研究期間：10208~10307;A Study of the Effect of Corporate Cash Holdings on Seasoned Equity Offerings This study is to investigate how corporate cash holdings affect the corporate decision of seasoned equity offerings (SOEs). I hypothesize that the firm with higher excess cash will has higher bargaining power when issuing new equities, resulting lower issuance costs and higher probability to withdraw SEO. In addition, due to lack of funds, the firm with lower cash holdings has more incentive to re-file SEO following a SEO cancelation. This study will use completed and withdrawn SEOs in U.S. market to empirically study four main questions. First, is the probability of completing (or canceling) SEOs altered by corporate cash holdings? Second, is the motivation of SEOs altered by the level of cash holdings? Third, are the issuance costs and market reaction to the SEOs affected by corporate cash holdings? Fourth, is the decision of re-issuance after a withdrawn SEO due to the deficiency of cash holdings?