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題 名 | 增資次數對臺灣上市公司股價之長短期效果=The Short-Run and Long-Run Effects of the Number of Equity Offerings on Stock Returns in the Taiwan Stock Market |
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作 者 | 郭玟秀; 許溪南; | 書刊名 | 成功大學學報 |
卷 期 | 37 2002.11[民91.11] |
頁 次 | 頁117-136 |
分類號 | 563.54 |
關鍵詞 | 現金增資; 股價報酬; 長期效果; 短期效果; Equity issues; Stock returns; Long-run effect; Short-run effect; |
語 文 | 中文(Chinese) |
中文摘要 | 本文旨在探討現金增資次數多寡對台灣上市公司短期與長期股價報酬之關係。就短期效果而言,本文分為三方面來探討:(一)檢驗現金增資次數多寡之增資宣告的資訊內涵表現。(二)比較不同增資次數樣本間的短期累積異常報酬有否差異。(三)以不常增資發行公司作為控制樣本,觀察常增資發行公司的歷次增資宣告之股價反應。就長期效果而言,本文應用Spiess & Affleck-Graves (1995)調整報酬的觀念,探討常增資發行公司相對於無增資發行公司之長期股價是否有異常報酬存在。研究結果顯示,就短期效果而言,在除權日,不論增資次數多寡,均有部份填權的資訊內涵存在,而且增資次數愈多,部份填權效果愈顯著。在證管會核准日,現金增資宣告,並未對股價造成顯著效果,唯不論增資次數多寡,短期之累積平均報酬均為正。就長期效果而言,常增資發行公司相對於沒有現金增資發行公司,有顯著的負股價績效表現。因此,如果長期要使股價有較好的投資報酬,經常增資的做法似乎並無法達成目的。 |
英文摘要 | The purpose of this paper is to investigate the relationship between the number of equity offerings and the short-run and long-run stock returns. In short-run effects, this paper (1) examines the information content of declaration for different numbers of equity issues, (2) compares the difference in CAR between different numbers of equity issues, and (3) investigates stock price responses of each declaration of equity issue for frequent issues relative to non-issuers. In long-run effects, this paper employs Spiess&Affleck-Graves's (1995) long-run adjusted return to investigate if there exists long-run abnormal returns for frequent issuers relative infrequent issuers. Results indicate that, in short run, no matter how many times equity issued, there exists positive abnormal returns on ex-right date but no abnormal returns on the declaration date. Howerver, cumulative average abnormal returns (CAR) around both ex-right and declaration dates are significantly positive. In long-run, we find that the frequent issuers have significant negative long-run cumulated adjusted returns relative infrequent issuers. This findings elustrate that the motive for frequent issuers is hardly attributed to good investment opportunities. |
本系統中英文摘要資訊取自各篇刊載內容。