SEO的撤回與撤回後的再度發行

Abstract

本篇主係研究企業撤銷現金增資後再度成功發行之關鍵因素，企業再度現金增資成功的關鍵因素在於(1)前揭債務之清償；(2) 知名承銷商；(3) 當初撤銷時點的市場經濟情況。於先後次承銷商的選擇上，本研究發現企業經歷前一次撤銷經驗後，大部分的企業再次發行時會另擇一能力與聲譽更好的承銷商。比較1985 至2004 年企業撤銷現金增資後再度成功發行之關鍵因素後，我們發現再次成功發行之企業於前次撤銷之原因，多屬市場經濟情況變化所導致。

We examine issuers that withdraw an SEO and follow the cancelled SEO with a subsequent completion. Key factors affecting the probability of a subsequent SEO completion after prior withdrawal include debt retirement, underwriter reputation and the market environment around the time of withdrawal. Underwriter switching from the initial withdrawn offering to the subsequent completed offering is also examined. We find evidence supportive of the graduation hypothesis in the context of underwriter switching in SEOs. We also compare a sample of all issuers filing SEOs between 1985 and 2004 with the sample of issuers that complete an SEO following a withdrawal. We find that the sample of issuers completing SEOs subsequent to previous withdrawals is more prone to withdrawal due to macroeconomic conditions.