資本支出目的之現金增資前後經營績效之比較研究

Abstract

本研究的研究目的主要在比較上市公司以資本支出為目的之現金增資前後經營績效之表現，透過增資後投入期間與開始營運期間之劃分，以每股盈餘、純益率以及淨值報酬率為經營績效衡量指標來觀察資本支出目的之現金增資效益是否存在及有無顯現的現象。利用上市公司在民國七十五年至八十二年的資料進行分析，得到的結論如下： 1. 現金增資後投入期間與增資前二年經營績效之比較 針對Wilcoxon檢定結果，就平均而言，資本支出目的之現金增資後投入期間與增資前二年經營績效不僅有顯著差異，而且績效明顯下降。然而，進一步觀察個別上市公司績效變化情況發現，55家觀察對象中約20%~47%左右的上市公司增資後投入期間經營績效已逐漸回復至增資前二年，甚至有超過增資前的績效表現。因此，資本支出目的之現金增資效益在增資後投入期間即已逐漸產生增資效益。 2. 現金增資後開始營運期間三年內與增資前二年經營績效之比較 針對Wilcoxon檢定結果，就平均而言，資本支出目的之現金增資後 開始營運期間三年內比增資前經營績效不僅有顯著的差異，而且績效明顯衰退。然而，進一步觀察個別上市公司績效變化情況發現，55家觀察對象中約24%~40%左右的上市公司增資後開始營運期間三年內經營績效已逐漸回復至增資前二年，甚至超過增資前的績效表現，而且約7%~15%的上市公司雖然增資後開始營運期間三年內經營績效比不上增資前二年，但是其經營績效卻呈現逐步上升趨勢。因此，資本支出目的之現金增資效益在增資後開始營運期間三年內經營績效表現雖然不如預期般那麼顯著，但是其現金增資效益確實存在於觀察的增資對象之中，而且正逐漸顯現中。

The purpose of the research is to observe whether the performance of seasoned equity offerings(SEOs) based on the purpose of capital expenditure exist for listed companies in Taiwan . The study is to compare operating performance of listed companies in Taiwan around seasoned equity offering based on the purpose of capital expenditure , divided by the investment period and the beginning operating period after seasoned equity offering,measured by earnings per share , marginal profit,and return on equity.Using the data of listed companies in Taiwan during 1986 to 1993,the conclusions are as follows: 1.The comparison of the operating performance between the investment period after SEO and the two-years period before SEO. By Wilcoxon Signed Ranks Test, operating performance of firms is declined during the investment period after SEO. However,continuing to observe the operating performance of individual firms：Compared to the two-years period before SEO ,the operating performance of 20%-47% of those firms during the investment period after SEO had already recovered the level of operating performance before SEO . Thus , the performance of seasoned equity offering based on the purpose of capital expenditure during the investment period after SEO had already produced. 2.The comparison of the operating performance between the beginning operating period after SEO and the two-years period before SEO. By Wilcoxon Signed Ranks Test, operating performance of firms is declined during the beginning operating period after SEO . However , continuing to observe the operating performance of individual firms:Compared to the two-years period before SEO ,the operating performance of 24%-40% of those firms during the beginning operating period after SEO had already recovered the level of the performance before SEO.Alse,although the operating performance of 7 % - 15 % of those firms during the beginning operating period after SEO is declined , the operating performance presented the rising trend.Thus,the performance of seasoned equity offering based on the purpose of capital expenditure during the beginning operating period after SEO had already produced . From the above described , we can find that the performance phenomenon of SEO based on the purpose of capital expenditure existed exactly.