公司撤銷股票現金增資之因素及其後續發展

Abstract

股票現金增資(Seasoned equity offerings, SEO)一直是公開發行公司募集資金的重要管道。本研究以美國1986年至2012年曾經宣告股票現金增資的公司為樣本，利用Logit模型分析影響公司撤銷股票現金增資之因素、其公司產業或是市場條件之差異，及撤銷股票現金增資其後續發展。 研究結果發現高科技產業公司、宣告價格、承銷商評等及宣告時的市場報酬率與撤銷股票現金增資的機率皆呈現顯著的負相關，而決策期間及十年期公債收益率與撤銷股票現金增資的機率則呈現顯著的正相關；除此之外，研究結果也發現宣告價格高的公司在撤銷後較容易回到資本市場，公司決策期間較短的公司則撤銷後會傾向再次進行股票現金增資，當該公司為高科技產業或是公司撤銷時十年期公債收益率較低，則撤銷股票現金增資後傾向改為發行債券募集資金。

Seasoned equity offerings have been an important conduit for listed companies to raise fund. This study collects data of withdrawn and completed SEOs of US firms between 1986 and 2012, and measures the impact of issuer riskiness, issuer characteristics and timing of the offerings on the likelihoods of SEO withdrawals and subsequent decision of these offerings. The result indicates that the technology firm, filing price, underwriter reputation and return on market at filing are negatively related to the withdraw rate. Our results also suggest that good market conditions subsequent to withdrawal are positively related to the return to the capital market. Key factors affecting the probability of a subsequent decision include filing price, decision period and ten-year treasury yield at withdrawn.