臺灣博碩士論文加值系統

本研究探討相對參考股價對公司現金增資擇時的影響。相對參考股價為公司某一期間歷史股價的高點，我們認為經理人的現金增資決策會受到相對參考股價的影響。研究結果顯示相對參考股價在現金增資擇時中確實有著顯著影響，當公司的股價越接近相對參考點時，經理人越傾向在此時進行現金增資。同時我們也發現過去傳統市場擇時理論變數沒有辦法解釋公司現金增資的擇時。

In this study, we examine the effect of reference point prices on the timing of seasoned equity offering (SEO) issuances. The reference point prices we focus on are past peak stock prices that firms have achieved. Results show that all past peak prices have a significant influence on SEO timing. We also find that traditional market timing variables cannot explain SEO timing, as mentioned in previous literature. As reference point prices are salient but largely uncorrelated with managers’ decision of SEO issuances, these prices provide an intuitive and compelling measure in explaining SEO timing.

I. Introduction 1
II. Literature review and hypothesis 4
2.1 Market timing theory 4
2.2 Reference points 6
2.3 Hypothesis 6
III. Data and Methodologies 8
3.1. Univariate Analysis 8
3.2. Logit Analysis 10
3.3. Market index price and SEO issuances 11
IV. Result 13
4.1 SEO distribution and matched firms 13
4.2 Summary statistics 13
4.3 Univariate analysis 14
4.4 SEO timing 15
4.5 Market index price and SEO issuances. 16
V. Conclusion 17
Reference 19

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