政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/48878
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 109948/140897 (78%)
造访人次 : 46095177      在线人数 : 861
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/48878


    题名: 公司現增與發行新債影響營運績效之分析
    Operating performances and corporate issuances
    作者: 黃佳莉
    贡献者: 謝淑貞
    黃佳莉
    关键词: 現金增資
    發行債劵
    資本結構理論
    融資序位理論
    代理成本理論
    operating performance
    capital structure
    pecking order theory
    agency cost theory
    corporate issuances
    日期: 2009
    上传时间: 2010-12-08 01:52:15 (UTC+8)
    摘要: 公司籌措資金時會選擇發行股票或是發行債劵來籌資，本文去比較發行股票與發行債劵來籌資的公司在發行後的長期營運表現會有何異同。此外去探討因子如何影響發行後營運表現，也建立邏輯斯迴歸去探討因子如何影響公司發行決策。關於資本結構有兩個理論，一為融資序位理論，另一為代理成本理論，本文透過上述結果去驗證此兩理論。
    Industrial corporations typically raise external capital by selling common stock or issuing bonds. In this paper, we investigate the long run operating performance of issuers of straight debt and issuers of seasoned equity. Besides, we measure the effects of some factors that have been shown to be associated with changes in performance following the issues. We also examine why firms issue securities even though managers know that stock prices will react negatively to the issue announcement. We construct a logistic model for firms issuing equity and debt to investigate the determinants of firms’ issuing decisions. In existing literature, two eminent theories of capital structure are the pecking order theory and agency cost theory. We try to find evidence to these two theories from the above results.
    參考文獻: Asquith, P. and D.W. Mullins,1986, "Equity Issues and Offering Dilution," Journal of Financial Economics (January/ February), 61-89.
    Barber, B.M. and J.D. Lyon, 1996, "Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test-Statistics," Journal of Financial Economics (September), 359-400.
    Brous, P.A. and O. Kini, 1994, "The Valuation Effects of Equity Issues and the Level of Institutional Ownership: Evidence from Analyst`s Earnings Forecasts," Financial Management (Spring), 33-47.
    Cooney. John W. Jr. and Avner Kalay, 1993, “Positive information from equity issue announcements,” Journal of Financial Economics, 33, 149-172.
    Hansen, R,S, and C, Crutchley, 1990, "Corporate Earnings and Financing: An Empirical Analysis," Journal of Business (July), 347-371
    Hoje Jo and Yongtae Kim, 2007, “Disclosure frequency and earnings management,” Journal of Financial Economics, 84, 561-590
    Jensen, M.C., 1986, "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers," American Economic Review (May), 654-665.
    Khondkar E. Karim, Robert W. Rutledge, Stephen C. Gara,and Mojib U. Ahmed, 2001, “An Empirical Examination of the Pricing of Seasoned Equity Offerings: A Test of the Signaling Hypothesis,” Review of Quantitative Finance and Accounting , 63-79.
    Kooyul Jung, Yong-Cheol Kim, Rene M. Stulz, 1995, “Timing, investment opportunities, managerial discretion, and the security issue decision,” Financial Economics (Winter), 159-185.
    Korajczlyk. Robert, Debbie J. Lucas, Robert I. McDonald, 1991, “The effect of information releases on the pricing and timing of security issues,” Review of Financial Studies, 4, 685- 708.
    Krasker, W,S,, 1986, "Stock Price Movements in Response to Stock Issue under Asymmetric Information," Journal of Finance (March), 93-105
    Linfenberg, E. and S. Ross, 1991, “Tobin’s Q Ratio and Industrial Organization,” Journal of Financial Economics, 29, 35-57.
    Loughran. Timothy and Jay R. Ritter, 1995, “The new issue punk,” Journal of Finance, 50, 23-52.
    MacKie-Mason, Jeffrey K., 1990, “Do taxes affect corporate financing decisions?” Journal of Finance 45, 1471- 1495.
    Masulis, R.W. and A.N. Korwar, 1986, "Seasoned Equity Offerings: An Empirical Investigation," Journal of Financial Economics (January/February), 91-118.
    Ranjan D’Mello, Frederik Schlingemann, Venkat Subramaniam, 2005, “Are there monitoring benefits to institutional ownership? Evidence from seasoned equity offerings,”Journal of Economic Literature, G32, 1-46.
    Robyn McLaughlin, Assem Safieddine, Gopala K Vasudevan, 1996,“The operating performance of seasoned equity issuers: Free cash flow and post-issue performance,” Financial Management (Winter) , 41-53
    Robyn McLaughlin, Assem Safieddine, and Gopala K. Vasudevan, 1998, “The Information Content of Corporate Offerings of Seasoned Securities: An Empiricai Anaiysis,” Financial Management (Summer), 31-45
    Shin-Herng Chu, George H. Lentz , Espen Robak, 2005, “Comparing the Characteristics and Performance of Private Equity Offering Firms with Seasoned Equity Offering Firms,” Journal of Economics and Management, 1, 57-83.
    Stewart C. ourers, Nicholas S. Majluf, 1984, “Corporate financing and investment decisions when firms have information that investors do not have,” NBER Working Paper, No. 1396
    Tim Loughran, Jay R. Ritter, 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offerings,” Journal of Finance (December), 1823-1850
    Tobin, J., 1969, “A General Equilibrium Approach to Monetary Theory.” Journal of Money, Credit and Banking, 1(1). 15-29.
    描述: 碩士
    國立政治大學
    國際經營與貿易研究所
    97351004
    98
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0097351004
    数据类型: thesis
    显示于类别:[國際經營與貿易學系 ] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    index.html0KbHTML2196检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈