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題名 企業外部融資決策探討
Determinants of Financing Decisions: SEO and Debt作者 林俊佑
Lin, Chung-Yu貢獻者 盧敬植
林俊佑
Lin, Chung-Yu關鍵詞 SEO動機
公司生命週期
市場時機理論
債市風險情緒理論
現金短缺理論
舉債動機
SEO motivations
Corporate lifecycle theory
Market timing theory
Bond market risk aversion theory
Cash shortage theory
Debt motivations日期 2022 上傳時間 2-Sep-2022 14:47:08 (UTC+8) 摘要 本研究首先探討公司生命週期與企業進行SEO的關聯，以保留盈餘比例代表公司生命週期，分析公司生命週期是否會對其他SEO動機造成影響。實證結果顯示，SEO市場的確是由成長期公司主導，且市場時機理論、債市風險情緒理論對成熟期公司影響較大；至於現金短缺理論不適用於成長期公司，原因在於成長期公司受限於SEO規模有限，會提前在SEO之前累積部分所需現金。此外，考量到SEO與舉債兩種外部融資管道相當於替代品的關係，本研究預測SEO動機同樣適用於舉債，並從後續的實證結果得到證實，更從多元羅吉斯迴歸分析發現，市場時機理論從發生機率的增加率來看，對舉債的影響程度不如SEO明顯。
This study analyzes the motivations and behaviors of firms facing seasoned equity offering (SEO) decisions. Using retained earnings-to-asset ratio as a proxy for a firm’s lifecycle stage in the logistic regression model, I found that the corporate lifecycle stage indeed affects SEO decisions. The results suggest that growth stage firms dominate the SEO market, while market timing theory and bond market risk aversion theory have much influence on SEO decisions to mature stage firms. Cash shortage theory is unsuitable to growth stage firms since they tend to accumulate part of cash need before SEO, considering the size constraints of SEO proceeds. Besides SEO decisions, I also apply the same variables of the SEO logistic regression model to examine whether they will affect debt decisions. According to empirical results, the motivations and behaviors of SEO are also suitable for debt decisions, and marketing timing theory would increase more probabilities of SEO than debt.參考文獻 Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2), 203-227.Asquith, P., & Mullins, D. (1986). Equity issues and offering dilution. Journalof Financial Economics, 15(1), 61-89.Badoer, D. C., & James, C. M. (2016). The Determinants of Long-Term Corporate Debt Issuances. Journal of Finance, 71(1), 457-492.Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. Journal of Finance, 57(1), 1-32.Baker, M., Stein, J., & Wurgler, J. (2003). When does the stock market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics, 118(1), 969-1005.Bulan, L., & Yan, Z. (2010). Firm maturity and the pecking order theory. International Journal of Business and Economics, 9(1), 179-200.Cheung, W., Fung, S., & Tam, L. (2016). Does market microstructure matter for corporate finance? Theory and evidence on seasoned equity offering decisions. The Quarterly Review of Economics and Finance, 60(1), 149-161.Carlson, M., Fisher, A., & Giammarino, R. (2006). Corporate investment and asset price dynamics: implications for SEO event studies and long-run performance. Journal of Finance, 61(3), 1009-1034.Dalbor, M. C., & Upneja, A. (2004). The Investment Opportunity Set and the Long-Term Debt Decision of U.S. Lodging Firms. Journal of Hospitality & Tourism Research, 28(3), 346–355.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2010). Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics,95(3), 275-295.Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994.Drobetz, W., Halling, M., & Schröder, H. (2015). Corporate life-cycle dynamics of cash holdings. Swedish House of Finance Research Paper No. 15-07.Fama, E. F., & French, K. R. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance, 47(2), 427-465.Hovakimian, A., Opler, T., & Titman, S. (2001). The Debt-Equity Choice. Journal of Financial and Quantitative Analysis, 36(1), 1-24.Huang, R., & Ritter, J. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(1), 237-271.James, B. G. (1974). The theory of the corporate life cycle. Long Range Planning, 7(2), 49-55.Loughran, T., & Ritter, J. R. (1997). The Operating Performance of Firms Conducting Seasoned Equity Offerings. The Journal of Finance, 52(5), 1823-1850.Kim, W., & Weisbach, M. S. (2008). A Motivations for public equity offers: An international perspective. The Journal of Finance, 87(2), 281-307.Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911-922.Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433–443.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisionswhen firms have information that investors do not have. Journal of financialeconomics, 13(2), 187-221.Masulis, R., & Korwar, A. (1986). Seasoned equity offerings: an empiricalinvestigation. Journal of Financial Economics, 15(1) ,91-118.Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29(3) ,339-371. 描述 碩士
國立政治大學
財務管理學系
109357013資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357013 資料類型 thesis dc.contributor.advisor 盧敬植 zh_TW dc.contributor.author (Authors) 林俊佑 zh_TW dc.contributor.author (Authors) Lin, Chung-Yu en_US dc.creator (作者) 林俊佑 zh_TW dc.creator (作者) Lin, Chung-Yu en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 14:47:08 (UTC+8) - dc.date.available 2-Sep-2022 14:47:08 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 14:47:08 (UTC+8) - dc.identifier (Other Identifiers) G0109357013 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141553 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 109357013 zh_TW dc.description.abstract (摘要) 本研究首先探討公司生命週期與企業進行SEO的關聯，以保留盈餘比例代表公司生命週期，分析公司生命週期是否會對其他SEO動機造成影響。實證結果顯示，SEO市場的確是由成長期公司主導，且市場時機理論、債市風險情緒理論對成熟期公司影響較大；至於現金短缺理論不適用於成長期公司，原因在於成長期公司受限於SEO規模有限，會提前在SEO之前累積部分所需現金。此外，考量到SEO與舉債兩種外部融資管道相當於替代品的關係，本研究預測SEO動機同樣適用於舉債，並從後續的實證結果得到證實，更從多元羅吉斯迴歸分析發現，市場時機理論從發生機率的增加率來看，對舉債的影響程度不如SEO明顯。 zh_TW dc.description.abstract (摘要) This study analyzes the motivations and behaviors of firms facing seasoned equity offering (SEO) decisions. Using retained earnings-to-asset ratio as a proxy for a firm’s lifecycle stage in the logistic regression model, I found that the corporate lifecycle stage indeed affects SEO decisions. The results suggest that growth stage firms dominate the SEO market, while market timing theory and bond market risk aversion theory have much influence on SEO decisions to mature stage firms. Cash shortage theory is unsuitable to growth stage firms since they tend to accumulate part of cash need before SEO, considering the size constraints of SEO proceeds. Besides SEO decisions, I also apply the same variables of the SEO logistic regression model to examine whether they will affect debt decisions. According to empirical results, the motivations and behaviors of SEO are also suitable for debt decisions, and marketing timing theory would increase more probabilities of SEO than debt. 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 研究目的與結果 2第二章 文獻探討 4第一節 公司生命週期定義 4第二節 企業進行SEO的動機與行為 5第三節 外部融資工具選擇理論 6第三章 研究方法 9第一節 資料蒐集 9第二節 變數定義與假說 10第三節 研究方法與實證模型 14第四章 實證結果 19第一節 敘述統計 19第二節 企業進行SEO背後考量 22第三節 公司生命週期對SEO決策的影響 25第四節 SEO動機是否同樣適用於舉債 29第五章 結論與建議 35第一節 研究結論 35第二節 研究限制與後續建議 37參考文獻 39 zh_TW dc.format.extent 1167269 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357013 en_US dc.subject (關鍵詞) SEO動機 zh_TW dc.subject (關鍵詞) 公司生命週期 zh_TW dc.subject (關鍵詞) 市場時機理論 zh_TW dc.subject (關鍵詞) 債市風險情緒理論 zh_TW dc.subject (關鍵詞) 現金短缺理論 zh_TW dc.subject (關鍵詞) 舉債動機 zh_TW dc.subject (關鍵詞) SEO motivations en_US dc.subject (關鍵詞) Corporate lifecycle theory en_US dc.subject (關鍵詞) Market timing theory en_US dc.subject (關鍵詞) Bond market risk aversion theory en_US dc.subject (關鍵詞) Cash shortage theory en_US dc.subject (關鍵詞) Debt motivations en_US dc.title (題名) 企業外部融資決策探討 zh_TW dc.title (題名) Determinants of Financing Decisions: SEO and Debt en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2), 203-227.Asquith, P., & Mullins, D. (1986). Equity issues and offering dilution. Journalof Financial Economics, 15(1), 61-89.Badoer, D. C., & James, C. M. (2016). The Determinants of Long-Term Corporate Debt Issuances. Journal of Finance, 71(1), 457-492.Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. Journal of Finance, 57(1), 1-32.Baker, M., Stein, J., & Wurgler, J. (2003). When does the stock market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics, 118(1), 969-1005.Bulan, L., & Yan, Z. (2010). Firm maturity and the pecking order theory. International Journal of Business and Economics, 9(1), 179-200.Cheung, W., Fung, S., & Tam, L. (2016). Does market microstructure matter for corporate finance? Theory and evidence on seasoned equity offering decisions. The Quarterly Review of Economics and Finance, 60(1), 149-161.Carlson, M., Fisher, A., & Giammarino, R. (2006). Corporate investment and asset price dynamics: implications for SEO event studies and long-run performance. Journal of Finance, 61(3), 1009-1034.Dalbor, M. C., & Upneja, A. (2004). The Investment Opportunity Set and the Long-Term Debt Decision of U.S. Lodging Firms. Journal of Hospitality & Tourism Research, 28(3), 346–355.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2), 227-254.DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2010). Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics,95(3), 275-295.Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994.Drobetz, W., Halling, M., & Schröder, H. (2015). Corporate life-cycle dynamics of cash holdings. Swedish House of Finance Research Paper No. 15-07.Fama, E. F., & French, K. R. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance, 47(2), 427-465.Hovakimian, A., Opler, T., & Titman, S. (2001). The Debt-Equity Choice. Journal of Financial and Quantitative Analysis, 36(1), 1-24.Huang, R., & Ritter, J. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(1), 237-271.James, B. G. (1974). The theory of the corporate life cycle. Long Range Planning, 7(2), 49-55.Loughran, T., & Ritter, J. R. (1997). The Operating Performance of Firms Conducting Seasoned Equity Offerings. The Journal of Finance, 52(5), 1823-1850.Kim, W., & Weisbach, M. S. (2008). A Motivations for public equity offers: An international perspective. The Journal of Finance, 87(2), 281-307.Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911-922.Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433–443.Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisionswhen firms have information that investors do not have. Journal of financialeconomics, 13(2), 187-221.Masulis, R., & Korwar, A. (1986). Seasoned equity offerings: an empiricalinvestigation. Journal of Financial Economics, 15(1) ,91-118.Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings? Journal of Accounting and Economics, 29(3) ,339-371. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201426 en_US
