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題名:臺灣增資新股(SEO)上市後長期績效之整體研究
書刊名:管理評論
作者:夏侯欣榮
作者(外文):Shiah-hou, Shin-rong
出版日期:2000
卷期:19:2
頁次:頁1-33
主題關鍵詞:增資新股Season equity offeringSEO
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(27) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:27
  • 共同引用共同引用:0
  • 點閱點閱:61
本研究之目的在於探討SEO是否有長期績效較差的現象(包含市場表現以及營運績效):另一方面將從盈餘操弄(earnings management)的觀點來解釋SEO上市後長期績效的變化。結果發現,不論是哪一種配對公司,綜合二年的累積報酬率,仍是SEO較配對公司為低;就長期營運績效而言,不論全部樣本或增資比率≧15%的部份樣本,發行公司在SEO上市後的總資產報酬率、營業報酬率和資金流量比率均有相對較配對公司表現為差的趨勢。此外,就盈餘操弄的觀點而言,發行公司確有在上市當年度正向操弄短期應計項目(Accruals)來增加帳面盈餘的做法。
The first purpose of this paper is to discuss that season equity issuers have lower long-run performance than non-issuers. The second purpose is to explain the long-run performance of season public offerings (SEO) from earnings management. We find that the two-year accumulated return rates of SEOs are lower than matching firms (non-issuers). According to the long-run operating performance, issuers have lower returns of asset, returns of operating and rates of operating cash flow than matching firms. Finally, issuers really manage the short-term accruals to increase booking value of firms at the going public year.
期刊論文
1.夏侯欣榮(19970400)。新上市股票長期績效之實證研究。Proceedings of the National Science Council. Part C, Humanities and Social Sciences,7(2),260-275。  延伸查詢new window
2.Rangan, Srinivasan(1998)。Earnings Management and the Performance of Seasoned Equity Offerings。Journal of Financial Economics,50(1),101-122。  new window
3.Aggarwal, Reena、Rivoli, Pietra(1990)。Fads in the initial public offering market?。Financial Management,19(4),45-57。  new window
4.Loughran, Tim、Ritter, Jay R.(1995)。The New Issues Puzzle。The Journal of Finance,50(1),23-51。  new window
5.Teoh, Siew Hong、Welch, Ivo、Wong, T. J.(1998)。Earnings management and the underperformance of seasoned equity offerings。Journal of Financial Economics,50(1),63-99。  new window
6.Ritter, Jay R.(1991)。The Long-run Performance of Initial Public Offerings。Journal of Finance,46(1),3-27。  new window
7.Jones, Jennifer J.(1991)。Earnings Management during Import Relief Investigations。Journal of Accounting Research,29(2),193-228。  new window
8.Dechow, Patricia M.、Sloan, Richard G.、Sweeney, Amy P.(1995)。Detecting earnings management。The Accounting Review,70(2),193-225。  new window
9.Healy, Paul M.(1985)。The Effect of Bonus Schemes on Accounting Decisions。Journal of Accounting and Economics,7(1-3),85-107。  new window
10.Dechow, Patricia M.、Sloan, Richard G.(1991)。Executive Incentives and the Horizon Problem: An Empirical Investigation。Journal of Accounting and Economics,14(1),51-89。  new window
11.DeAngelo, Linda E.(1986)。Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders。The Accounting Review,61(3),400-420。  new window
12.Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance,48(3),831-880。  new window
13.Loughran, Tim、Ritter, Jay R.(1997)。The operating performance of firms conducting seasoned equity offerings。Journal of Finance,52,1823-1850。  new window
14.Hansen, R. S.、Crutchley, C.(1990)。Corporate earnings and financing: An empirical analysis。The Journal of Business,63,347-371。  new window
15.Healy, P. M.、Palepu, K. G.(1990)。Earnings and risks changes surrounding primary stock offers。Journal of Accounting Research,28,25-48。  new window
 
 
 
 
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