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題名：管理階層金融教育背景與公司現金增資財富效果：台灣實證研究
作者：陳清彥
作者(外文)：CHEN,CHING-YEN
校院名稱：國立高雄科技大學
系所名稱：財務金融學院博士班
指導教授：蘇玄啟
學位類別：博士
出版日期：2020
主題關鍵詞：金融教育；現金增資；資訊不對稱；盈餘管理；價值高估；Financial education；Seasoned equity offerings；Information asymmetry；Earnings management；Overvaluation
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本研究論文發展兩項互為競爭假說：資訊優勢假說與成長機會假說，以檢視「管理階層金融教育背景（FIN）」如何影響上市公司「現金增資發行股票（SEO）」宣告之財富效果。以「臺灣證券交易所（TWSE）」上市公司為研究樣本，本論文獲得以下重要研究結論：第一，台灣上市公司「更多受過金融教育的管理階層（MFEM）」對於SEO宣告的短期財富效果具有顯著負面影響；相對地，高階經理人未有MFEM對於SEO宣告的短期財富效果並無顯著影響。第二，對於資訊不對稱環境較高（較低）的發行公司，FIN對SEO財富效果的負面影響更為顯著（不顯著）。第三，對於更多（較少）盈餘管理環境的公司，FIN與SEO財富效果之間的負相關性更為顯著。第四，本文亦發現，三個直接證據證明MFEM的SEO公司被嚴重高估。首先，鑑於MFEM的私人資訊，特別是在資訊不對稱性更高且盈餘管理更多的公司，SEO股權被高估。其次，擁有MFEM的SEO公司長期財富效果較差。最後，MFEM傾向於在SEO之前減少其持股，並發現在SEO表現不佳（表現良好）之前就知道出售（購買）股權。上述四大結論指向本文支持資訊優勢假說：MFEM不僅擁有更多知識在獲取有助於準確評估股權的優質資訊，而且還傾向於透過利用私人資訊出售高估的股權。
This paper tests whether and how managerial financial education explains the valuation effects of seasoned equity offerings (SEOs). Using a sample of SEO announcements by the firms listed on the Taiwan Stock Exchange (TWSE) from 2007−2018, our results show that investors react more negatively to SEO announcements by firms with more financially educated managers (MFEMs). Such a negative effect is more pronounced for firms with a higher information asymmetry and more earnings management. Further evidence indicates that SEO-announcing firms with MFEMs are substantially overvalued and thus experience a significantly long-run post-SEO underperformance. MFEMs are found to reduce their ownership prior to SEOs. Our overall results support the opportunism-based information advantage hypothesis, suggesting that MFEMs not only have greater knowledge in accessing superior information that helps to evaluate equity precisely but also tend to take advantage of private information by selling overvalued equity.
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