信用評等對股票發行影響之研究

THE STUDY ON THE IMPACT OF CREDIT RATINGS ON STOCK ISSUE

陳天志(Tien-Chih Chen)；蔡孟易(Meng-Yi Tsai)

信用評等 ； 股票發行 ； 財務規劃 ； 資訊不對稱 ； 信號傳遞 ； Credit Rating ； Stock Issue ； Financial Planning ； Information Asymmetry ； Signal Transduction

桃園創新學報

35期（2015 / 12 / 01）

213 - 222

繁體中文

本文旨在研究在現金增資時的股票發行與信用評等間之關係。過去學者研究大部分專注於驗證透過現金增資的財務規劃如何決定股票發行價格，然而本研究根據市場時機假說與資訊不對稱主張以及最適投資機會與信號傳遞等文獻，對於信用評等與股票發行間之關係，發展出兩個不同對立假說。實證結果發現，股票發行與信用評等呈顯著反向關係，表示企業信用評等愈佳，現金增資時所需股票發行數量愈少，支持市場時機假說與資訊不對稱主張。

This paper aims to study the relationship between a stock issue at time of a cash replenishment and credit ratings. Most previous studies focused on academics verified through the financial planning of the cash replenishment how to determine the stock issue price, however, market timing hypothesis of this study based on literature and information asymmetry and investment opportunities and signal transmission and other literature, for the relationships of between credit ratings and the stock issue, the development of two different alternative hypothesis. The empirical results show, between the stock issuance and credit ratings are significant inverse relationship, showing more good corporate credit rating, the less the required number of shares issued when cash replenishment, support market timing hypothesis and information asymmetry proposition.