题名

現金增資績效之再檢測－考慮新上市公司股票效應、成長機會與內部人交易

并列篇名

A Reexamination of the Performance of Seasoned Equity Offerings with the IPOs Effects, Growth Opportunity, and Insider Trading

DOI

10.6295/TAMJ.2007.0702.03

作者

陳振遠(Roger C. Y. Chen)；王朝仕(Chao-Shi Wang)

关键词

現金增資 ； 新上市股票 ； 長期績效 ； 成長機會 ； 內部關係人 ； seasoned equity offerings ； initial public offerings ； long-term performance ； growth opportunity ； insider

期刊名称

台灣管理學刊

卷期/出版年月

7卷2期（2007 / 08 / 01）

页次

145 - 165

内容语文

繁體中文
中文摘要

本研究旨在檢測SEOs績效，並探討各種特徵是否能解釋SEOs績效的變化。實證結果發現，在IPOs發行市場為贏家者，並不表示其在後續SEOs發行市場亦會是贏家。再者，成長機會較佳的公司，其SEOs長期績效表現不但能持續超越市場投資組合，更顯著高於成長機會較差的公司。此外，若內部關係人在SEO宣告日前的交易屬性為買超者，則其後續績效表現持續超越賣超者。根據上述結果，藉由檢視公司成長機會與內部人持股變化等資訊，可減輕SEOs權益融資之資訊不對稱問題，投資人可據此擬定投資操作策略。
英文摘要

The aim of this study is to examine the performance of SEOs and investigate whether the variation of SEOs' performance can be explained by firm characteristics. We find that the winners of IPOs issuing market may not always be the ones in SEOs. Long-term performance of SEOs for firms with higher growth opportunity does not only beat the market portfolio, but also significantly outperform firms with lower growth opportunity. Moreover, the subsequent performance of insiders who overbought before SEO's declaration date will be higher than those who oversold. Based on our findings, the asymmetric information on SEOs equity financing will be alleviated by investigating growth opportunity and the variation of insider' share-holdings and then investors can formulate their investing strategy accordingly.
主题分类 社會科學 > 管理學
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被引用次数
  1. 李麗蘋、余智生、王朝仕(2012)。現金增資股票熱發行與績效表現之研究。臺灣企業績效學刊，6(1)，109-129。
  2. 王朝仕(2011)。申購熱潮是長期績效的反指標嗎？。臺大管理論叢，22(1)，31-66。
  3. 王朝仕(2014)。現金增資股票折價優勢之研究。管理與系統，21(1)，161-186。
  4. 王朝仕、王朝仕(2014)。以樂透觀點檢視現金增資股票申購需求。臺大管理論叢，24(2)，53-82。
  5. 張志雄、高嘉駿、李樑堅(2016)。兩岸公司盈餘管理、內部人持股與公司股價之關聯性研究。兩岸金融季刊，4(2)，53-82。
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