51, 675-692.
2.Ali, Ashiq, 1997, Bias in analysts` earnings forecasts as an explanation for the long-run underperformance of stocks following equity offerings, Working paper University of Arizona.
3.Bates, T.W., 2005, Asset sales, investment opportunities, and the use of proceeds, Journal of Financing Economics, 60, 105-135.
4.Barber, B.M. and J.D. Lyon, 1996, Detecting abnormal operating performance: The empirical power and specification of test statistics, Journal of Financing Economics, 41, 359-399.
5.Barclay, M.J., F.Fu, and C.W. Smith, 2009, Strategic financial management: Evidence from seasoned equity offering, Universit of Rochester Working Paper.
6.Blanchard, O.J., F. Lopez-de-Silanes, and A. Shleifer, 1994, What do firms do with cash windfalls?, Journal of Financial Economics, 36, 337-360.
7.Brav, A., C. Geczy, and P.A. Gompers, 2000, Is the abnormal return following equity issuances anomalous? Journal of Financial Economics, 56(2), 209-250.
8.Brous, Peter Alan, 1992, Common stock offerings and earnings expectations: A test of the release of unfavorable information, Journal of Finance 47, 1517-1536.
9.Brous, P.A., V. Datar, and Kini, 2001, Is the market optimistic about the future earnings of seasoned equity offering firms?, Journal of Financial and Quantitative Analysis, 36, 141-168.
10.Cochrane, John H., 1991, Production-based asset pricing and the link between stock returns and economic fluctuations, Journal of Finance 46, 209–237.
11.Denis, D.J. and A. Sarin, 2001, Is the market surprised by poor earnings realizations following seasoned equity offerings?, Journal of Financial and Quantitative Analysis, 36, 169-193.
12.Easterbrook, F.H., 1984, Two agency-cost explanations of dividends, American Economic Review, 74, 650-659.
13.Eugune F. Fama and James D. MacBeth, 1973, Risk, return, and equilibrium: Empricial tests, Journal of Political Economy, 81(3), 607-636.
14.Fangjian Fu, 2009, Overinvestment and operating performance of SEO firms, Financial Management.
15.Hansen, R.S. and C. Crutchley, 1990, Corporate earnings and financings: An empricial analysis, Journal of Business, 63, 347-371.
16.Healy, P.M. and K.G. Palepu, 1990, Earnings and risk changes surrounding primary stock offers, Journal of Accounting Research, 28, 25-48.
17.Jain, Prem C., 1992, Equity issues and changes in expectations of earnings by financial analysts, Review of Financial Studies, 5, 669-683.
18.Jain, Bharat A., and Omesh Kini, 1994, The post issue operating performance of IPO firms. Journal of Finance, 49, 1699–1726.
19.Jegadeesh, N., 2000, Long-term performance of seasoned equity offerings: Benchmark errors and biases in expectations, Financial Management, 29, 5-30.
20.Jensen, M. C. and W. H. Meckling, 1976, Theory of the firm managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305-360.
21.Jensen, M.C., 1986, Agency costs of free cash flow, Corporate finance and takeovers, American Economic Review, 76, 323-329.
22.Jensen, Michael C., 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance, 48, 831-880.
23.Jensen, M.C., 2005, Agency costs of overvalued equity, Financial Management, 34, 5-19.
24.Jung, K., Y. Kim, and R.M. Stulz, 1996, Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics, 42, 159-185.
25.Lang and Litzengerger, 1989, Dividend announcements: Cash flow signalling vs Free cash flow hypothesis?, Journal of Financial Economics, 24, 181-191.
26.Lang, H.P.L., R.M. Stulz, and R.A. Walking, 1991, A test of the free cash flow hypothesis: the case of bidder returns, Journal of Financial Economics, 29, 315-335.
27.Lang, L., A. Poulsen, and R. Stulz, 1994, Asset Sales, firm performance and agency costs of managerial discretion, Journal of Financial Economics, 37(1), 3-37.
28.Lee, I., 1997, Do firms knowingly sell overvalued equity? Journal of Finance, 52, 1439-1466.
29.Levis, Mario, 1993a, The long-run performance of initial public offerings: The U.K. experience 1980-88, Financial Management, 22, 28-41.
30.Levis, Mario, 1993b, Initial public offerings, subsequent rights issues and long-run performance, Working paper, City University, London.
31.Loughran and Kristian Rydqvist, 1994, Initial public offerings: International insights, Pacific- Basin Finance Journal, 2, 165-199.
32.Loughran, T. and J.R. Ritter, 1995, The new issue puzzle. Journal of Finance, 50, 23–51.
33.Loughran and Jay R. Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Working paper, University of Iowa.
34.Loughran, T. and J.R. Ritter, 2000, Uniformly least powerful tests of market efficiency, Journal of Finance, 55, 361–389.
35.Mikkelson, Wayne H., and Ken Shah, 1994, Performance of companies around initial public offerings, Working paper, University of Oregon.
36.Marsh, Paul, 1979, Equity rights issues and the efficiency of the U.K. stock market, Journal of Finance, 34, 839-862.
37.Nohel, T. and V. Tarhan, 1998, Share repurchases and firm performance: New evidence on the agency costs of free cash flow, Journal of Financial Economics, 49, 187-222.
38.Rangan, S., 1998, Earnings Management and the Performance of Seasoned Equity Offerings, Journal of Financial Economics, 50, 101-122.
39.Shivakumar, L., 2000, Do firms mislead investors by overstating earnings before seasoned equity offerings?, Journal of Accounting and Economics, 29, 339-371.
40.Smith, C.W. and R.L. Watts, 1992, The investment opportunity set and corporate financings, dividend and compensation policies, Journal of Financial Economics, 32, 263-292.
41.Spiess, D.K. and J. Affleck-Graves, 1995, Underperformance in long-run stock returns following seasoned equity offerings, Journal of Financial Economics, 32, 243-267.
42.Sticlney,C.P. and R.L. Weil,2003, Financial Accounting: An Introduction to Concepts, Methods, and Uses, 10th Edition, Carlsbad, CA: South-Western Press.
43.Teoh, S.H., I. Welch, and T.J. Wong, 1998, Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics, 50, 63-99.
44.Titman, Sheridan, K. C. John Wei, and Feixue Xie, 2004, Capital investments and stock returns, Journal of Financial and Quantitative Analysis, 39, 677–700.
描述 碩士
國立政治大學
企業管理學系
96355019
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096355019
資料類型 thesis
dc.contributor.advisor 盧秋玲zh_TW
dc.contributor.author (Authors) 陳玫蓉zh_TW
dc.creator (作者) 陳玫蓉zh_TW
dc.date (日期) 2009en_US
dc.date.accessioned 9-May-2016 14:42:23 (UTC+8)-
dc.date.available 9-May-2016 14:42:23 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 14:42:23 (UTC+8)-
dc.identifier (Other Identifiers) G0096355019en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95029-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description (描述) 96355019zh_TW
dc.description.abstract (摘要) 在台灣現金增資已成為企業集資主要手段之一，尤以電子業之現金增資案例居各產業之首。關於現金增資與營運績效之議題，不論是學術界或實務領域皆受到相當程度關注。本研究以台灣上市公司現金增資為例，探討1995年1月1日至2003年12月31日共九年資料，分析現金增資後過度投資(overinvestment)對於營運績效之影響。本研究結論及實證結果如下：
(1)使用營運資產報酬率、資產報酬率、每股盈餘、股票報酬率等績效衡量指標衡量現金增資前後之營運績效表現，發現增資後營運績效顯著下降。
(2)現金增資後現金收益(proceeds)主要用於投資。
(3)過度投資造成營運績效下降，而電子業之適度投資將使得營運績效上升，投資機會低且過度投資將使得營運績效嚴重下降。		zh_TW
dc.description.abstract (摘要) In Taiwan, Seasoned Equity Offerings (SEOs) has become an important source of corporate financing. It is especially the case for the semiconductor and electronic industries. Previous studies have documented that firms’ operating performance deteriorates after SEOs. In this research, the emphasis is on how overinvesting affects firms’ operating performances after SEOs. The sample of this research consists of SEOs of listed companies during 1995 through 2003 in the Taiwan Stock Exchange (TWSE). The results and conclusions of this research are as followings:

(1)The performance indicators, such as operating ROA, ROA, EPS, and stock return performance indexes, decline after SEOs.
(2)The primary purpose of SEO proceeds is for investment.
(3)Firms’ performance improves with optimal investment in the electronic industry while onverinvestment explains poor firms’ performance after SEOs. The adverse effect of overinvestment on performance is more severe in firms with fewer investment opportunities.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 5
第二章 文獻探討 6
第一節 現金增資相關理論與文獻探討 6
第二節 現金增資與營運績效關係之文獻探討 8
第三節 投資理論與營運績效之文獻探討 13
第三章 研究設計 16
第一節 研究假說 16
第二節 研究變數的定義與衡量方法 18
第三節 資料來源與樣本篩選 25
第四章 資料分析 28
第一節 樣本敘述統計分析 28
第二節 現金收益運用 29
第三節 現金增資與營運績效之假說驗證 31
第四節 投資與營運績效之假說驗證 33
第五章 結論與建議 39
第一節 研究結論 39
第二節 研究限制 40
第三節 未來研究方向 41
參考文獻 43
一、中文部分 43
二、英文部分 44
附錄：樣本公司與配對公司一覽表 47		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096355019en_US
dc.subject (關鍵詞) 現金增資zh_TW
dc.subject (關鍵詞) 過度投資zh_TW
dc.subject (關鍵詞) 營運績效zh_TW
dc.subject (關鍵詞) SEOsen_US
dc.subject (關鍵詞) overinvestmenten_US
dc.subject (關鍵詞) operating performanceen_US
dc.title (題名) 以過度投資分析現金增資與營運績效之關係zh_TW
dc.title (題名) The effect of overinvestment on the relationship between SEOs and operating performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部分
1.朱家萱(1996)，我國上市公司現金增資後經營績效之研究，國立中正大學會計學研究所，碩士論文。
2.潘梧仁(1996)，現金增資長期之價格與經營績效，國立中正大學財務金融學系，碩士論文。
3.何承哲(1998)，以益本比、公司規模探討現金增資公司長期經營績效，國立中正大學財務金融學系，碩士論文。
4.陳建偉(1998)，上市公司現金增資與營運績效變化關係之研究，交通大學管理科學研究所，碩士論文。
5.許嘉臻(1999)，國內現金增資頻率與績效之研究，中正大學會計學研究所，碩士論文。
6.黃士芬(2000)，企業現金增資與經營績效關聯性之研究-以成長機會和閒餘現金流量理論分析，東吳大學會計學系，碩士論文。
7.金管會(2006)，台灣企業於資本市場籌資之分析，行政院金管會網站。
8.謝劍平(2008)，財務報表分析，智勝出版社。

 
二、英文部分
1.Abel, A.B. and O.J. Blanchard, 1983, An intertermporal model of savings and investment, Economertrica, 51, 675-692.
2.Ali, Ashiq, 1997, Bias in analysts` earnings forecasts as an explanation for the long-run underperformance of stocks following equity offerings, Working paper University of Arizona.
3.Bates, T.W., 2005, Asset sales, investment opportunities, and the use of proceeds, Journal of Financing Economics, 60, 105-135.
4.Barber, B.M. and J.D. Lyon, 1996, Detecting abnormal operating performance: The empirical power and specification of test statistics, Journal of Financing Economics, 41, 359-399.
5.Barclay, M.J., F.Fu, and C.W. Smith, 2009, Strategic financial management: Evidence from seasoned equity offering, Universit of Rochester Working Paper.
6.Blanchard, O.J., F. Lopez-de-Silanes, and A. Shleifer, 1994, What do firms do with cash windfalls?, Journal of Financial Economics, 36, 337-360.
7.Brav, A., C. Geczy, and P.A. Gompers, 2000, Is the abnormal return following equity issuances anomalous? Journal of Financial Economics, 56(2), 209-250.
8.Brous, Peter Alan, 1992, Common stock offerings and earnings expectations: A test of the release of unfavorable information, Journal of Finance 47, 1517-1536.
9.Brous, P.A., V. Datar, and Kini, 2001, Is the market optimistic about the future earnings of seasoned equity offering firms?, Journal of Financial and Quantitative Analysis, 36, 141-168.
10.Cochrane, John H., 1991, Production-based asset pricing and the link between stock returns and economic fluctuations, Journal of Finance 46, 209–237.
11.Denis, D.J. and A. Sarin, 2001, Is the market surprised by poor earnings realizations following seasoned equity offerings?, Journal of Financial and Quantitative Analysis, 36, 169-193.
12.Easterbrook, F.H., 1984, Two agency-cost explanations of dividends, American Economic Review, 74, 650-659.
13.Eugune F. Fama and James D. MacBeth, 1973, Risk, return, and equilibrium: Empricial tests, Journal of Political Economy, 81(3), 607-636.
14.Fangjian Fu, 2009, Overinvestment and operating performance of SEO firms, Financial Management.
15.Hansen, R.S. and C. Crutchley, 1990, Corporate earnings and financings: An empricial analysis, Journal of Business, 63, 347-371.
16.Healy, P.M. and K.G. Palepu, 1990, Earnings and risk changes surrounding primary stock offers, Journal of Accounting Research, 28, 25-48.
17.Jain, Prem C., 1992, Equity issues and changes in expectations of earnings by financial analysts, Review of Financial Studies, 5, 669-683.
18.Jain, Bharat A., and Omesh Kini, 1994, The post issue operating performance of IPO firms. Journal of Finance, 49, 1699–1726.
19.Jegadeesh, N., 2000, Long-term performance of seasoned equity offerings: Benchmark errors and biases in expectations, Financial Management, 29, 5-30.
20.Jensen, M. C. and W. H. Meckling, 1976, Theory of the firm managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305-360.
21.Jensen, M.C., 1986, Agency costs of free cash flow, Corporate finance and takeovers, American Economic Review, 76, 323-329.
22.Jensen, Michael C., 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance, 48, 831-880.
23.Jensen, M.C., 2005, Agency costs of overvalued equity, Financial Management, 34, 5-19.
24.Jung, K., Y. Kim, and R.M. Stulz, 1996, Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics, 42, 159-185.
25.Lang and Litzengerger, 1989, Dividend announcements: Cash flow signalling vs Free cash flow hypothesis?, Journal of Financial Economics, 24, 181-191.
26.Lang, H.P.L., R.M. Stulz, and R.A. Walking, 1991, A test of the free cash flow hypothesis: the case of bidder returns, Journal of Financial Economics, 29, 315-335.
27.Lang, L., A. Poulsen, and R. Stulz, 1994, Asset Sales, firm performance and agency costs of managerial discretion, Journal of Financial Economics, 37(1), 3-37.
28.Lee, I., 1997, Do firms knowingly sell overvalued equity? Journal of Finance, 52, 1439-1466.
29.Levis, Mario, 1993a, The long-run performance of initial public offerings: The U.K. experience 1980-88, Financial Management, 22, 28-41.
30.Levis, Mario, 1993b, Initial public offerings, subsequent rights issues and long-run performance, Working paper, City University, London.
31.Loughran and Kristian Rydqvist, 1994, Initial public offerings: International insights, Pacific- Basin Finance Journal, 2, 165-199.
32.Loughran, T. and J.R. Ritter, 1995, The new issue puzzle. Journal of Finance, 50, 23–51.
33.Loughran and Jay R. Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Working paper, University of Iowa.
34.Loughran, T. and J.R. Ritter, 2000, Uniformly least powerful tests of market efficiency, Journal of Finance, 55, 361–389.
35.Mikkelson, Wayne H., and Ken Shah, 1994, Performance of companies around initial public offerings, Working paper, University of Oregon.
36.Marsh, Paul, 1979, Equity rights issues and the efficiency of the U.K. stock market, Journal of Finance, 34, 839-862.
37.Nohel, T. and V. Tarhan, 1998, Share repurchases and firm performance: New evidence on the agency costs of free cash flow, Journal of Financial Economics, 49, 187-222.
38.Rangan, S., 1998, Earnings Management and the Performance of Seasoned Equity Offerings, Journal of Financial Economics, 50, 101-122.
39.Shivakumar, L., 2000, Do firms mislead investors by overstating earnings before seasoned equity offerings?, Journal of Accounting and Economics, 29, 339-371.
40.Smith, C.W. and R.L. Watts, 1992, The investment opportunity set and corporate financings, dividend and compensation policies, Journal of Financial Economics, 32, 263-292.
41.Spiess, D.K. and J. Affleck-Graves, 1995, Underperformance in long-run stock returns following seasoned equity offerings, Journal of Financial Economics, 32, 243-267.
42.Sticlney,C.P. and R.L. Weil,2003, Financial Accounting: An Introduction to Concepts, Methods, and Uses, 10th Edition, Carlsbad, CA: South-Western Press.
43.Teoh, S.H., I. Welch, and T.J. Wong, 1998, Earnings management and the underperformance of seasoned equity offerings, Journal of Financial Economics, 50, 63-99.
44.Titman, Sheridan, K. C. John Wei, and Feixue Xie, 2004, Capital investments and stock returns, Journal of Financial and Quantitative Analysis, 39, 677–700.		zh_TW