本研究擬探討公司的現金持有是否會影響公司發行新股的決策。如果公司的現金持有及可支配現金較多時，該公司於發行新股時將擁有談判優勢，進而反映在其承銷成本及其徹銷發行的機率。此外，對於撤銷發行新股的公司，如果該公司現金持有較少且現金的需求增，該公司將有較大的機率再度進行新股的發行。本研究將對美國公司發行新股的事件進行實證分析，其分析可分為四部分。第一，探討公司現金持有對公司決定發行新股或撤銷發行新股的機率的影響；第二，探討發行新股的公司是否因現金持有的水準不同而有不同的發行動機;第三，探討公司現金持有對公司承銷成本及市場反應的影響；第四，探討公司現金持有對於撤銷後再度發行新股決策的影響。This study is to investigate how corporate cash holdings affect the corporate decision of seasoned equity offerings (SOEs). I hypothesize that the firm with higher excess cash will has higher bargaining power when issuing new equities, resulting lower issuance costs and higher probability to withdraw SEO. In addition, due to lack of funds, the firm with lower cash holdings has more incentive to re-file SEO following a SEO cancelation. This study will use completed and withdrawn SEOs in U.S. market to empirically study four main questions. First, is the probability of completing (or canceling) SEOs altered by corporate cash holdings? Second, is the motivation of SEOs altered by the level of cash holdings? Third, are the issuance costs and market reaction to the SEOs affected by corporate cash holdings? Fourth, is the decision of re-issuance after a withdrawn SEO due to the deficiency of cash holdings?