上市上櫃前資本擴張對後續成長機會及經營績效之影響

Abstract

資本擴張雖具有可使公司取得或保留資金爲股東謀求未來財富增加之正向功能，但大量的資本擴張卻可能反而會侵蝕股東權益。新上市上櫃公司在上市上櫃前所進行不同類型的資本擴張，其究竟對投資人有何資訊內涵。實證結果發現，本研究首先發現所有上市上櫃前資本擴張的型態並不是與公司成長潛力具有正向關聯，僅有盈餘轉增資者，才與上市上櫃後投資成長機會具顯著正向關聯，而公積轉增資者則呈現顯著負相關，惟現金增資者則呈正相關，但不顯著性。再者，本研究也發現投資人對公司上市上櫃前資本擴張不一定皆為正向反應。此外，折價幅度與公司上市上櫃後長期營運績效具正向關係，但是上市上櫃前的資本形成型態，無法增加或降低其上市上櫃後長期營運績效與折價間正向的關係。

Capital expansions have the positive function of acquiring or preserving capital and further create shareholders' future wealth; however, excessive capital expansions will probably violate shareholders' interests. The important issue is whether pre-issue firm's variety of capital expansions has information content. According to empirical results, this study finds that pre-issue firms' variety of capital expansions has no positive relation with growth potentials, has positive relation with capitals transferred from retained earnings, has positive but not significant relation with seasoned equity offering, and has negative relation with capitals transferred from paid-in capital. Furthermore, this study also finds that investors' reaction to pre-issue capital expansions is not always optimistic. The relationship between underpricing and post-issue long term operating performance is positive, but pre-issue forms of capital gathering has no incremental explanation for the positive relation between underpricing and operating performance.