投資人對現金增資的反應;Investors′ reaction to cash capital increases

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Title:	投資人對現金增資的反應;Investors′ reaction to cash capital increases
Authors:	林震宇;Lin, Chen Yu
Contributors:	會計研究所
Keywords:	現金增資;現金增資目的;Effect of equity offering;Purpose of equity offering
Date:	2020-07-03
Issue Date:	2020-09-02 17:11:05 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究想探討公司在發佈現金增資之資訊時25歲以下之年輕族群對此項資訊是否會有所反應，以及現金增資之目的是否會影響投資人的投資決策。本研究以問卷調查法，搜集有效問卷數為213份，研究對象主要為年齡為25歲以下之大專院校學生並以單因子差異分析來分析。研究結果顯示，投資人對於公司宣告現金增資之訊息，並不會有增加持股、減少持股的情形。再以現金增資目的區分為投資目的以及還債目的後，顯示投資人在獲得現金增之目的為投資時，亦不會改變其投資決策。然而，當增資目的以還債為目的時投資人會降低持股比率。研究結果顯示，對於公司以現金增資來改善財務結構時，投資人對此訊息給予負面之回應。關鍵詞：現金增資宣告效果、現金增資目的、投資決策 ;In this paper, I provide evidences on whether Young ethnic groups under the age of 25 will react when the company announces the news of issuing common stock for cash at the same time, whether different purposes of the announcement influence investors’ investment decisions? We collected questionnaires which contains a total of 213 effective samples. The subjects of the study were mainly college and university students under age 25. We used one-way ANOVA to analyze our sample. Results indicate that investors will not change their shareholdings when the target company announced the news of issuing common stock for cash. When, I divide the purpose of issuing of common stock for cash into “investment purpose” and “debt repayment purpose”. The results show that when the target company issues common stock for cash for investment purpose, investors will not change their shareholdings. However, when the target company issues common stock for cash for debt repayment purpose, investors will decrease their shareholdings. For those companies who wants to improve their financial structure through issuance of common stock, investors may give a negative response to this message. Keywords: Effect of equity offering, Purpose of equity offering, Investment decisions.
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