臺灣博碩士論文加值系統

摘要
本研究係以2006-2013年臺灣上市公司的現金增資公告事件為樣本，以事件研究為分析方法，探討現金增資宣告後對股價之影響，並分析公司治理因素董監席次、董監持股比例、大股東持股比例、經理人持股比例、最終控制者個人董監席次比例、獨立董監席次比例及董事長兼任總經理與現金增資宣告效果之關聯，主要研究結果如下：董事會決議日現金增資宣告後，平均異常報酬有顯著且為負向。現金增資用途為長期股權投資，平均異常報酬有顯著正反應。增資用途為償還款充實營運資金，在宣告日前，平均異常報酬有顯著且為正，在宣告日後平均異常報酬有顯著且為負相關。增資用途為購置機器與廠房，在宣告日前、宣告日後平均異常報酬有顯著且為負相關。增資用途為其他綜合型，在宣告日前、宣告日後平均異常報酬有顯著且為正相關。關於公司治理變數，本研究選取董監席次、董監持股比例、大股東持股比例、經理人持股比例、最終控制者個人董事席次比例、獨立董監席次比例及董事長是否兼任總經理等7項為自變數，以公司治理變數對於現金增資用途累積平均異常報酬(CAR)做應變數複迴歸，研究結果顯示宣告日前，皆有顯著且為負反應，宣告日後皆有顯著且為正反應，驗證公司治理因素與現金增資用途有密切關係。

ABSTRACT
This study took announced events for seasoned equity offerings from Taiwan listed companies during 2006-2013 as samples, adopting event studies as research method to explore the influence of seasoned equity offerings on stock price after announcement and analyze the factor of corporate governance for the association of the number of directors/supervisors, shareholding percentage of directors/supervisors, shareholding percentage of the majority stockholder, shareholding percentage of managers, the number of individual directors/supervisors for the final controller, percentage of the number of independent directors/supervisors and chairperson of the Board holding the post of part-time general manager to the announcement effects of seasoned equity offerings.The main research results are as follows: If seasoned equity offerings are announced at the date of board of director’s resolution, average abnormal return is significant and negative reaction after announcement. If the purpose of seasoned equity offerings is for long-term share ownership investment, average abnormal return is significant and positive reaction. If seasoned equity offerings are used to fortify working capital with reimbursement amount, average abnormal return is significant and positive reaction before the date of announcement, significant and negative after the date of announcement. If seasoned equity offerings are used to purchase machine and factory, average abnormal return is significant and negative correlation before and after the date of announcement. If the purpose of seasoned equity offerings is other mixed type, average abnormal return is significant and positive correlation before and after the date of announcement.Regarding variables for corporate governance, this study selected the number of directors/supervisors, shareholding percentage of directors/supervisors, shareholding percentage of the majority stockholder, shareholding percentage of managers, the number of individual directors/supervisors for the final controller, percentage of the number of independent directors/supervisors, and chairperson of the Board holding the post of part-time general manager as 7 independent variables, adopting dependent variable multiple regression analysis for corporate governance variable towards cumulative average abnormal return (CAR) for the purpose of seasoned equity offerings, and showing that research result is significant and negative reaction before the date of announcement, significant and positive reaction after the date of announcement. Close relationship is verified between corporate governance and the purpose of seasoned equity offerings.

摘 要i
ABSTRACTii
誌 謝iv
目 錄v
表目錄vii
圖目錄ix
第一章緒論1
第一節研究背景與動機1
第二節研究目的2
第三節研究架構3
第二章文獻回顧5
第一節現金增資宣告對股價影響相關假說5
第二節國內外現金增資宣告效果文獻6
第三節公司治理相關文獻11
第三章研究方法13
第一節資料來源及期間13
第二節樣本蒐集13
第三節研究方法14
第四節敘述性統計19
第五節相關性分析20
第四章實證結果與分析23
第一節樣本特性23
第二節現金增資宣告效果分析25
第三節公司治理因素與現金增資宣告效果分析38
第五章結論與建議60
第一節研究結論60
第二節未來研究與建議62
參考文獻63

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