頁籤選單縮合
題 名 | 現金增資承銷制度的不同對發行公司長短期股價績效之影響=The Long-term and Short-term Price Performance of SEO Firm which Adopt Different Offering Method |
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作 者 | 林淑莉; | 書刊名 | 南臺科技大學學報 |
卷 期 | 28 2003.12[民92.12] |
頁 次 | 頁173-190 |
分類號 | 553.977 |
關鍵詞 | 現金增資; 公開申購; 詢價圈購; 事件研究法; Seasoned equity offerings; SEO; Fixed price offering; Book-building; Event study; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究係運用事件研究法,探討上市、上櫃公司以不同配售方式辦理現金增資時,在計畫宣告日,資本市場是否會作出不同的反應;在承銷價訂定參考期間內,管理當局介入打壓公司股價的力道是否有別;及在增資完成後二年內,發行公司股價之變化是否具有差異。實證分析結果顯示:不論公司係宣告採公開申購或詢價圈購辦理現金增資,並無證據顯示資本市場會在計畫宣告日附近作出不同反應。但在承銷價訂定參考期間內,選擇以詢價圈購配售者,管理當局介入壓低該期間股價的情形確實較公開申購為甚。至於增資完成後股價表現,即使是採詢價圈購樣本,並未反應出看好公司未來發展願景,而是傾向支持以往文獻主張,不論當初決定以何種配售方式辦理現金增資,增資後股價均以滑落走勢來修正增資前高估之股價,此一向下修正反應在公開申購制度下尤其明顯。 |
英文摘要 | Though the methodology of event study, this paper investigates the whether the long-term and short-term price performance is different when seasoned equity offering (SEO) firm adopt book-building of fixed price offering. The empirical results show that there is no significant different abnormal return at announcement data of SEO although, the returns for firms adopting book-building are more negative than firms adopting fixed price offering in the period deciding the price of the SEO. This phenomenon may be caused by the reason that managers of SEO firms adopting book-building have more incentive to manipulate price down than firms adopting fixed price. After two years from SEO, no matter the firms adopting book-building or fixed price offering, the stocks price of the SEO firms suffer significant negative abnormal returns, this results suggests that insiders of firms usually issue new equity when their stock are overpriced, no matter the firms adopt book-building or fixed price offering for SEO. |
本系統中英文摘要資訊取自各篇刊載內容。