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台灣新上市櫃公司特徵對其首次現金增資時程及績效影響之探討 / Timing and Performance of First SEOs after IPOs張飴芬 Unknown Date (has links)
本研究主要探討台灣上市櫃公司從事首次現金增資之決策受何種公司特徵所影響,並進一步探討進行其首次現金增資的宣告效果影響因素。
本研究針對1981年至2010年共30年期間於台灣上市上櫃之公司其首次現金增資之情形做為探討對象,採用Cox-proportional Hazard Regression檢定影響上市櫃公司進行首次現金增資時程之公司特徵。實證結果顯示,營收成長率越高、規模越大且獲利能力較差的公司會傾向越快進行首次現金增資。同時也針對上市櫃年度其市場情形加以探討,發現於市場處於熱市時上市櫃的公司傾向越快進行首次現金增資,顯示市場時機也會影響公司進行首次現金增資的決策。此外,對其首次現金增資之宣告效果進行迴歸分析同時以Heckman Two-Stage Model方法考慮樣本選擇偏誤之修正,結果發現規模越大的公司宣告效果越差而負債比率較大的公司宣告效果越佳。然而上市櫃後進行首次現金增資之時程與其增資宣告效果間則無顯著關係。 / This study examines how fast companies have their first seasonal equity offerings after their IPOs and further analyses the announcement effects of first SEOs.
First, we adopt Cox-proportional Hazard Regression Model to see what firm characteristics make IPO firms decide to conduct first SEOs shortly after their IPOs. Using a sample of IPO firms in Taiwan from 1981 to 2010, we find firms that are larger, less profitable and higher growth potential would conduct their first SEOs faster. Also, market timing plays an important role for SEO decisions. Moreover, the announcement effect of their first SEOs shows that elapsed time to conduct first SEOs after IPOs has no influence on the cumulated abnormal returns. By correcting sampling bias, Heckman Two-Stage Model is adopted to reveal better explanation of the results.
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