上市公司現金增資與營運績效變化關係之研究

Abstract

上市公司現金增資與營運績效變化關係之研究研究生：陳建偉 指導教授：王克陸 博士國立交通大學管理科學研究所 中文摘要公開上市 的公司辦理現金增資，可以改善財務結構、擴充產能及多角化經營等，但 其長期效益如何，應予以檢討。我國股票市場機構投資人較少而個人投資 居大部份，容易注重短期利益，缺乏正確穩健的投資理財觀念，這使得我 國股票市場的投機氣氛過高，嚴重扭曲資本市場所扮演的角色，故本國股 票市場與國外研究結果大相逕庭。因此，股價的理論價格與實際的價格往 往有某種程度的差異。既然由股價的觀點，無法得到一個相同的結論，本 研究試著由盈餘和現金流量的觀點來探索現金增資對公司之影響。結果發 現：一、現金增資後營運績效下降且符合Jensen之自由現金流量假說。二 、高槓桿的公司由於面對較嚴苛的財務壓力，以現金增資方式籌措資金後 ，其績效表現顯著高於低槓桿公司。三、電子資訊產業中，負債比率與與 稅是公司考量發行現金增資的重點所在；高槓桿的公司發行增資的機率較 大，而稅賦低反而發行現金增資機率較大。四、有高成長機會且規模較小 的公司或低槓桿者發行現金增資的機率較高。 A Research on the Relationship between Seasoned Equity Offering and Operating Performancestudent:Jian-Wei Chen Advisor:Kuh-Luh WangInstitute of Management ScienceNational Chiao Tung UniversityAbstract Public companies conduct seasoned equity offering(SEO) in order to improve their financial structure, enlarge productivity capability or even to diversify their products. Due to the special structure in Taiwan*s stock market that majority investors are individuals, it has shown various phenomenon which is different from foreign stock market. This evidence includes short-time emphasis benefit , lack of correct knowledge in finance and preference in risky adventure. The research emphasizes the cash flow and earnings aspects to explore the long term effect of seasoned equity offering. The conclusions are: (1) The operating performance of companies is decline after SEO, and the result is consistent with Jensen*s Free Cash Flow hypothesis. (2) Because of high financial pressure , operating performance of high leveraged companies is better than lower-ones. (3) Debt ratio and tax are the main considerations when companies conduct SEO in electronic and information industries. (4) Companies with small size and high-growth opportunities scale have higher probability to conduct SEO.