臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：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
作者：鄭宇宏
作者(外文)：Cheng, Yu-Hung
校院名稱：國立交通大學
系所名稱：財務金融研究所
指導教授：王克陸
學位類別：博士
出版日期：2013
主題關鍵詞：現金增資；代理問題；公開申購；詢價圈購；SEO；Agency Problem；Public Subscription；Bookbuilding Subscription
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:23
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.
英文參考文獻
1. Amihud, Y., &; Mendelson, H. (1986). Asset pricing and the bid-ask spread.Journal of financial Economics, 17(2), 223-249.new window
2. Asquith, P., &; Mullins, D. W. (1986). Equity issues and offering dilution.Journal of Financial Economics, 15(1), 61-89.new window
3. Beatty, R. P., &; Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of financial economics, 15(1), 213-232.new window
4. Benveniste, L. M., &; Busaba, W. Y. (1997). Bookbuilding vs. fixed price: An analysis of competing strategies for marketing IPOs. Journal of Financial and Quantitative Analysis, 32(4).
5. Benveniste, L. M., &; Spindt, P. A. (1989). How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics,24(2), 343-361.
6. Benveniste, L. M., &; Wilhelm, W. J. (1990). A comparative analysis of IPO proceeds under alternative regulatory environments. Journal of Financial Economics, 28(1), 173-207.new window
7. Bhide, A. (1993). The hidden costs of stock market liquidity. Journal of Financial Economics, 34(1), 31-51.new window
8. Booth, J. R., &; Chua, L. (1996). Ownership dispersion, costly information, and IPO underpricing. Journal of Financial Economics, 41(2), 291-310.
9. Brealey, R., Leland, H. E., &; Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. The journal of Finance, 32(2), 371-387.
10. Brennan, M. J., &; Franks, J. (1997). Underpricing, ownership and control in initial public offerings of equity securities in the UK. Journal of Financial Economics, 45(3), 391-413.
11. Cornelli, F., &; Goldreich, D. (2001). Bookbuilding and strategic allocation. The Journal of Finance, 56(6), 2337-2369.
12. Degeorge, F., Derrien, F., &; Womack, K. L. (2007). Analyst hype in IPOs: Explaining the popularity of bookbuilding. Review of Financial Studies, 20(4), 1021-1058.
13. Demsetz, H. (1986). Corporate control, insider trading, and rates of return. The American Economic Review, 76(2), 313-316.
14. Derrien, F., &; Womack, K. L. (2003). Auctions vs. bookbuilding and the control of underpricing in hot IPO markets. Review of Financial studies, 16(1), 31-61.new window
15. Dierkens, N. (1991). Information asymmetry and equity issues. Journal of Financial and Quantitative Analysis, 26(02), 181-199.
16. D'Mello, R., Tawatnuntachai, O., &; Yaman, D. (2003). Does the sequence of seasoned equity offerings matter?. Financial Management, 59-86.
17. Hanley, K. W. (1993). The underpricing of initial public offerings and the partial adjustment phenomenon. Journal of Financial Economics, 34(2), 231-250.
18. Hanley, K. W., &; Wilhelm, W. J. (1995). Evidence on the strategic allocation of initial public offerings. Journal of financial economics, 37(2), 239-257.
19. Hess, A. C., &; Frost, P. A. (1982). Tests for price effects of new issues of seasoned securities. The Journal of Finance, 37(1), 11-25.new window
20. Jensen, M. C., &; Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
21. Johnson, D. J., Serrano, J. M., &; Thompson, G. R. (1996). Seasoned equity offerings for new investment and the information content of insider trades.Journal of Financial Research, 19(1), 91-103.new window
22. Kalay, A., &; Shimrat, A. (1987). Firm value and seasoned equity issues: Price pressure, wealth redistribution, or negative information. Journal of Financial Economics, 19(1), 109-126.new window
23. Lee, I. (1997). Do firms knowingly sell overvalued equity?. The Journal of Finance, 52(4), 1439-1466.
24. Loughran, T., &; Ritter, J. R. (2002). Why don't issuers get upset about leaving money on the table in IPOs?. Review of Financial Studies, 15(2), 413-444.
25. Ma, T., &; Hong, C. Y. (1998). The Issuer’s Decision of IPO Mechanism: Fixed Price versus Auction. Unpublished manuscript.
26. Masulis, R. W. (1983). The impact of capital structure change on firm value: Some estimates. The Journal of Finance, 38(1), 107-126.new window
27. Masulis, R. W., &; Korwar, A. N. (1986). Seasoned equity offerings: An empirical investigation. Journal of financial economics, 15(1), 91-118.new window
28. McLaughlin, R., Safieddine, A., &; Vasudevan, G. K. (2000). Investment banker reputation and the performance of seasoned equity issuers. Financial Management, 96-110.
29. Modigliani, F., &; Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443.
30. Myers, S. C., &; Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
31. Ritter, J. R., &; Welch, I. (2002). A review of IPO activity, pricing, and allocations. The Journal of Finance, 57(4), 1795-1828.
32. Sant, R., &; Ferris, S. P. (1994). SEASONED EQUITY OFFERINGS: THE CASE OF ALL‐EQUITY FIRMS. Journal of Business Finance &; Accounting,21(3), 429-444.
33. Scholes, M. S. (1972). The market for securities: Substitution versus price pressure and the effects of information on share prices. The Journal of Business, 45(2), 179-211.
34. Sherman, A. E., &; Titman, S. (2002). Building the IPO order book: underpricing and participation limits with costly information. Journal of Financial Economics,65(1), 3-29.new window
35. Shleifer, A., &; Vishny, R. W. (1986). Large shareholders and corporate control.The Journal of Political Economy, 461-488.
36. Slovin, M. B., Sushka, M. E., &; Lai, K. W. (2000). Alternative flotation methods, adverse selection, and ownership structure: evidence from seasoned equity issuance in the UK. Journal of financial economics, 57(2), 157-190.
37. Smith, C. W. (1998). Raising capital: Theory and evidence. Managerial Economics Research Center, Graduate School of Management, University of Rochester.
38. Wang, K., Chen, Y. H., &; Huang, S. W. (2008). Agency Theory and Flotation Methods in Seasoned Equity Offerings: The Case in Taiwan. Review of Pacific Basin Financial Markets and Policies, 11(04), 555-567.

中文參考文獻
39. 李建然, &; 林子瑄. (2001). 現金增資採用詢價圈購方式對外部股東財富之影響.Journal of Contemporary Accounting, 2(2), 127-146.new window
40. 李青娟. (2000). 公司新股上市時配售方式之選擇與影響, 中正大學財務金融研究所碩士論文
41. 高貴美. (2003). 現金增資宣告效果因素探討, 國立中山大學財務管理學系碩士在職專班碩士論文.
42. 張素綾. (1998). 現金增資不同承銷配售方式之股價反應差異, 政治大學財務管理研究所碩士論文
43. 陳建榮. (1999). 成長及績效指標與現金增資股票價格反應關連性之研究, 台灣大學會計研究所碩士論文

 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：756（臺灣：753，外國：3） ／ 本年度總使用人次：2625314 ／ 訪客人次（自102年09月）：68422229
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上