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題名:撤回現金增資宣告的財富效果--以臺灣上市櫃公司為例
書刊名:正修學報
作者:陳世穎龔瑞維 引用關係
作者(外文):Chen, Shih-yingGong, Ruey-wei
出版日期:2010
卷期:23
頁次:頁211-222
主題關鍵詞:現金增資撤回事件研究法SEOWithdrawEvent study
原始連結:連回原系統網址new window
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  • 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:42
  • 點閱點閱:110
現金增資為企業籌資的重要管道,亦為財務學者研究的重要課題之一。過去國內外學者對於現金增資的相關研究已經相當廣泛。本文則有別於過去的研究,在於針對樣本公司宣佈發行現金增資之後,於一段時間後又宣告撤回現金增資,分別研究此兩個事件日的股價報酬率。本研究以1990~2008 年,95 家台灣上市櫃公司為樣本,分別對其現金增資宣告日以及現金增資撤銷日,以事件研究法 (event study) 中之市場模型為理論基礎,估計此二個事件日前後10 天標準化平均異常報酬 (SAR) 及標準化累積平均異常報酬 (SCAR),並配合標準化殘差法t 值之檢定。研究結果顯示,現金增資宣告日其股價異常報酬呈現為負,但不顯著的情況,與國外研究結果一致;而撤回日則呈現顯著負的異常報酬,則與國外研究結果相反。上述的結論,可以提供投資人,於公司宣告現金增資時,又宣告撤回現金增資時,進行該項投資的參考依據。
SEOs( seasoned equity offerings) is the important channel that enterprises raise funds. This topic is also one of the important subjects for the financial scholars. The relevant research of SEOs has been already quite extensive for scholars in the past. This paper is different from the past which analyze the abnormal return of declaring and withdrawing SEOs. Taking samples of 96 SEOs corporations between 1999 and 2008, using market model to calculate abnormal returns, standard average abnormal returns (SAR), standard cumulative average abnormal returns (SCAR) to proceed the differential study. The result shows that the abnormal return of declaring SEO is negative but not significant. The abnormal return of withdrawing SEOs is negative but significant.
期刊論文
1.Fama, Eugene F.、French, Kenneth R.(1993)。Common Risk Factors in the Returns on Stocks and Bonds。Journal of Financial Economics,33(1),3-56。  new window
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11.陳安琳、黎萬琳、陳振遠(20010400)。成長潛力、內部人交易與現金增資之宣告效果。中國財務學刊,9(1),1-25。new window  延伸查詢new window
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13.Mikkelson, Wayne H.、Partch, M. Megan(1988)。Withdrawn Security Offerings。Journal of Financial and Quantitative Analysis,23(2),119-133。  new window
14.Asquith, P.、Mullins, D. W.(1986)。Equity Issues and Offering Dilution。Journal of Financial Economics,15(1/2),61-89。  new window
15.Boehmer, E.、Musumeci, J.、Poulsen, A. B.(1991)。Event-study Methodology under Conditions of Event-Induced Variance。Journal of Financial Economics,30(2),253-272。  new window
16.Leland, Hayne E.、Pyle, David H.、Brealey, Richard(1977)。Informational Asymmetries, Financial Structure, and Financial Intermediation。The Journal of Finance,32(2),371-387。  new window
17.Shleifer, Andrei、Vishny, Robert W.(1986)。Large shareholders and corporate control。Journal of Political Economy,94(3 Part 1),461-488。  new window
18.夏侯欣榮(20000500)。臺灣增資新股(SEO)上市後長期績效之整體研究。管理評論,19(2),1-33。new window  延伸查詢new window
19.Carhart, Mark M.(1997)。On persistence in mutual fund performance。The Journal of Finance,52(1),57-82。  new window
20.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。  new window
21.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
22.Kini, Omesh、Brous, Peter A.(1994)。The valuation effects of equity issues and the level of institutional ownership: Evidence from analysts' earnings forecasts。Financial Management,23(1),33-46。  new window
23.Hess, A. C.、Frost, P. A.(1982)。Test for Price Effects of New Issues of Seasoned Securities。The Journal of Finance,37,11-25。  new window
24.Alderson, M. J.、Betker, B. L.(1988)。The Long-run Performance of Companies that Withdraw Seasoned Equity Offerings。The Journal of Financial Research,23(2),157-178。  new window
25.Galai, Dan、Masulis, Ronald W.(1976)。The Option Pricing Model and the Risk Factor of Stock。Journal of Financial Economics,3,53-81。  new window
26.Clarke, Jonathan、Dunbar, Craig、Kahle, Kathleen M.(2001)。Long-run performance and insider trading in completed and canceled seasoned equity offerings。Journal of Financial and Quantitative Analysis,36,415-430。  new window
學位論文
1.林梨雪(1994)。現金增資宣告資訊內涵再探討:臺灣地區上市公司實證研究(碩士論文)。東吳大學。  延伸查詢new window
2.范積藝(1995)。現金增資目的與宣告效果關聯性之實證研究(碩士論文)。國立台灣科技大學。  延伸查詢new window
3.郭峰邑(2001)。不同產業與市場趨勢下現金增資宣告對股價的影響(碩士論文)。國立東華大學。  延伸查詢new window
4.莊尚武(1992)。臺灣股票市場現金增資行情之研究(碩士論文)。國立政治大學。  延伸查詢new window
5.林貞吟(199106)。現金增資宣告效果之再探討(碩士論文)。國立中央大學。  延伸查詢new window
6.曾煥祥(1994)。上市公司現金增資與股價關聯性之實證研究(碩士論文)。國立臺灣大學。  延伸查詢new window
7.廖清芳(1996)。上市公司現金增資與發行海外存託憑證對股價影響之實證研究(碩士論文)。國立臺灣大學。  延伸查詢new window
 
 
 
 
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