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題名 現金增資公司之長期績效探討
The Research of Long-Term Performance following Seasoned Equity Offerings
作者 蔡宜諠
Tsai, Yi-Hsuan
貢獻者 李志宏
蔡宜諠
Tsai, Yi-Hsuan
關鍵詞 現金增資
過度投資
盈餘管理
機構持股
SEO
Overinvestment
Earnings management
Institutional investors
日期 2023
上傳時間 6-Jul-2023 16:59:41 (UTC+8)
摘要 過去研究指出公司在增資後營運績效及股票表現有惡化情況，但大多探討現金增資後的公司特徵或是增資後投資人行為對於增資後績效的影響，鮮少有針對增資前即可辨識到的特性做討論，故本研究以2000-2019年台灣上市櫃公司為研究對象，針對其在增資前過度投資、盈餘管理程度、機構投資人持股變動對於增資後股價表現的影響進行實證。研究結果指出，增資前過度投資與增資後長期股票報酬呈現顯著負相關，且增資前較長一段時間被辨別出有過度投資的公司，後續績效劣於增資前僅短期過度投資的公司；在盈餘管理方面，增資前一年的盈餘管理程度越大，增資後績效越差，且從時間趨勢來看，公司在增資公告前兩年的盈餘管理顯著為負、前一年度顯著提升為正值，並在公告當年達最高，增資後則趨緩；在機構持股的部分，在增資公告前一年的外資、投信持股變動皆和增資後長期績效呈正相關，但以外資的影響較為顯著。
Most of prior studies documented that firms’ operating and stock performance deteriorates following seasoned equity offerings (SEO). This study investigates the overinvestment, earnings management and the institutional ownership prior to SEO and long-term performance following seasoned equity offerings. We examine SEOs during 2000-2019 in Taiwan. The results show that the long-term stock performance following SEO is negatively related to preceding overinvestment, and firms which have overinvested for a long time before SEO have the worst performance following SEO. In terms of earnings management, the degree of earnings management prior to SEO negatively impacts the following performance. Further, earnings management increases from the year before the offering announcement, reaching the highest in the SEO announcement year, and then slows down in years of post-SEO.
Finally, the changes in the holdings of institutional investors before SEO are positive correlation to the long-term stock performance, but the impact of foreign institutional investors is more significant than domestic institutional investors.
參考文獻 Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of financial economics, 100(1), 154-181.
Anderson, C. W., & Huang, J. (2017). Institutional investment in IPOs and post-IPO M&A activity. Journal of empirical finance, 41, 1-18.
BARCLAY, M., Fu, F., & SMITH, C. (2010). Strategic financial management: Evidence from seasoned equity offerings.
Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective. Financial management, 38-50.
Brav, A., Geczy, C., & Gompers, P. A. (2000). Is the abnormal return following equity issuances anomalous?. Journal of financial economics, 56(2), 209-249.
Carlson, M., Fisher, A., & Giammarino, R. (2006). Corporate investment and asset price dynamics: Implications for SEO event studies and long‐run performance. The Journal of Finance, 61(3), 1009-1034.
Chemmanur, T. J., He, S., & Hu, G. (2009). The role of institutional investors in seasoned equity offerings. Journal of Financial Economics, 94(3), 384-411.
Chen, Y. R., Chiou, J. R., Chou, T. K., & Syue, M. S. (2009). Corporate governance and long-run performance of equity issues: The role of foreign ownership in Taiwan. Asia Pacific Management Review, 14(1).
Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of accounting and Economics, 50(1), 2-19.
Dahlquist, M., & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of financial economics, 59(3), 413-440.
Datta, S., Iskandar‐Datta, M., & Patel, A. (2000). Some evidence on the uniqueness of initial public debt offerings. The journal of finance, 55(2), 715-743.
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.
Demiralp, I., D`Mello, R., Schlingemann, F. P., & Subramaniam, V. (2011). Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Journal of Corporate Finance, 17(5), 1340-1359.
Demiralp, I., D`Mello, R., Schlingemann, F. P., & Subramaniam, V. (2011). Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Journal of Corporate Finance, 17(5), 1340-1359.
DuCharme, L. L., Malatesta, P. H., & Sefcik, S. E. (2004). Earnings management, stock issues, and shareholder lawsuits. Journal of financial economics, 71(1), 27-49.
Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The journal of finance, 59(2), 623-650.
Field, L. C., & Lowry, M. (2009). Institutional versus individual investment in IPOs: The importance of firm fundamentals. Journal of Financial and Quantitative Analysis, 44(3), 489-516.
Fu, F. (2010). Overinvestment and the operating performance of SEO firms. Financial Management, 39(1), 249-272.
Gerard, B., & Nanda, V. (1993). Trading and manipulation around seasoned equity offerings. The Journal of Finance, 48(1), 213-245.
Gibson, S., Safieddine, A., & Sonti, R. (2004). Smart investments by smart money: Evidence from seasoned equity offerings. Journal of Financial Economics, 72(3), 581-604.
Gompers, P. A., & Metrick, A. (2001). Institutional investors and equity prices. The quarterly journal of Economics, 116(1), 229-259.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of financial economics, 60(2-3), 187-243.
Hao, Q. (2014). Institutional shareholder investment horizons and seasoned equity offerings. Financial Management, 43(1), 87-111.
Hartzell, J. C., & Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374.
Hovakimian, A., & Hu, H. (2016). Institutional shareholders and SEO market timing. Journal of Corporate Finance, 36, 1-14.
Huang, C. W., Ho, P. H., Lin, C. Y., & Yen, J. F. (2014). Firm age, idiosyncratic risk, and long-run SEO underperformance. International Review of Economics & Finance, 34, 246-266.
Jeanneret, P. (2005). Use of the proceeds and long‐term performance of French SEO firms. European Financial Management, 11(1), 99-122.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880.
Jiao, Y., & Chemmanur, T. J. (2007, March). Institutional Trading, Information Production, and the SEO Discount: a Model of Seasoned Equity Offerings. In EFA 2007 Ljubljana Meetings Paper.
Jung, K., Kim, Y. C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, 42(2), 159-185.
Kang, J. K. (1997). Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of financial economics, 46(1), 3-28.
Kang, S., Sul, W., & Kim, S. (2010). Impact of foreign institutional investors on dividend policy in Korea: A stock market perspective. Journal of Financial Management and Analysis, 23(1).
Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative analysis, 40(2), 435-463.
Li, X., & Zhao, X. (2006). Propensity score matching and abnormal performance after seasoned equity offerings. Journal of Empirical Finance, 13(3), 351-370.
Loughran, T., & Ritter, J. R. (1995). The new issues puzzle. The Journal of finance, 50(1), 23-51.
Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The journal of finance, 52(5), 1823-1850.
Lyandres, E., Sun, L., & Zhang, L. (2008). The new issues puzzle: Testing the investment-based explanation. The review of financial studies, 21(6), 2825-2855.
McLaughlin, R., Safieddine, A., & Vasudevan, G. K. (1996). The operating performance of seasoned equity issuers: Free cash flow and post-issue performance. Financial Management, 41-53.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of financial economics, 20, 237-265.
Rangan, S. (1998). Earnings management and the performance of seasoned equity offerings. Journal of Financial economics, 50(1), 101-122.
Ritter, J. R. (1991). The long‐run performance of initial public offerings. The journal of finance, 46(1), 3-27.
Ritter, J. R. (2003). Investment banking and securities issuance. In Handbook of the Economics of Finance (Vol. 1, pp. 255-306). Elsevier.
Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.
Schultz, P. (2003). Pseudo market timing and the long‐run underperformance of IPOs. the Journal of Finance, 58(2), 483-517.
Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings?. Journal of Accounting and Economics, 29(3), 339-371.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Shu, P. G., & Chiang, S. J. (2014). Firm size, timing, and earnings management of seasoned equity offerings. International Review of Economics & Finance, 29, 177-194.
Strobl, G. (2014). Stock-based managerial compensation, price informativeness, and the incentive to overinvest. Journal of Corporate Finance, 29, 594-606.
Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the long‐run market performance of initial public offerings. The journal of finance, 53(6), 1935-1974.
Tong, S., & Ning, Y. (2004). Does capital structure affect institutional investor choices?. The Journal of Investing, 13(4), 53-66.
Walker, M. D., & Yost, K. (2008). Seasoned equity offerings: What firms say, do, and how the market reacts. Journal of Corporate Finance, 14(4), 376-386.
Zhang, L. (2005). Anomalies.
描述 碩士
國立政治大學
財務管理學系
110357007
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357007
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.author (Authors) 蔡宜諠zh_TW
dc.contributor.author (Authors) Tsai, Yi-Hsuanen_US
dc.creator (作者) 蔡宜諠zh_TW
dc.creator (作者) Tsai, Yi-Hsuanen_US
dc.date (日期) 2023en_US
dc.date.accessioned 6-Jul-2023 16:59:41 (UTC+8)-
dc.date.available 6-Jul-2023 16:59:41 (UTC+8)-
dc.date.issued (上傳時間) 6-Jul-2023 16:59:41 (UTC+8)-
dc.identifier (Other Identifiers) G0110357007en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145918-
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) 110357007zh_TW
dc.description.abstract (摘要) 過去研究指出公司在增資後營運績效及股票表現有惡化情況，但大多探討現金增資後的公司特徵或是增資後投資人行為對於增資後績效的影響，鮮少有針對增資前即可辨識到的特性做討論，故本研究以2000-2019年台灣上市櫃公司為研究對象，針對其在增資前過度投資、盈餘管理程度、機構投資人持股變動對於增資後股價表現的影響進行實證。研究結果指出，增資前過度投資與增資後長期股票報酬呈現顯著負相關，且增資前較長一段時間被辨別出有過度投資的公司，後續績效劣於增資前僅短期過度投資的公司；在盈餘管理方面，增資前一年的盈餘管理程度越大，增資後績效越差，且從時間趨勢來看，公司在增資公告前兩年的盈餘管理顯著為負、前一年度顯著提升為正值，並在公告當年達最高，增資後則趨緩；在機構持股的部分，在增資公告前一年的外資、投信持股變動皆和增資後長期績效呈正相關，但以外資的影響較為顯著。zh_TW
dc.description.abstract (摘要) Most of prior studies documented that firms’ operating and stock performance deteriorates following seasoned equity offerings (SEO). This study investigates the overinvestment, earnings management and the institutional ownership prior to SEO and long-term performance following seasoned equity offerings. We examine SEOs during 2000-2019 in Taiwan. The results show that the long-term stock performance following SEO is negatively related to preceding overinvestment, and firms which have overinvested for a long time before SEO have the worst performance following SEO. In terms of earnings management, the degree of earnings management prior to SEO negatively impacts the following performance. Further, earnings management increases from the year before the offering announcement, reaching the highest in the SEO announcement year, and then slows down in years of post-SEO.
Finally, the changes in the holdings of institutional investors before SEO are positive correlation to the long-term stock performance, but the impact of foreign institutional investors is more significant than domestic institutional investors.		en_US
dc.description.tableofcontents 摘要 I
Abstract II
圖表目錄 IV
第壹章 續論 1
第一節 研究背景與動機 1
第貳章 文獻回顧與假說建立 4
第一節 過度投資與現金增資 4
第二節 盈餘管理與現金增資 6
第三節 機構持股與現金增資 8
第四節 假說建立 9
第參章 研究方法與設計 11
第一節 資料來源與研究期間 11
第二節 實證模型及變數定義 13
第肆章 實證結果 23
第一節 敘述統計分析 23
第二節 實證結果分析 24
第伍章 結論與建議 34
第一節 結論 34
第二節 研究限制及建議 36
參考文獻 36		zh_TW
dc.format.extent 2431534 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357007en_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) 盈餘管理zh_TW
dc.subject (關鍵詞) 機構持股zh_TW
dc.subject (關鍵詞) SEOen_US
dc.subject (關鍵詞) Overinvestmenten_US
dc.subject (關鍵詞) Earnings managementen_US
dc.subject (關鍵詞) Institutional investorsen_US
dc.title (題名) 現金增資公司之長期績效探討zh_TW
dc.title (題名) The Research of Long-Term Performance following Seasoned Equity Offeringsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of financial economics, 100(1), 154-181.
Anderson, C. W., & Huang, J. (2017). Institutional investment in IPOs and post-IPO M&A activity. Journal of empirical finance, 41, 1-18.
BARCLAY, M., Fu, F., & SMITH, C. (2010). Strategic financial management: Evidence from seasoned equity offerings.
Bathala, C. T., Moon, K. P., & Rao, R. P. (1994). Managerial ownership, debt policy, and the impact of institutional holdings: An agency perspective. Financial management, 38-50.
Brav, A., Geczy, C., & Gompers, P. A. (2000). Is the abnormal return following equity issuances anomalous?. Journal of financial economics, 56(2), 209-249.
Carlson, M., Fisher, A., & Giammarino, R. (2006). Corporate investment and asset price dynamics: Implications for SEO event studies and long‐run performance. The Journal of Finance, 61(3), 1009-1034.
Chemmanur, T. J., He, S., & Hu, G. (2009). The role of institutional investors in seasoned equity offerings. Journal of Financial Economics, 94(3), 384-411.
Chen, Y. R., Chiou, J. R., Chou, T. K., & Syue, M. S. (2009). Corporate governance and long-run performance of equity issues: The role of foreign ownership in Taiwan. Asia Pacific Management Review, 14(1).
Cohen, D. A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of accounting and Economics, 50(1), 2-19.
Dahlquist, M., & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of financial economics, 59(3), 413-440.
Datta, S., Iskandar‐Datta, M., & Patel, A. (2000). Some evidence on the uniqueness of initial public debt offerings. The journal of finance, 55(2), 715-743.
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.
Demiralp, I., D`Mello, R., Schlingemann, F. P., & Subramaniam, V. (2011). Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Journal of Corporate Finance, 17(5), 1340-1359.
Demiralp, I., D`Mello, R., Schlingemann, F. P., & Subramaniam, V. (2011). Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings. Journal of Corporate Finance, 17(5), 1340-1359.
DuCharme, L. L., Malatesta, P. H., & Sefcik, S. E. (2004). Earnings management, stock issues, and shareholder lawsuits. Journal of financial economics, 71(1), 27-49.
Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The journal of finance, 59(2), 623-650.
Field, L. C., & Lowry, M. (2009). Institutional versus individual investment in IPOs: The importance of firm fundamentals. Journal of Financial and Quantitative Analysis, 44(3), 489-516.
Fu, F. (2010). Overinvestment and the operating performance of SEO firms. Financial Management, 39(1), 249-272.
Gerard, B., & Nanda, V. (1993). Trading and manipulation around seasoned equity offerings. The Journal of Finance, 48(1), 213-245.
Gibson, S., Safieddine, A., & Sonti, R. (2004). Smart investments by smart money: Evidence from seasoned equity offerings. Journal of Financial Economics, 72(3), 581-604.
Gompers, P. A., & Metrick, A. (2001). Institutional investors and equity prices. The quarterly journal of Economics, 116(1), 229-259.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of financial economics, 60(2-3), 187-243.
Hao, Q. (2014). Institutional shareholder investment horizons and seasoned equity offerings. Financial Management, 43(1), 87-111.
Hartzell, J. C., & Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374.
Hovakimian, A., & Hu, H. (2016). Institutional shareholders and SEO market timing. Journal of Corporate Finance, 36, 1-14.
Huang, C. W., Ho, P. H., Lin, C. Y., & Yen, J. F. (2014). Firm age, idiosyncratic risk, and long-run SEO underperformance. International Review of Economics & Finance, 34, 246-266.
Jeanneret, P. (2005). Use of the proceeds and long‐term performance of French SEO firms. European Financial Management, 11(1), 99-122.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. the Journal of Finance, 48(3), 831-880.
Jiao, Y., & Chemmanur, T. J. (2007, March). Institutional Trading, Information Production, and the SEO Discount: a Model of Seasoned Equity Offerings. In EFA 2007 Ljubljana Meetings Paper.
Jung, K., Kim, Y. C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, 42(2), 159-185.
Kang, J. K. (1997). Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of financial economics, 46(1), 3-28.
Kang, S., Sul, W., & Kim, S. (2010). Impact of foreign institutional investors on dividend policy in Korea: A stock market perspective. Journal of Financial Management and Analysis, 23(1).
Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative analysis, 40(2), 435-463.
Li, X., & Zhao, X. (2006). Propensity score matching and abnormal performance after seasoned equity offerings. Journal of Empirical Finance, 13(3), 351-370.
Loughran, T., & Ritter, J. R. (1995). The new issues puzzle. The Journal of finance, 50(1), 23-51.
Loughran, T., & Ritter, J. R. (1997). The operating performance of firms conducting seasoned equity offerings. The journal of finance, 52(5), 1823-1850.
Lyandres, E., Sun, L., & Zhang, L. (2008). The new issues puzzle: Testing the investment-based explanation. The review of financial studies, 21(6), 2825-2855.
McLaughlin, R., Safieddine, A., & Vasudevan, G. K. (1996). The operating performance of seasoned equity issuers: Free cash flow and post-issue performance. Financial Management, 41-53.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of financial economics, 20, 237-265.
Rangan, S. (1998). Earnings management and the performance of seasoned equity offerings. Journal of Financial economics, 50(1), 101-122.
Ritter, J. R. (1991). The long‐run performance of initial public offerings. The journal of finance, 46(1), 3-27.
Ritter, J. R. (2003). Investment banking and securities issuance. In Handbook of the Economics of Finance (Vol. 1, pp. 255-306). Elsevier.
Schipper, K. (1989). Earnings management. Accounting horizons, 3(4), 91.
Schultz, P. (2003). Pseudo market timing and the long‐run underperformance of IPOs. the Journal of Finance, 58(2), 483-517.
Shivakumar, L. (2000). Do firms mislead investors by overstating earnings before seasoned equity offerings?. Journal of Accounting and Economics, 29(3), 339-371.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Shu, P. G., & Chiang, S. J. (2014). Firm size, timing, and earnings management of seasoned equity offerings. International Review of Economics & Finance, 29, 177-194.
Strobl, G. (2014). Stock-based managerial compensation, price informativeness, and the incentive to overinvest. Journal of Corporate Finance, 29, 594-606.
Teoh, S. H., Welch, I., & Wong, T. J. (1998). Earnings management and the long‐run market performance of initial public offerings. The journal of finance, 53(6), 1935-1974.
Tong, S., & Ning, Y. (2004). Does capital structure affect institutional investor choices?. The Journal of Investing, 13(4), 53-66.
Walker, M. D., & Yost, K. (2008). Seasoned equity offerings: What firms say, do, and how the market reacts. Journal of Corporate Finance, 14(4), 376-386.
Zhang, L. (2005). Anomalies.		zh_TW