投資人對現金增資股票的過度反應行為－魅力性觀點

Abstract

由於公司選擇發行現金增資股票(SEOs)的融資方式，可能令投資人產生價值高估之疑慮。本研究援引魅力性觀點，考量價值因素與投資人參與申購市場熱度，期望進一步檢測是否即使能在申購市場受到投資人特別偏好者，其初期亦會產生績效下滑現象，藉此則可佐證投資人確實存在過度反應行爲。實證結果發現，不論SEOs魅力性的水準，初期績效皆明顯較差。就長期績效而言，特別是在控制發行公司負債程度後，高度與低度魅力性SEOs績效則會產生更大規模的差異。據此，支持投資人對於公司發行SEOs傳遞的價值高估訊號頗爲敏感，而過度反應亦係該市場普遍存在的現象。

Owing to the financing way of seasonal equity offerings (SEOs), it may bring the doubt of overvalued to investors. This paper cites the charisma perspective that considers value factors and the demand of subscription, and to confirm whether the initial performance of SEOs is worse or not even it was investors' preference. The results showed that SEOs' initial performance had downside trend obviously regardless of charisma level. In the long-term, there had been more significantly difference between high and low charisma SEOs especially after controlling the debt degree. These findings may be explained by overreaction and investors were very sensitive to the signal of overvalued in SEOs market.