市場對公司撤銷現金增資反應之實證研究

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姓名

林芳朱(Fang-Chu Lin) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

市場對公司撤銷現金增資反應之實證研究
(A Study on the Market Reaction to Withdrawn Seasoned Equity Offerings)

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摘要(中)

本研究主要探討公司進行股票現金增資的目的。實證發現發行公司在宣告現金增資後，當發行市場整體狀況不佳、市場對該公司股價反應不好以及該公司持有較多的現金時，該公司將傾向撤銷其現金增資。此外，若公司在撤銷現金增資之後又決定重新進行現金增資，撤銷時的市場狀況為重新進行現金增資的決定因素，然而公司的現金持有並非為該決策的決定因素。實證結果亦無法發現公司在撤銷現金增資後的下市行為與其現金持有有顯著的關係。因此，本研究實證結果證實公司進行股票現金增資的目的為管理者利用市場擇時能力，而非公司現金的欠缺。

摘要(英)

This thesis investigates the purposes of seasoned equity offerings (SEOs). We empirically show that, consistent with existing literature, firms tend to withdraw SEOs when the market condition is unfavorable. We further find that firms tend to withdraw SEOs if their stock prices experience a substantial drop after filing SEOs and their cash holdings are rich. In addition, the decision that firms reissue SEOs following withdrawals depends on the market condition rather than their cash holdings, while the probability of delisting for withdrawn firms is not related to the cash holdings. Our empirical results provide supportive evidence that firms tend to issue and complete new equities offerings to take advantage of market timing rather than get the cash necessary for subsequent investments or payments.

關鍵字(中)

★ 現金增資
★ 撤銷現金增資
★ 重新發行
★ 下市
★ 市場擇時
★ 現金持有部位

關鍵字(英)

★ Seasoned equity offerings
★ SEO
★ SEO withdrawal
★ Reissue
★ Delisting
★ Market timing
★ Cash holdings

論文目次

Contents
List of Tables V
List of Figures VI
1 Introduction 1
2 Literature Review 3
2.1 Timing the market 3
2.2 The market reaction to SEOs and IPOs 4
2.3 The determinants of the choice to withdraw a SEO 5
3 Hypothesis Development 9
3.1 Withdrawn SEOs 9
3.2 Returning to the market after withdrawal 11
3.3 Delisting subsequent to withdraw SEOs 11
4 Data and Methodology 12
4.1 Data 12
4.1.1 The relative dates of seasoned equity offerings 12
4.1.2 The explanatory variable 12
4.2 Methodology 14
4.2.1 Event study 15
4.2.2 The probit analysis 16
5 Empirical Results 17
5.1 Market reaction to SEOs 17
5.2 Probit analysis on the decision to withdraw a SEO 19
5.3 Returning to the market after withdrawal 20
5.4 The likelihood of delisting after withdrawal 21
6 Future Researches 23
7 Conclusion 23
References 25

參考文獻

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Dunbar, Craig G., and Stephen R. Foerster (2008), “Second time lucky? Withdrawn IPOs that return to the market”, Journal of Financial Economics, 87(3), 610-635.
Dunbar, Craig, G. (1998), “The effect of withdrawals on contract choice in initial public offerings”, Journal of Financial Intermediation, 7, 60-90.
Hsu, Hung‐Chia, Adam V. Reed, and Jörg Rocholl (2010), “The new game in town: Competitive effects of IPOs”, The Journal of Finance, 65(2), 495-528.
Loughran, Tim, and Jay R. Ritter (1995), “The new issues puzzle”, The Journal of Finance, 50(1), 23-51.
Mikkelson, Wayne H., and M. Megan Partch (1988), “Withdrawn security offerings”, Journal of Financial and Quantitative Analysis, 23(2), 119-134.
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指導教授

陳鴻毅(Hong-Yi Chen)

審核日期

2013-7-17

推文