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題名 台灣新上市櫃公司特徵對其首次現金增資時程及績效影響之探討
Timing and Performance of First SEOs after IPOs作者 張飴芬 貢獻者 屠美亞
Twu, Mia
張飴芬關鍵詞 首次現金增資
新上市公司
危險迴歸模型
宣告效果
Heckman兩階段估計法
First SEO
IPO
Hazard Regression
Announcement effect
Heckman Two-Stage Method日期 2011 上傳時間 30-Oct-2012 10:14:02 (UTC+8) 摘要 本研究主要探討台灣上市櫃公司從事首次現金增資之決策受何種公司特徵所影響，並進一步探討進行其首次現金增資的宣告效果影響因素。 本研究針對1981年至2010年共30年期間於台灣上市上櫃之公司其首次現金增資之情形做為探討對象，採用Cox-proportional Hazard Regression檢定影響上市櫃公司進行首次現金增資時程之公司特徵。實證結果顯示，營收成長率越高、規模越大且獲利能力較差的公司會傾向越快進行首次現金增資。同時也針對上市櫃年度其市場情形加以探討，發現於市場處於熱市時上市櫃的公司傾向越快進行首次現金增資，顯示市場時機也會影響公司進行首次現金增資的決策。此外，對其首次現金增資之宣告效果進行迴歸分析同時以Heckman Two-Stage Model方法考慮樣本選擇偏誤之修正，結果發現規模越大的公司宣告效果越差而負債比率較大的公司宣告效果越佳。然而上市櫃後進行首次現金增資之時程與其增資宣告效果間則無顯著關係。
This study examines how fast companies have their first seasonal equity offerings after their IPOs and further analyses the announcement effects of first SEOs. First, we adopt Cox-proportional Hazard Regression Model to see what firm characteristics make IPO firms decide to conduct first SEOs shortly after their IPOs. Using a sample of IPO firms in Taiwan from 1981 to 2010, we find firms that are larger, less profitable and higher growth potential would conduct their first SEOs faster. Also, market timing plays an important role for SEO decisions. Moreover, the announcement effect of their first SEOs shows that elapsed time to conduct first SEOs after IPOs has no influence on the cumulated abnormal returns. By correcting sampling bias, Heckman Two-Stage Model is adopted to reveal better explanation of the results.參考文獻 王方伶，2004，“影響公司上市(櫃)掛牌後辦理首次現金增資之原因探 討＂，國立政治大學財務管理研究所碩士論文。石依芳，2003，“公司上市後首次現金增資時程之因素探討＂，國立台灣大學財務金融研究所碩士論文。吳進登，1996，“競爭優勢、成長機會的價值與現金增資宣告效果關係之研究”，國立政治大學企業管理研究所博士論文。邱正仁，2005，“從兩岸證券市場之特性探討現金增資之股價行為＂，行政院國家科學委員會專題研究計畫。邱正仁，周庭楷，張慈媛，2007，“新上市公司辦理首次現金增資時程之探討：原因與後果”，管理評論，第二十六卷第三期，71-102。邱正仁，2008，“從企業生命週期觀點論析現金增資宣告之市場反應＂行政院國家科學委員會專題研究計畫。高貴美，2002，“現金增資宣告效果因素探討＂，國立中山大學財務管理學系研究所碩士論文。張財豪，1998，“新上市股票與現金增資折價程度關聯性之研究＂，國立政治大學企業管理研究所碩士論文。張慈媛，2005，“台灣新上市辦理首次現金增資時程之探討”，國立成功大學會計學研究所碩士論文。黃繼仁，2005，“探討影響中國大陸新上市公司辦理首次增資期間長短的因素＂，國立成功大學財務金融研究所碩士論文。陳安琳、黎萬琳、陳振遠，2001，“成長潛力、內部人交易與現金增資之宣告效果＂，中國財務學刊，第九卷第一期，1‐25頁。 盧雅馨，2010，“影響現金增資決策之關鍵因素－企業生命週期、市場時機、現金短缺＂，國立政治大學企業管理研究所碩士論文。顏燕萍，2002，“臺灣上市公司現金增資宣告財富效果之再檢驗＂，義守大學管理科學研究所碩士論文。Anthony, J. H. and K. Ramesh, 1992, “Association between Accounting Performance Measures and Stock Prices” Journal of Accounting and Economics Vol. 15, P. 203‐227. Asquith, P. and D. W. Mullins, Jr., 1986, “Equity Issues and Offering Dilution” Journal of Financial Economics 15, P.61-89.Bayless M. and S. Chiaplinsky, 1996,”Is There a Window of Opportunity for Seasoned Equity Issuance?” Journal of Finance, 51, P.253-278.Bender, R. and K. Ward, 2002, Corporate Financial Strategy, Butterworth Heinemann.Choe, H., Masulis, R., and Nanda, V., 1993, “Common Stock Offerings Across the Business Cycle” Journal of Empirical Finance 1, P.1-29. Cooney, J.W. and A. Kalay, 1993 ,“Positive Information from Equity Issue Announcements” Journal of Financial Economics 33, P.149-172.DeAngelo, H., L. DeAngelo, and R. M. Stulz, 2009,” Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle” Fisher College of Business Working Paper No. 2007-03-014 ,Charles A. Dice Working Paper No. 2007-13.Denis, D. J., 1994, “Investment Opportunities and the Market Reaction to Equity Offerings” Journal of Finance and Quantitative Analysis, 29, P.159‐76. Haire, M.,1959, Biological models and empirical history of the growth of organizations, Modern Organizational Theory.Harjoto, M. and J. Garen, 2003, “Why Do IPO Firms Conduct Primary Seasoned Equity Offerings?” Financial Review, Vol.38 Issue 1,103-125.Ibbotson, Roger G., 1975 “Price Performance of Common Stock New Issues”, Journal of Financial Economics, 3, P.235-272.Jegadeesh, N., Weinstein M. and Welch I., 1993, “An Empirical Investigation of IPO Returns and Subsequent Equity Offerings” Journal of Financial Economics, 34, P.153-175.Jung,K., Kim, Y.C. and Stulz R. M.,1996,“Timing, Investment Opportunities, Managerial Discretion and the Security Issue Decision,” Journal of Financial Economics, Vol.42, P.159-185.Korwar A. N. and Ronald W. Masulis, 1986, “Seasoned Equity Offerings: An Empirical Investigation”, Journal of Financial Economics, Vol. 15, P.91-118. Ljungqvist, A., V. Nanda, and R. Singh, 2004, “Hot Markets, Investor Sentiment and IPO Pricing,” Journal of Business, Vol. 79, P.1667-1702.Loughran T. and Ritter J.R., 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offerings” Journal of Finance, P.1823-1850.Loughran, T. and J. R. Ritter, 1995,“The New Issues Puzzle,” Journal of Finance 50，23-51.Mann, S. V. and N. W. Sicherman, 1991. “The Agency Costs of Free Cash Flow: Acquisiton Activity and Equity Issues” Journal of Business 64, P.213‐218. Mikkelson, W. H., M. Megan Partch , Kshitij Shah ，1997，“Ownership and Operating Performance of Companies That Go Public” Financial Economics 44，P.281-307Myers S. C., 1984, Finance theory and financial strategy. Interfaces 14, P.126-137.Myers, S. C., and N. S. Majluf., 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have” Journal of Financial Economics 13, P.187-221.Welch, I., 1996,“Equity Offerings Following the IPO: Theory and Evidence,” Journal of Corporate Finance 2, P.227-259. 描述 碩士
國立政治大學
財務管理研究所
99357015
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099357015 資料類型 thesis dc.contributor.advisor 屠美亞 zh_TW dc.contributor.advisor Twu, Mia en_US dc.contributor.author (Authors) 張飴芬 zh_TW dc.creator (作者) 張飴芬 zh_TW dc.date (日期) 2011 en_US dc.date.accessioned 30-Oct-2012 10:14:02 (UTC+8) - dc.date.available 30-Oct-2012 10:14:02 (UTC+8) - dc.date.issued (上傳時間) 30-Oct-2012 10:14:02 (UTC+8) - dc.identifier (Other Identifiers) G0099357015 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54178 - 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) 99357015 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 本研究主要探討台灣上市櫃公司從事首次現金增資之決策受何種公司特徵所影響，並進一步探討進行其首次現金增資的宣告效果影響因素。 本研究針對1981年至2010年共30年期間於台灣上市上櫃之公司其首次現金增資之情形做為探討對象，採用Cox-proportional Hazard Regression檢定影響上市櫃公司進行首次現金增資時程之公司特徵。實證結果顯示，營收成長率越高、規模越大且獲利能力較差的公司會傾向越快進行首次現金增資。同時也針對上市櫃年度其市場情形加以探討，發現於市場處於熱市時上市櫃的公司傾向越快進行首次現金增資，顯示市場時機也會影響公司進行首次現金增資的決策。此外，對其首次現金增資之宣告效果進行迴歸分析同時以Heckman Two-Stage Model方法考慮樣本選擇偏誤之修正，結果發現規模越大的公司宣告效果越差而負債比率較大的公司宣告效果越佳。然而上市櫃後進行首次現金增資之時程與其增資宣告效果間則無顯著關係。 zh_TW dc.description.abstract (摘要) This study examines how fast companies have their first seasonal equity offerings after their IPOs and further analyses the announcement effects of first SEOs. First, we adopt Cox-proportional Hazard Regression Model to see what firm characteristics make IPO firms decide to conduct first SEOs shortly after their IPOs. Using a sample of IPO firms in Taiwan from 1981 to 2010, we find firms that are larger, less profitable and higher growth potential would conduct their first SEOs faster. Also, market timing plays an important role for SEO decisions. Moreover, the announcement effect of their first SEOs shows that elapsed time to conduct first SEOs after IPOs has no influence on the cumulated abnormal returns. By correcting sampling bias, Heckman Two-Stage Model is adopted to reveal better explanation of the results. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的與貢獻 3第三節 研究架構 5第二章 文獻回顧 7第一節 選擇SEO為融資管道的原因 7第二節 探討現金增資宣告效果之文獻 12第三章 研究設計 15第一節 研究流程 15第二節 模型設定與變數定義 17第三節 研究假說 22第四節 樣本選取與資料來源 29第四章 實證結果 34第一節 資料描述 34第二節 有無現金增資公司其上市上櫃前後變化 38第三節 新上市上櫃公司進行首次現金增資時程 41第四節 上市櫃後首次現金增資宣告效果 46第五章 結論與建議 49參考文獻 51 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099357015 en_US dc.subject (關鍵詞) 首次現金增資 zh_TW dc.subject (關鍵詞) 新上市公司 zh_TW dc.subject (關鍵詞) 危險迴歸模型 zh_TW dc.subject (關鍵詞) 宣告效果 zh_TW dc.subject (關鍵詞) Heckman兩階段估計法 zh_TW dc.subject (關鍵詞) First SEO en_US dc.subject (關鍵詞) IPO en_US dc.subject (關鍵詞) Hazard Regression en_US dc.subject (關鍵詞) Announcement effect en_US dc.subject (關鍵詞) Heckman Two-Stage Method en_US dc.title (題名) 台灣新上市櫃公司特徵對其首次現金增資時程及績效影響之探討 zh_TW dc.title (題名) Timing and Performance of First SEOs after IPOs en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 王方伶，2004，“影響公司上市(櫃)掛牌後辦理首次現金增資之原因探 討＂，國立政治大學財務管理研究所碩士論文。石依芳，2003，“公司上市後首次現金增資時程之因素探討＂，國立台灣大學財務金融研究所碩士論文。吳進登，1996，“競爭優勢、成長機會的價值與現金增資宣告效果關係之研究”，國立政治大學企業管理研究所博士論文。邱正仁，2005，“從兩岸證券市場之特性探討現金增資之股價行為＂，行政院國家科學委員會專題研究計畫。邱正仁，周庭楷，張慈媛，2007，“新上市公司辦理首次現金增資時程之探討：原因與後果”，管理評論，第二十六卷第三期，71-102。邱正仁，2008，“從企業生命週期觀點論析現金增資宣告之市場反應＂行政院國家科學委員會專題研究計畫。高貴美，2002，“現金增資宣告效果因素探討＂，國立中山大學財務管理學系研究所碩士論文。張財豪，1998，“新上市股票與現金增資折價程度關聯性之研究＂，國立政治大學企業管理研究所碩士論文。張慈媛，2005，“台灣新上市辦理首次現金增資時程之探討”，國立成功大學會計學研究所碩士論文。黃繼仁，2005，“探討影響中國大陸新上市公司辦理首次增資期間長短的因素＂，國立成功大學財務金融研究所碩士論文。陳安琳、黎萬琳、陳振遠，2001，“成長潛力、內部人交易與現金增資之宣告效果＂，中國財務學刊，第九卷第一期，1‐25頁。 盧雅馨，2010，“影響現金增資決策之關鍵因素－企業生命週期、市場時機、現金短缺＂，國立政治大學企業管理研究所碩士論文。顏燕萍，2002，“臺灣上市公司現金增資宣告財富效果之再檢驗＂，義守大學管理科學研究所碩士論文。Anthony, J. H. and K. Ramesh, 1992, “Association between Accounting Performance Measures and Stock Prices” Journal of Accounting and Economics Vol. 15, P. 203‐227. Asquith, P. and D. W. Mullins, Jr., 1986, “Equity Issues and Offering Dilution” Journal of Financial Economics 15, P.61-89.Bayless M. and S. Chiaplinsky, 1996,”Is There a Window of Opportunity for Seasoned Equity Issuance?” Journal of Finance, 51, P.253-278.Bender, R. and K. Ward, 2002, Corporate Financial Strategy, Butterworth Heinemann.Choe, H., Masulis, R., and Nanda, V., 1993, “Common Stock Offerings Across the Business Cycle” Journal of Empirical Finance 1, P.1-29. Cooney, J.W. and A. Kalay, 1993 ,“Positive Information from Equity Issue Announcements” Journal of Financial Economics 33, P.149-172.DeAngelo, H., L. DeAngelo, and R. M. Stulz, 2009,” Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle” Fisher College of Business Working Paper No. 2007-03-014 ,Charles A. Dice Working Paper No. 2007-13.Denis, D. J., 1994, “Investment Opportunities and the Market Reaction to Equity Offerings” Journal of Finance and Quantitative Analysis, 29, P.159‐76. Haire, M.,1959, Biological models and empirical history of the growth of organizations, Modern Organizational Theory.Harjoto, M. and J. Garen, 2003, “Why Do IPO Firms Conduct Primary Seasoned Equity Offerings?” Financial Review, Vol.38 Issue 1,103-125.Ibbotson, Roger G., 1975 “Price Performance of Common Stock New Issues”, Journal of Financial Economics, 3, P.235-272.Jegadeesh, N., Weinstein M. and Welch I., 1993, “An Empirical Investigation of IPO Returns and Subsequent Equity Offerings” Journal of Financial Economics, 34, P.153-175.Jung,K., Kim, Y.C. and Stulz R. M.,1996,“Timing, Investment Opportunities, Managerial Discretion and the Security Issue Decision,” Journal of Financial Economics, Vol.42, P.159-185.Korwar A. N. and Ronald W. Masulis, 1986, “Seasoned Equity Offerings: An Empirical Investigation”, Journal of Financial Economics, Vol. 15, P.91-118. Ljungqvist, A., V. Nanda, and R. Singh, 2004, “Hot Markets, Investor Sentiment and IPO Pricing,” Journal of Business, Vol. 79, P.1667-1702.Loughran T. and Ritter J.R., 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offerings” Journal of Finance, P.1823-1850.Loughran, T. and J. R. Ritter, 1995,“The New Issues Puzzle,” Journal of Finance 50，23-51.Mann, S. V. and N. W. Sicherman, 1991. “The Agency Costs of Free Cash Flow: Acquisiton Activity and Equity Issues” Journal of Business 64, P.213‐218. Mikkelson, W. H., M. Megan Partch , Kshitij Shah ，1997，“Ownership and Operating Performance of Companies That Go Public” Financial Economics 44，P.281-307Myers S. C., 1984, Finance theory and financial strategy. Interfaces 14, P.126-137.Myers, S. C., and N. S. Majluf., 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have” Journal of Financial Economics 13, P.187-221.Welch, I., 1996,“Equity Offerings Following the IPO: Theory and Evidence,” Journal of Corporate Finance 2, P.227-259. zh_TW
