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來源資料
頁籤選單縮合
題 名 | 新上市公司辦理首次現金增資時程之探討:原因與後果=The Timing of IPOs Conducting First Seasoned Equity Offerings: Determinants and Consequences |
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作 者 | 邱正仁; 周庭楷; 張慈媛; | 書刊名 | 管理評論 |
卷 期 | 26:3 2007.07[民96.07] |
頁 次 | 頁71-102 |
分類號 | 553.977 |
關鍵詞 | 新上市公司; 首次現金增資; 時程; 宣告效果; 長期績效; IPO; First SEO; Timing; Announcement effect; Long-run performance; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究旨在探討台灣新上市公司辦理首次現金增資之時程。以往文獻發現台灣公司上市後返回資本市場籌資的機率頻繁,當公司採用多階段的股權融資方法,要在上市後的何時辦理首次現金增資便成爲公司的重要決策。實證結果發現新上市公司的蜜月期超額報酬、盈餘管理規模、營運風險、科技產業特性、偏離最適槓桿幅度、成長機會、資金充裕程度、後市股價表現、與承銷商之關係、上市期間的市場情況,以及發行市場熱度等因素會影響公司辦理後續現金增資的速度;此外,檢測結果顯示在上市後短期內即辦理現金增資的公司,市場對其增資宣告擁有較佳的反應,但這類公司在現金增資後的長期股價績效卻明顯不及首次增資時程較晚的公司。 |
英文摘要 | This study is to investigate the elapsed time of IPO firms conducting SEO in Taiwan stock market. In contrast to U.S. market, prior literature noted that the frequencies for IPOs with subsequent SEOs in Taiwan are much higher. The firms' choice of when to issue an SEO is an important consideration in a multiple issue strategy. We find that the factors affecting IPOs' elapsed time to the first SEO include the length of honeymoon period, earnings management, business risk, industry technological status, the extent of deviation from optimal leverage, growth potential, financial slack, immediate stock performance after honeymoon period, the relationship with underwriter, market condition and whether in a hot issue market. Furthermore, our empirical results show that the shorter the firm takes to make its first seasoned offering the market reacts more positively and, however, the firm has worse performance in the post-SEO two years. |
本系統中英文摘要資訊取自各篇刊載內容。