資料載入處理中...
臺灣人文及社會科學引文索引資料庫系統
:::
網站導覽
國圖首頁
聯絡我們
操作說明
English
行動版
(18.191.127.253)
登入
字型:
**字體大小變更功能,需開啟瀏覽器的JAVASCRIPT,如您的瀏覽器不支援,
IE6請利用鍵盤按住ALT鍵 + V → X → (G)最大(L)較大(M)中(S)較小(A)小,來選擇適合您的文字大小,
如為IE7以上、Firefoxy或Chrome瀏覽器則可利用鍵盤 Ctrl + (+)放大 (-)縮小來改變字型大小。
來源文獻查詢
引文查詢
瀏覽查詢
作者權威檔
引用/點閱統計
我的研究室
資料庫說明
相關網站
來源文獻查詢
/
簡易查詢
/
查詢結果列表
/
詳目列表
:::
詳目顯示
第 1 筆 / 總合 1 筆
/1
頁
來源文獻資料
摘要
外文摘要
引文資料
題名:
The Long-Run Performance of Firms Issuing Equity Shortly after Their IPOs: Evidence from Taiwan
書刊名:
臺灣管理學刊
作者:
楊文彬
/
徐俊明
作者(外文):
Yang, Wen-ben
/
Hsu, Jun-ming
出版日期:
2014
卷期:
14:2
頁次:
頁51-72
主題關鍵詞:
上市櫃
;
增資
;
長期績效
;
IPOs
;
SEOs
;
Long-run performance
原始連結:
連回原系統網址
相關次數:
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:0
共同引用:
1
點閱:15
本文調查台灣公司在上市櫃後一年內又發行新股之後的長期績效,平均而言,這些公司的表現劣於大盤、產業和對照公司;本文假設這些公司因增資動機而會有不同的表現,為了檢驗這個命題,本文將樣本區分為高成長、機會主義與低品質等三組,結果發現,高成長與低品質公司的表現分別為最佳與最差;另外,公司發行前的獲利能力與管理者所有權和長期績效為正相關,而自然人大股東與關係企業的所有權則對長期績效有負面影響;這些結果隱含管理者與股東利益的一致性及公司治理與企業價值有關。
以文找文
This study investigates the long-run stock performance of Taiwanese firms that conduct seasoned equity offerings (SEOs) in one year after their initial public offerings (IPOs). On average, these IPO-SEO firms underperform the market, their industries, and the matching sample. We hypothesize that these firms would perform differently according to the reasons behind their fast reissues. To examine this issue, we divide the sample into three groups: growth, timing, and unattractive firms. The results show that growth firms perform best and low-quality firms worst. We also find that pre-issue profitability and managerial ownership are positively associated with IPO-SEO firms' performance, while large-block individuals' and affiliated companies' ownership negatively affects their longrun performance. These results imply that managerial alignment and corporate governance are associated with the firm value.
以文找文
期刊論文
1.
Demiralp, I.、D'Mello, R.、Schlingemann, F. P.、Subramaniam, V.(2011)。Are There Monitoring Benefits to Institutional Ownership? Evidence from Seasoned Equity Offerings。Journal of Corporate Finance,17(5),1340-1359。
2.
Autore, D. M.、Bray, D. E.、Peterson, D. R.(2009)。Intended use of proceeds and the longrun performance of seasoned equity issuers。Journal of Corporate Finance,15,358-367。
3.
Brennan, M. J.(1990)。Presidential address: Latent assets。Journal of Finance,45,709-730。
4.
Cai, J.、Wei, K. C. J.(1997)。The investment and operating performance of Japanese initial public offerings。Pacific-Basin Finance Journal,5,389-417。
5.
Chemmanur, T. J.、He, S.、Hu, Gang(2009)。The role of institutional investors in seasoned equity offerings。Journal of Financial Economics,94,384-411。
6.
Chen, A.、Chen, L.、Kao, L.(2010)。Leverage, liquidity and IPO long-run performance: Evidence from Taiwan IPO markets。International Journal of Accounting and Information Management,18(1),31-38。
7.
Harjoto, M.、Garen, J.(2003)。Why do IPO firms conduct primary seasoned equity offerings?。Financial Review,38,103-125。
8.
James, C.、Wier, P.(1990)。Borrowing relationships, intermediation, and the cost of issuing public securities。Journal of Financial Economics,28,149-171。
9.
Jeanneret, P.(2005)。Use of proceeds and long-term performance of French SEO firms。European Financial Management,11,99-122。
10.
Jung, K.、Kim, Y. C.、Stulz, R.(1996)。Timing, investment opportunities, managerial discretion, and the security issue decision。Journal of Financial Economics,42,159-185。
11.
Kutsuna, K.、Okamura, H.、Cowling, M.(2002)。Ownership structure pre- and post-IPOs and the operating performance of JASDAQ companies。Pacific-Basin Finance Journal,10,163-181。
12.
Welch, I.(1996)。Equity offerings following the IPO: Theory and evidence。Journal of Corporate Finance,2,227-259。
13.
Gibson, S.、Safieddine, A.、Sonti, R.(2004)。Smart investments by smart money: Evidence from seasoned equity offerings。Journal of Financial Economics,72(3),581-604。
14.
Holderness, Clifford G.、Sheehan, Dennis P.(1988)。The Role of Majority Shareholders in Publicly-Held Corporations: An Exploratory Analysis。Journal of Financial Economics,20(1/2),317-346。
15.
林問一、蔡佩珊(20110600)。資本支出用途現金增資公司之長期營運績效--從自由現金流量理論探討。財務金融學刊,19(2),1-35。
延伸查詢
16.
邱正仁、周庭楷、翁嘉伶(2004)。探討上市與增資新股之長期股價績效--檢測後續現金增資決策的影響。財務金融學刊,12(2),1-41。
延伸查詢
17.
Loughran, Tim、Ritter, Jay R.(1995)。The New Issue Puzzle。Journal of Finance,50(1),23-52。
18.
Purnanandam, Amiyatosh K.、Swaminathan, Bhaskaran(2004)。Are IPOs really underpriced ?。Review of Financial Studies,17(3),811-848。
19.
Spiess, D. Katherine、Affleck-Graves, John(1995)。Underperformance in long-run stock returns following seasoned equity offerings。Journal of Financial Economics,38(3),243-267。
20.
Leland, Hayne E.、Pyle, David H.、Brealey, Richard(1977)。Informational Asymmetries, Financial Structure, and Financial Intermediation。The Journal of Finance,32(2),371-387。
21.
Jain, Bharat A.、Kini, Omesh(1994)。The Post-Issue Operating Performance of IPO Firms。Journal of Finance,49(5),1699-1726。
22.
Anderson, Ronald C.、Reeb, David M.(2003)。Founding-family ownership and firm performance: Evidence from the S&P 500。The Journal of Finance,58(3),1301-1328。
23.
Eberhart, Allan C.、Maxwell, William F.、Siddique, Akhtar R.(2004)。An Examination of Long-Term Abnormal Stock Returns and Operating Performance following R&D Increases。The Journal of Finance,59(2),623-650。
24.
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。
25.
White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society,48(4),817-838。
26.
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。
27.
Loughran, Tim、Ritter, Jay R.(1997)。The operating performance of firms conducting seasoned equity offerings。Journal of Finance,52,1823-1850。
研究報告
1.
Kim, E. H.、Purnanandam, A.(2006)。Why Do Investors React Negatively to SEOs?。Ann Arbor, MI:University of Michigan。
推文
當script無法執行時可按︰
推文
推薦
當script無法執行時可按︰
推薦
引用網址
當script無法執行時可按︰
引用網址
引用嵌入語法
當script無法執行時可按︰
引用嵌入語法
轉寄
當script無法執行時可按︰
轉寄
top
:::
相關期刊
相關論文
相關專書
相關著作
熱門點閱
1.
現金增資、現金減資之股票宣告效果、營運績效影響
2.
資本支出用途現金增資公司之長期營運績效--從自由現金流量理論探討
無相關博士論文
無相關書籍
無相關著作
1.
銀行業內控缺失與財務報表品質之關聯性研究
2.
前期繼續經營疑慮意見與公司治理對會計師事務所更換方向與後續審計意見購買之研究
3.
公司治理資訊對股價傳遞速度之研究
4.
Is Corporate Governance Effective in Earnings Management in Asian Emerging Markets?
5.
企業營運策略、公司治理與信用風險模型之實證研究
6.
董事責任險於股權結構廣度及企業價值之研究
7.
董監事法定最低持股成數與投資人風險之關聯性
8.
A Corporate Life Cycle Analysis on the Relationship between Ownership Structure and Performance: Evidence from the Taiwan Stock Exchange
9.
以投入觀點解析公司治理價值性
10.
董監事股權質押與公司治理之研究
11.
金融機構私募股權及其折溢價研究
12.
總經理減薪效應、盈餘管理與家族控制型企業之研究
13.
價值型投資方法之比較:以獲利、股利與自由現金流量為例
14.
公司治理之資訊揭露程度對公司績效之影響效果:利用台灣證交所資訊揭露評鑑系統之實證
15.
臺灣股票市場之公司治理與盈餘管理
QR Code