在台灣現金增資已成為企業集資主要手段之一，尤以電子業之現金增資案例居各產業之首。關於現金增資與營運績效之議題，不論是學術界或實務領域皆受到相當程度關注。本研究以台灣上市公司現金增資為例，探討1995年1月1日至2003年12月31日共九年資料，分析現金增資後過度投資(overinvestment)對於營運績效之影響。本研究結論及實證結果如下： (1)使用營運資產報酬率、資產報酬率、每股盈餘、股票報酬率等績效衡量指標衡量現金增資前後之營運績效表現，發現增資後營運績效顯著下降。 (2)現金增資後現金收益(proceeds)主要用於投資。 (3)過度投資造成營運績效下降，而電子業之適度投資將使得營運績效上升，投資機會低且過度投資將使得營運績效嚴重下降。 / In Taiwan, Seasoned Equity Offerings (SEOs) has become an important source of corporate financing. It is especially the case for the semiconductor and electronic industries. Previous studies have documented that firms’ operating performance deteriorates after SEOs. In this research, the emphasis is on how overinvesting affects firms’ operating performances after SEOs. The sample of this research consists of SEOs of listed companies during 1995 through 2003 in the Taiwan Stock Exchange (TWSE). The results and conclusions of this research are as followings: (1)The performance indicators, such as operating ROA, ROA, EPS, and stock return performance indexes, decline after SEOs. (2)The primary purpose of SEO proceeds is for investment. (3)Firms’ performance improves with optimal investment in the electronic industry while onverinvestment explains poor firms’ performance after SEOs. The adverse effect of overinvestment on performance is more severe in firms with fewer investment opportunities.

Non-deal roadshows (NDR) are privately held one-on-one meetings between the buy-side of financial institutions and firm management. Using a novel dataset of these meetings, I examine the effects that NDR meetings have on the outcomes of two important corporate events: seasoned equity offerings (SEOs) and mergers and acquisitions (M&As). I also study the potential implications of the information content in NDRs on the behavior of stock returns following earnings announcements, which has been the subject of much academic work. I structure the dissertation in three essays. In the first essay, I examine the relationship between NDR activity and the underpricing of SEOs. I find that NDRs are associated with lower SEO underpricing. This association is stronger for firms with infrequent NDR activity, for smaller firms, and for firms with higher analysts' forecast errors. These findings suggest that NDRs reduce the level of asymmetric information between firms and investors, which results in a lower cost of raising equity. In Essay 2, I investigate whether the occurrence of NDR meetings affects post-earnings-announcement drift (PEAD). I find that PEAD declines after NDR activity when the most recent NDR meeting occurs within one month before the earnings announcement. This decline is most pronounced among smaller firms, firms with high idiosyncratic volatility, and firms with Friday earnings announcements. These findings suggest that NDRs are mechanisms to convey earnings-specific information about forthcoming earnings. In the third essay I explore the relationship between NDRs, the medium of exchange used in M&As and the value created by this important corporate event. I show that NDR activity is important to understand the cross-sectional variation of the excess returns around M&As, and the bid premium. NDRs are also relevant to understand the medium of exchange. This relevance of NDR is more pronounced when the firms involved have higher levels of asymmetric information. My findings suggest that NDRs convey relevant information about acquiring and target firms, and this information affects the financing of M&As and the value created by these combinations. Taken together, the results reported in this dissertation highlight the relevance of the NDR as a mechanism to reveal information.

在公司財務的領域中，探討公司資本結構決策主要有三個主流理論：靜態抵換理論、融資順位理論以及折時理論。本篇文章採用重複事件分析法，首先沿用Baker and Wurgler (2002)中提及之五個因素做為自變數，研究影響公司辦理現金增資危險函數之因子研究，研究結果顯示，公司現金增資之危險函數與財務槓桿成正向關係，此項證據傾向支持融資順位理論，然而本篇論文研究結果，並無顯著證據支持折時理論。本篇論文接著建立另一組變素設定，將價格趨勢納入模型中，取代原來在Baker and Wurgler(2002)中觀察折時現象之因子，結果顯示折時現象是顯著的。因此，本篇論文研究結果並未對是否支持折時理論下定論，值得思考的是，欲觀察公司是否存在折時現象，除了Baker and Wurgler(2002)中提及之變數之外，直接將價格趨勢納入模型或許是另一個可行之道。 / In the field of traditional corporate financing theories, there are three mainstream theories leading the way while talking about the firms’ financing decisions: static trade-off theory, pecking order theory, and market timing theory. In this paper, we apply the recurrent event analysis and follow the independent variables appearing in the Baker and Wurgler (2002) first to examine the factors that affect firms’ hazard rate to offer seasoned equity. The results indicate that higher leverage is in positive relation with the hazard rate of firms’ seasoned equity offering, meaning that firms’ financing decisions follow the pecking order theory to some degree. However, while the recurrent event analysis is adopted, the market timing effect becomes insignificant when considering the independent variables appearing in the Baker and Wurgler(2002). As a result, we proceed to establish another set of covariates in which the price trend factor is involved to examine the market timing effect. While the price trend factor is substituted for the market-to-book ratio to represent the market timing effect, the market timing effect turns out to be significant. Thus, we consider that using the price trend of the market directly may be a suitable way to examine the market timing effect.

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