标题: 代理问题与现金增资承销方式之财富效果─以台湾市场为例
Agency theory and wealth effect of flotation methods in seasoned equity offerings: evidences from Taiwan stock market
作者: 郑宇宏
Cheng, Yu-Hung
王克陆
Wang, Keh-luh
财务金融研究所
关键字: 现金增资;代理问题;公开申购;询价圈购;SEO;Agency Problem;Public Subscription;Bookbuilding Subscription
公开日期: 2012
摘要: 随着企业的扩张发展,其资金需求将愈来愈高;其中,企业现金增资为募集资金的方法之一,承销方式可分为公开申购(Public Subscription)与询价圈购(Bookbuilding Subscription)两种,然台湾市场对采公开申购者给予负面反应,并给予询价圈购者正面反应。本研究分析民国88年至民国101年间企业现金增资者共638笔样本,其中公开申购者为581笔,询价圈购者57笔;并藉公司市值、负债比率等控制变数与承销方式差异分析整体现金增资样本。公司采用询价圈购方式增资时,将引入外部机构投资人并提高其监理层级,且得同时减低代理问题,故市场对此承销方式给予正面反应。
再者,本实证研究探讨决定公司进行增资时,选取不同承销方式之影响因子。当管理阶层采询价圈购承销时,市场会给予高成长型公司负面评价,显示投资人仍面临资讯不对称的问题;然采用公开申购承销,市场会对高股东报酬率和高市值的公司给予正面反应。整体而言,虽台湾市场仍存在资讯不对称,但市场显然更在意代理问题。
During the expansion and development of corporate, its demands of funds increase. Seasoned equity offering (SEO) is one of the usual approaches to raise funds, and typical underwriting includes public subscription and bookbuilding subscription. In Taiwan stock market, there is a negative reaction under a public subscription and positive reaction under bookbuilding subscription.
This paper examines how decisions of different underwriting approaches taken by firms affects its market value within 638 samples from 14 tiers, 581 public subscription samples and 57 underwriting subscription samples. The results suggest that although there is information asymmetry in the Taiwan stock market, obviously market investors are more concerned about the agency problem.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT070053937
http://hdl.handle.net/11536/72067
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