宣告增資發行新股對其競爭者及上下游產業之市場反應

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：47

、訪客IP：18.188.180.32

姓名

洪慧珊(Hui-shan Hung) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

宣告增資發行新股對其競爭者及上下游產業之市場反應
(The Impact of SEO Announcements on Firm’s Rivals, Suppliers, and Customers)

相關論文

★ 上市公司財務主管異動宣告對股價報酬與企業經營績效之影響	★ 國內綜合證券商轉投資海外子公司內部控制實務探討
★ IPO承銷新制對市場波動性、效率性及流動性之影響	★ 探討影響本益比之各項變數－IC設計產業之實證研究
★ 避險基金交易策略在台灣市場獲利性之研究	★ 財富管理業務與顧客行為之研究－以本國銀行業為例
★ 購併活動與資訊揭露—以公開收購為例	★ 臺灣證券期貨市場後台作業整合模式之研究
★ 道瓊指數、日經225指數、美國及日本10年期公債利率與日圓匯率之相互關係	★ 銀行投資公債業務之探討分析
★ 所得稅法新制對債券流通市場之影響	★ 私募基金入主國內銀行之認購價格實證研究-以凱雷入主大眾銀行為例
★ 虛擬銀行之可行性分析－以HSBC為例	★ 台灣中小企業融資、客群經營模式與經營策略問題之探討-以C銀行為例
★ 美元兌新台幣匯率與台灣股市關聯性之理論探討與實證分析	★ 動態投資組合保險策略之應用— 以紐約證券交易所發行之ETFs為實證

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

本篇論文研究1997至2007年期間，共1119樣本數，在美國股票市場宣告增資發行新股事件時，發行者的宣告效果對其競爭者、上下游廠商的市場反應。假說架構分為資訊不對稱、成長投資機會、以及資本結構假說。結果發現當公司宣告增資發行新股時，競爭者以及上下游產業皆呈現顯著負向反應，顯示競爭效果強度大於傳染效果。在成長投資機會假說和資本結構假說下,發現競爭者的異常報酬顯著為負。在子樣本檢定中，本篇發現下游廠商對高公司市價淨值比的發行者有異常報酬顯著為負的反應，主要原因是高市價淨值比的發行者資訊不對稱程度較大。發行者宣告增資發行新股後所發射的成長投資機會訊息，與降低違約風險的資本結構改善雖然使上游廠商有正的報酬，但是另一方面，發行者在公司擴張導致對上游廠商需求提高，以及資本結構改善後對其的議價能力提升使上游廠商正的累積異常報酬被抵銷。所以整體而言，上游廠商對於發行者宣告增資發行新股的效果為強烈負的異常報酬。

摘要(英)

This paper uses a sample of 1119 seasoned equity offering (SEO) events from 1997 to 2007 to examine the effect of SEO announcement on rivals of the issuers, and on price reaction in customer and supplier industries. During different windows, all reactions we get are all significantly negative. We obtain results that the announcement will signal industry-wide negative information so that the rivals and customers will be negatively affected. The sub-sample result of rivals does not provide an evidence to support information asymmetry, but competitive effect is strong under growth investment opportunity and capital structure hypotheses. The negative CAR to the customers mainly derives from high price to book of the issuers because of more severe information asymmetry problem. The abnormal return to the suppliers is strong negative because the benefits on increase of material demand and decrease on issuer’s default rates are offset by the bargaining power of issuer.

關鍵字(中)

★ 增資發行新股
★ 資訊不對稱
★ 成長機會
★ 投資機會
★ 資本結構

關鍵字(英)

★ seasoned equity offering
★ SEO
★ information asymmetry
★ growth investment
★ capital structure

論文目次

1. Introduction 1
2. Literatures review 4
3. Hypothesis development 6
3.1 Information Asymmetry Hypothesis 6
3.2 Growth Investment Opportunities Hypothesis 7
3.3 Capital Structure Hypothesis 8
4. Data sources, seasonal equity issue samples, rivals, customers, and suppliers 11
4.1 SEO sample 11
4.2 SEO firm’s rivals, customers, and suppliers 12
5. Methodology and empirical results 14
5.1 Measuring abnormal returns 14
5.2 Abnormal returns to the overall sample 14
5.3 Empirical results of Information Asymmetry Hypothesis 18
5.4 Empirical results of Growth Investment Opportunities Hypothesis 27
5.5 Empirical results of Capital Structure Hypothesis 35
6. Cross-sectional analysis 38
6.1 Measurement of independent variables 38
6.2 Cross-sectional results 40
7. Conclusion 44
Reference 46

參考文獻

Armen, H., T. Opler, and S. Titman. The Debt-Equity Choice, The Journal of Financial and Quantitative Analysis, Vol.36, No.1 (Mar 2001), pp.1-24
Asquith P., and D. W. Mullins Jr., 1986. Signaling with dividends, stock repurchases, and equity issues, Financial Management 15, 27-44.
Baker, M., Wurgler, J., 2002. Market timing and capital structure. Journal of Finance 57, 1-32.
Campbell R. Harvey, Karl V. Lins, Andrew H. Roper, 2004. The effect of capital structure when expected agency costs are extreme. Journal of Financial Economics 74, 3-30.
Choe Hyuk, Ronald W. Masulis, and Vikram K. Nanda, 1993. Common Stock Offerings Across the Business Cycle: Theory and Evidence. Journal of Empirical Finance 1,3-31.
Cooney, J. W. Jr., A. K.alay, 1993. Positive information from equity issue announcements, Journal of Financial Economics 33, 149-172.
Denis, D. J.,1994. Investment opportunity and the market reaction to equity offerings, Journal of Financial and Quantitative Analysis 29, 159-177
Eckbo, B. E., R. W. Masulis, O. Norli, 2000. Seasoned public offerings: resolution of the “new issues puzzle”, Journal of Financial Economics 56, 251-291.
Erwin, G. R. and J. M. Miller, 1998. The intra-industry effects of open market shares repurchases: contagion or competitive? Journal of Financial Research 21, No 4, 389-406.
Flannery, M., 1986. Asymmetric information and risky debt maturity choice. Journal of Finance 41,19-37.
Greenwood, R., 2005. Aggregate corporate liquidity and stock returns. Working paper. Harvard Business School.
Hovakimian A., G. Hovakimian and Hassan Tehranian, 2004.Determinants of target capital structure: The case of dual debt and equity issues. Journal of Financial Economics 71, 517-540.
Inderst Roman and Christian Wey, 2003. Buyer Power and Supplier Incentives. WZB, Markets and Political Economy Working Paper No. SP II 2003-05.
Jensen, M. C., 1986. Agency cost of free cash flow, corporate finance, and takeovers. The American Review 76, 323-329
Jeremy C. Stein, 1997. Internal capital markets and the competition for corporate resources. Journal of Finance 52,111-133.
Jung, K., Y.C. Kim., and R. M. Stulz, 1996. Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics 42, 159-185.
Miller, M. H., and K. Rock. Dividend Policy Under Asymmetric Information, The Journal of Finance. Cambridge: Sep 1985. Vol. 40, Iss. 4; p. 1031 (21 pages)
Myers, Stewart. C. and Nicholas. S. Majluf, 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221
Opler, T. C., and S. Titman,1994. Financial distress and corporate performance. Journal of Finance 49, 1015-1040.
Shahrur, H., 2005. Industry structure and horizontal takeovers: Analysis of wealth effects on rivals, suppliers, and corporate customers, Journal of Financial Economics 76, 61-98.
Szewczyk, S. H., 1992. The intra-industry transfer of information inferred from announcements of corporate security offerings, The Journal of Finance 47, 1935-1945.
Walker M. D. and Keven Yost,2006. Seasoned equity offerings: What firms say, do, and how the market reacts. Working paper.
Woojin Kim, Michael S. Weisbach, 2008. Motivations for public equity offers: An international perspective, Journal of Financial Economics 87, 281-307.

指導教授

周冠男(Robin K. Chou)

審核日期

2009-6-26

推文