本研究主要探討公司進行現金增資之決策是否受到市場對公司的股價反 應與公司本身財務彈性所影響。本研究以 1980 年至 2015 年間,美國證券 市場 328 家撤銷現金增資的公司與 11,754 家完成現金增資的公司為樣本, 並進一步探討撤銷現金增資之決策影響因素。實證結果顯示,當市場於現 金增資宣告日給予負向反應時,公司傾向撤銷現金增資。該結果證實公司 會運用其市場擇時能力以進行現金增資之決策。本研究亦針對撤銷現金增 資之決策影響因素進行探討,發現股價現金增資反應較差、成長機會較低 或獲利能力越好的公司會傾向撤銷現金增資。此外,本研究發現當公司因 宣告現金增資而引起股價下跌時,財務彈性較佳的公司將傾向撤銷現金增 資。然而,財務彈性不佳的公司則不受市場狀況所影響,並傾向完成現金 增資。因此,公司除了將市場情形納入現金增資決策外,在市場狀況不佳 時更特別注重公司是否持有足夠的現金以保持財務彈性。 / The main purpose of this study is to examine whether the interaction between market reaction to the announcement and financial flexibility of seasoned equity offering (SEO) will affect the decision of SEO cancellation. This study includes 328 canceled SEOs and 11,754 completed SEOs in U.S. market from 1980 to 2015 and conducts a comprehensive analysis on the decision of SEO cancellation. We find that, consistent with market timing theory, SEO firms tend to cancel their equity offerings if the market reaction to those SEOs are negative. We further investigate determinants of the decision of SEO cancellation. We find that SEO cancellation is negatively associated with stock price reaction and the growth opportunity, and positively associated with the profitability. In addition, we show the evidence that the association between SEO cancellation decision and the market condition depends on the level of financial flexibility for SEO firms. Specifically, we find that firms with more financial flexibility tend to cancel SEOs if their stock prices experience a large decline around the filing date, while firms with less financial flexibility will complete equity issuance regardless of the market conditions.