代理問題與現金增資承銷方式之財富效果─以台灣市場為例

Abstract

隨著企業的擴張發展，其資金需求將愈來愈高；其中，企業現金增資為募集資金的方法之一，承銷方式可分為公開申購(Public Subscription)與詢價圈購(Bookbuilding Subscription)兩種，然台灣市場對採公開申購者給予負面反應，並給予詢價圈購者正面反應。本研究分析民國88年至民國101年間企業現金增資者共638筆樣本，其中公開申購者為581筆，詢價圈購者57筆；並藉公司市值、負債比率等控制變數與承銷方式差異分析整體現金增資樣本。公司採用詢價圈購方式增資時，將引入外部機構投資人並提高其監理層級，且得同時減低代理問題，故市場對此承銷方式給予正面反應。 再者，本實證研究探討決定公司進行增資時，選取不同承銷方式之影響因子。當管理階層採詢價圈購承銷時，市場會給予高成長型公司負面評價，顯示投資人仍面臨資訊不對稱的問題；然採用公開申購承銷，市場會對高股東報酬率和高市值的公司給予正面反應。整體而言，雖台灣市場仍存在資訊不對稱，但市場顯然更在意代理問題。

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.