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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/99329
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99329


    Title: 市場擇時及公司財務彈性對現金增資決策影響
    Effects of market timing and corporate financial flexibility on seasoned equity offerings
    Authors: 卓宜靜
    Cho, Yi Ching
    Contributors: 陳鴻毅
    Chen, Hong Yi
    卓宜靜
    Cho, Yi Ching
    Keywords: 現金增資
    撤回
    財務彈性
    SEO
    cancellation
    Financial flexibility
    Date: 2016
    Issue Date: 2016-07-20 17:12:50 (UTC+8)
    Abstract: 本研究主要探討公司進行現金增資之決策是否受到市場對公司的股價反

    應與公司本身財務彈性所影響。本研究以 1980 年至 2015 年間,美國證券

    市場 328 家撤銷現金增資的公司與 11,754 家完成現金增資的公司為樣本,

    並進一步探討撤銷現金增資之決策影響因素。實證結果顯示,當市場於現

    金增資宣告日給予負向反應時,公司傾向撤銷現金增資。該結果證實公司

    會運用其市場擇時能力以進行現金增資之決策。本研究亦針對撤銷現金增

    資之決策影響因素進行探討,發現股價現金增資反應較差、成長機會較低

    或獲利能力越好的公司會傾向撤銷現金增資。此外,本研究發現當公司因

    宣告現金增資而引起股價下跌時,財務彈性較佳的公司將傾向撤銷現金增

    資。然而,財務彈性不佳的公司則不受市場狀況所影響,並傾向完成現金

    增資。因此,公司除了將市場情形納入現金增資決策外,在市場狀況不佳

    時更特別注重公司是否持有足夠的現金以保持財務彈性。
    The main purpose of this study is to examine whether the interaction between market reaction to the announcement and financial flexibility of seasoned equity offering (SEO) will affect the decision of SEO cancellation. This study includes 328 canceled SEOs and 11,754 completed SEOs in U.S. market from 1980 to 2015 and conducts a comprehensive analysis on the decision of SEO cancellation. We find that, consistent with market timing theory, SEO firms tend to cancel their equity offerings if the market reaction to those SEOs are negative. We further investigate determinants of the decision of SEO cancellation. We find that SEO cancellation is negatively associated with stock price reaction and the growth opportunity, and positively associated with the profitability. In addition, we show the evidence that the association between SEO cancellation decision and the market condition depends on the level of financial flexibility for SEO firms. Specifically, we find that firms with more financial flexibility tend to cancel SEOs if their stock prices experience a large decline around the filing date, while firms with less financial flexibility will complete equity issuance regardless of the market conditions.
    Reference: References

    Baker, Malcolm, and Jeffrey Wurgler (2002), “Market timing and capital structure”, The Journal of Finance, Vol.57, No. 1, pp.1-32.

    Busaba, Walid Y., Lawrence M. Benveniste, and Re-Jin Guo (2001), “The option to withdraw IPOs during the premarket: Empirical analysis”, Journal of Financial Economics, Vol. 60, No. 1, pp.73-102.

    Clarke, Jonathan, Craig Dunbar, and Kathleen M. Kahle (2001), “Long-run performance and insider trading in completed and canceled seasoned equity offerings”, Journal of Financial and Quantitative Analysis, Vol. 36, No. 4, pp.415-430.

    DeAngelo, Harry, Linda DeAngelo, and Rene M. Stulz.(2009) “Seasoned equity offerings, market timing, and the corporate lifecycle”, Journal of Financial Economics, Vol 95, Issue.3, pp. 275–295

    Dunbar, Craig G., and Stephen R. Foerster (2008), “Second time lucky? Withdrawn IPOs that return to the market”, Journal of Financial Economics, Vol.87, No.3, pp.610-635.

    Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969), “The adjustment of stock prices to new information”, International Economic Review, Vol. 10, No. 1, pp. 1-21

    Harjoto, Maretno, and John Garen.(2003) “Why do IPO firms conduct primary seasoned equity offerings?”, The Financial Review, Vol.38, Issue.1, pp.103-125.

    Hardin III, W. G., Highfield, M. J., Hill, M. D., & Kelly, G. W. (2009), “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Vol.39, No.1, pp.39-57.

    Loughran, Tim, and Jay R. Ritter (1995), “The new issues puzzle”, The Journal of Finance, Vol.50, No.1, pp.23-51.


    Loughran, Tim, and Jay R. Ritter (1997), “The operating performance of firms
    conducting seasoned equity offerings”, Journal of Finance, Vol.52, No.5, pp. 1823-1850.

    Lian, Qin, and Qiming Wang. (2009), “Does the market incorporate previous
    IPO withdrawals when pricing second-time IPOs?” Financial Management, Vol.38, No.2 pp.357 – 380

    Mikkelson, Wayne H., and M. Megan Partch (1988), “Withdrawn security offerings”, Journal of Financial and Quantitative Analysis, Vol.23, No.2, pp.119-133.

    Officer, Dennis T., and Richard L. Smith. (1986), “Announcement effects of withdrawn security offerings: evidence on the wealth redistribution hypothesis.” The Journal of Financial Research, Vol4, No3
    Description: 碩士
    國立政治大學
    財務管理研究所
    103357032
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357032
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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