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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/95029
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95029


    Title: 以過度投資分析現金增資與營運績效之關係
    The effect of overinvestment on the relationship between SEOs and operating performance
    Authors: 陳玫蓉
    Contributors: 盧秋玲
    陳玫蓉
    Keywords: 現金增資
    過度投資
    營運績效
    SEOs
    overinvestment
    operating performance
    Date: 2009
    Issue Date: 2016-05-09 14:42:23 (UTC+8)
    Abstract: 在台灣現金增資已成為企業集資主要手段之一,尤以電子業之現金增資案例居各產業之首。關於現金增資與營運績效之議題,不論是學術界或實務領域皆受到相當程度關注。本研究以台灣上市公司現金增資為例,探討1995年1月1日至2003年12月31日共九年資料,分析現金增資後過度投資(overinvestment)對於營運績效之影響。本研究結論及實證結果如下:
    (1)使用營運資產報酬率、資產報酬率、每股盈餘、股票報酬率等績效衡量指標衡量現金增資前後之營運績效表現,發現增資後營運績效顯著下降。
    (2)現金增資後現金收益(proceeds)主要用於投資。
    (3)過度投資造成營運績效下降,而電子業之適度投資將使得營運績效上升,投資機會低且過度投資將使得營運績效嚴重下降。
    In Taiwan, Seasoned Equity Offerings (SEOs) has become an important source of corporate financing. It is especially the case for the semiconductor and electronic industries. Previous studies have documented that firms’ operating performance deteriorates after SEOs. In this research, the emphasis is on how overinvesting affects firms’ operating performances after SEOs. The sample of this research consists of SEOs of listed companies during 1995 through 2003 in the Taiwan Stock Exchange (TWSE). The results and conclusions of this research are as followings:

    (1)The performance indicators, such as operating ROA, ROA, EPS, and stock return performance indexes, decline after SEOs.
    (2)The primary purpose of SEO proceeds is for investment.
    (3)Firms’ performance improves with optimal investment in the electronic industry while onverinvestment explains poor firms’ performance after SEOs. The adverse effect of overinvestment on performance is more severe in firms with fewer investment opportunities.
    Reference: 一、中文部分
    1.朱家萱(1996),我國上市公司現金增資後經營績效之研究,國立中正大學會計學研究所,碩士論文。
    2.潘梧仁(1996),現金增資長期之價格與經營績效,國立中正大學財務金融學系,碩士論文。
    3.何承哲(1998),以益本比、公司規模探討現金增資公司長期經營績效,國立中正大學財務金融學系,碩士論文。
    4.陳建偉(1998),上市公司現金增資與營運績效變化關係之研究,交通大學管理科學研究所,碩士論文。
    5.許嘉臻(1999),國內現金增資頻率與績效之研究,中正大學會計學研究所,碩士論文。
    6.黃士芬(2000),企業現金增資與經營績效關聯性之研究-以成長機會和閒餘現金流量理論分析,東吳大學會計學系,碩士論文。
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    Description: 碩士
    國立政治大學
    企業管理學系
    96355019
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096355019
    Data Type: thesis
    Appears in Collections:[企業管理學系] 學位論文

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