Equity Issuances and the Value of Cash Holdings

權益發行與現金價值

10.6545/JFS.201909_27(3).0001

黃幼琳(Yu-Lin Huang)；陳嬿如(Yenn-Ru Chen)

Private placements ； equity issuances ； value of cash ； 私募股權 ； 權益發行 ； 現金價值

財務金融學刊

27卷3期（2019 / 09 / 30）

1 - 39

英文

This paper examines the effect of equity issuances on the marginal value of cash. We find the marginal value of cash is higher to firms saving cash from equity issuances than to firms with low or no equity issuances. Our results support the precautionary motive for cash generation. Additionally, the capital market values additional cash higher to firms more likely saving cash from private placements relative to public offerings. Such valuation difference is attributed to the monitoring effect from private placements, and the value difference between the two equity issuance mechanisms varies with the corporate governance environment that firms face.

本文探討權益發行對公司現金價值之影響。實證結果發現，當企業透過權益發行累積現金時，其現金價值將高於未進行權益發行或未由權益發行累積現金之企業，此結果與預防性動機之論點一致。此外，相較於以公開發行管道累積現金之企業，由私募股權累積現金之企業具有較高的現金價值，此差異為私募股權所產生之監督效果所致。

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