現金增資股票熱發行與績效表現之研究

Hot-Issue in SEOs Market and the Performance

10.6697/TBPJ.201212_6(1).0005

王朝仕(Chao-Shi Wang)；余智生(Chih-Shen Yu)；李麗蘋(Li-Ping Lee)

現金增資股票（SEOs） ； 熱發行 ； 群聚 ； 擇時 ； Seasoned Equity Offerings (SEOs) ； Hot Issue ； Cluster ； Timing

臺灣企業績效學刊

6卷1期（2012 / 12 / 01）

109 - 129

繁體中文

股票市場提供公司進行權益融資的管道，然而若根據過去文獻，指出公司採取發行現金增資股票（SEOs）獲取資金，卻會傳達出股價高估訊號，令績效有負面反應。在這樣的背景下，本研究期望探討公司是否可以透過熱發行的措施，亦即選擇在市場熱絡時機銷售SEOs，以達到減緩股價高估疑慮的目的。本研究在熱發行特徵的操作上，考量包括群聚發行與擇時發行等二個準則。實證結果顯示，有一些證據指向公司採取熱發行方式銷售SEOs，尤其是在景氣佳、整體股市績效佳或個股績效佳時，有助於提高投資人的購買意願。針對成功購得SEOs的投資人，其獲利情況亦攸關該股票是否具備熱發行特徵，此結果產生於整體股市績效與個股績效定義的熱發行。然而，根據本研究衡量舊股東財富，熱發行並不能消除權益融資衍生的價格高估疑慮；即使以長期的觀察，舊股東財富亦不會因為公司的熱發行策略帶來增長。

The stock market provides companies with a channel and means for equity financing. However, previous studies have indicated that when companies issue seasoned equity offerings (SEOs) to obtain funds, they release a signal of stock overestimation that causes negative reactions to performance. Considering this background, we explored whether companies can ease stock price overestimation doubts using hot issue measures; namely, choosing the optimal time to sell the SEOs when the market is hot. This study considered the cluster issuance and timing issuance criteria of the characteristics of hot issue operations. The empirical results revealed that some evidences indicated that selling SEOs using the hot issue method helps to improve the investors' willingness to buy, especially when the economy, overall stock market performance, or individual stock performance are functioning effectively. For investors who have successfully procured SEOs, their profitability is related to whether the stocks have hot issue characteristics. This result is produced through overall stock market performance and individual stock performance-defined hot issues. However, according to the measurement of the original shareholders' wealth conducted by this study, hot issues cannot eliminate the price overestimation doubts derived from equity financing. Long-term observation indicated that original shareholders' wealth does not grow because of a company's hot issue strategy.

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