The Long-Run Performance of Firms Issuing Equity Shortly after Their IPOs: Evidence from Taiwan

上市後短期內發行新股公司之長期績效－台灣之實證

10.6295/TAMJ.2015.1402.03

楊文彬(Wen-Ben Yang)；徐俊明(Jun-Ming Hsu)

上市櫃 ； 增資 ； 長期績效 ； IPOs ； SEOs ； long-run performance

台灣管理學刊

14卷2期（2014 / 08 / 01）

51 - 72

英文

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。

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.

1. Chiou, J.,Chou, T.,Wong, C.(2004).The long-run performance of equity issuances in Taiwan: A test of subsequent SEO effect.Journal of Financial Studies,12(2),1-42.
   連結：
2. Lin, W.,Tsai, P.(2011).Long-term operating performance of the SEO firms for the capital expenditures purpose: Evidence from the free cash flow theory.Journal of Financial Studies,19(2),1-36.
   連結：
3. Kim, E. H., & Purnanandam, A. 2006. Why do investors react negatively to SEOs? Working paper, University of Michigan, Ann Arbor, MI.
4. Anderson, R. C.,Reeb, D. M.(2003).Founding-family ownership and firm performance: Evidence from the S&P 500.Journal of Finance,58,1301-1327.
5. 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.
6. Brennan, M. J.(1990).Presidential address: Latent assets.Journal of Finance,45,709-730.
7. Cai, J.,Wei, K. C. J.(1997).The investment and operating performance of Japanese initial public offerings.Pacific-Basin FinanceJournal,5,389-417.
8. Chemmanura, T. J.,He, S.,Hu, G.(2009).The role of institutional investors in seasoned equity offerings.Journal of Financial Economics,94,384-411.
9. 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,18,31-38.
10. Demirdep, I.,D'Mello, R.,Schingemann, F. P.,Subramanian, V.(2011).Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings.Journal of Corporate Finance,17,1340-1359.
11. Eberhart, A. C.,Maxwell, W. F.,Siddique, A. R.(2004).An examination of long-term abnormal stock returns and operating performance following R&D increases.Journal of Finance,59,623-650.
12. Fama, E. F.,French, K. R.(1993).Common risk factors in the returns on stocks and bonds.Journal of Financial Economics,33,3-56.
13. Gibson, S.,Safieddine, A.,Sonti, R.(2004).Smart investments by smart money: Evidence from seasoned equity offerings.Journal of Financial Economics,72,581-604.
14. Harjoto, M.,Garen, J.(2003).Why do IPO firms conduct primary seasoned equity offerings?.Financial Review,38,103-125.
15. Holderness, C. G.,Sheehan, D. P.(1988).The role of majority shareholders in publicly held corporations: An exploratory analysis.Journal of Financial Economics,20,317-346.
16. Jain, B. A.,Kini, O.(1994).The post-issue operating performance of IPO firms.Journal of Finance,49,1699-1726.
17. James, C.,Wier, P.(1990).Borrowing relationships, intermediation, and the cost of issuing public securities.Journal of Financial Economics,28,149-171.
18. Jeanneret, P.(2005).Use of proceeds and long-term performance of French SEO firms.European Financial Management,11,99-122.
19. Jensen, M. C.,Meckling, W. H.(1976).Theory of the firm: Managerial behavior, agency costs, and ownership.Journal of Financial Economics,3,305-360.
20. Jung, K.,Kim, Y.,Stulz, R.(1996).Timing, investment opportunities, managerial discretion, and the security issue decision.Journal of Financial Economics,42,159-185.
21. 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.
22. Leland, H. E.,Pyle, D. H.(1977).Informational asymmetries, financial structure, and financial intermediation.Journal of Finance,32,371-387.
23. Loughran, T.,Ritter, J. R.(1995).The new issue puzzle.Journal of Finance,50,23-51.
24. Loughran, T.,Ritter, J. R.(1997).The operating performance of firms conducting seasoned equity offerings.Journal of Finance,52,1823-1850.
25. Purnanandam, A. K.,Swaminathan, B.(2004).Are IPOs really underpriced?.Review of Financial Studies,17,811-848.
26. Spiess, D. K.,Affleck-Graves, J.(1995).Underperformance in long-run stock returns following seasoned equity offerings.Journal of Financial Economics,38,243-267.
27. Welch, I.(1996).Equity offerings following the IPO: Theory and evidence.Journal of Corporate Finance,2,227-259.
28. White, H.(1980).A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity.Econometrica,48,421-428.