跳到主要內容

臺灣博碩士論文加值系統

(34.226.244.254) 您好!臺灣時間:2021/08/03 03:34
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:徐俊成
研究生(外文):Hsuw-Cheng Hsu
論文名稱:權益價值高估與現金增資之長期績效-以台灣為例
論文名稱(外文):Equity Overvaluation and Long-run Performance of Seasoned Equity Offerings: The Case of Taiwan
指導教授:徐俊明徐俊明引用關係
學位類別:碩士
校院名稱:國立中興大學
系所名稱:高階經理人碩士在職專班
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:中文
論文頁數:20
中文關鍵詞:現金增資殘餘盈餘模式長期績效
外文關鍵詞:Seasoned equity offeringResidual income modelLong-run performance
相關次數:
  • 被引用被引用:2
  • 點閱點閱:127
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本文針對企業從事現金增資 (SEOs) 後的長期績效進行實證分析,並以殘餘盈餘模式估計公司理論價值。實證結果發現,公司若為研發導向、發放高現金股利及具有較高資產報酬率,其價值較不會被高估,隱含當公司具有較多智慧財產或處於成熟階段,市場比較不會對其產生狂熱。其次,本文所選取的變數對長期績效的影響皆不顯著,但價值低估與長期績效的關係顯著為正,這個結果支持「時點模式」,公司價值被高估而從事現金增資,會出現長期績效不佳之情況。另外以增加長期負債公司進行對照分析,發現現金增資長期績效相對於負債融資公司差。
The purpose of this study is to analyze the long-run performance and estimate the theoretical value of SEO firms. The result supports that the firm with higher research, dividend ratio and return of assets would be undervalued because of the more invisible assets and is in the mature stage. The variable of undervalued is significant positive with the long-term performance that proves the “timing” of firms to engage SEO. Furthermore, the long-run performance of SEOs is worse than the firm that increases the long term debt.
目 錄
第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 1
第三節 研究架構 2
第二章 文獻探討 3
第一節 辦理現金增資之動機 3
第二節 現金增資的長期績效 5
第三節 價值高估與低估之原因 6
第三章 研究方法 8
第一節 理論價值 8
第二節 長期績效之衡量 9
第三節 採用變數 10
第四節 資料來源 11
第四章 實證研究 13
第一節 增資公司之理論與實際價差 13
第二節 增資公司之長期績效 14
第五章 結論與建議 17
第一節 結論 17
第二節 建議 18
參考文獻 19


表 目 錄
表一 樣本基本資料 22
表二 樣本公司之特性 23
表三 理論與實際價差 24
表四 迴歸分析-理論與實際價差 25
表五 公司價值高低估與中長期績效 26
表六 現金增資後之長期績效-以曆年度計算 (Cohort Year) 27
表七 現金增資之長期績效-以 Calendar-time 方法計算 28
表八 迴歸分析-現金增資公司之績效 29
參考文獻
Anderson, Christopher W. and Luis Garcia-Feijoo, 2006, Empirical evidence on capital investment, growth options, and security returns, Journal of Finance 61, 171-194.
Baker, Malcolm and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
Barberis, Nicholas, Andrei Shleifer, and Robert Vishny, 1998, A model of investor sentiment, Journal of Financial Economics 49, 307-343.
Barber, B. M. and J. D. Lyon., 1997, Detecting Long-run Abnormal Stock Returns: the Empirical Power and Specification of Test Statistics, Journal of Financial Economics 43, 341-372.
Brav, Alon, Christopher Geczy, and Paul A. Gompers, 2000, Is the abnormal return following equity issuances anomalous?, Journal of Financial Economics 56, 209-249.
Brav, Alon and Paul A. Gompers, 1997, Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies, Journal of Finance 52, 1791-1821.
Carlson, Murray, Adlai Fisher, and Ronald Giammarino, 2004, Corporate investment and asset price dynamics: Implications for the cross-section of returns, Journal of Finance 59, 2577-2603.
Chan, Su Han, John D. Martin, and John W. Kensinger, 1990, Corporate research and development expenditures and share value, Journal of Financial Economics 26, 255-276.
Chauvin, Keith W. and Mark Hirschey, 1993, Advertising, R&D expenditures and the market value of the firm, Financial Management 22 (4), 128-140.
Clarke, Jonathan, Craig Dunbar, and Kathleen Kahle, 2001, Long-run performance and insider trading in completed and canceled seasoned equity offerings, Journal of Financial and Quantitative Analysis 36, 415-430.
Daniel, Kent D., David Hirshleifer, and Avnidhar Subranhmanyam, 1998, Investor psychology and security market under and over-reactions, Journal of Finance 53, 1839-1885.
DeAngelo, Harry, Linda DeAngelo, and Rene Stulz, 2007, Fundamentals, market timing, and seasoned equity offerings, NBER Working paper.
Denis, David J. and Atulya Sarin, 2001, Is the market surprised by poor earnings realizations following seasoned equity offerings? Journal of Financial and Quantitative Analysis, .36, 169-193.
D''Mello, Ranjan and Pervin K. Shroff, 2000, Equity undervaluation and decisions related to repurchase tender offers: An empirical investigation, Journal of Finance 55, 2399-2424.
Easterbrook, Frank H., 1984, Two agency cost explanations of dividends, American Economic Review 74, p. 650-659.
Eckbo, B. Espen, Ronald Masulis, and /Oyvind Norli, 2000, Seasoned public offerings: Resolution of the new issues puzzle, Journal of Financial Economics 56, 251-291.
Gompers, Paul A., Joy L. Ishii, and Andrew Metrick, 2003, Corporate governance and equity prices, Quarterly Journal of Economics 118, 107-155.
Gompers, Paul A. and Josh Lerner, 2003, The really long-run performance of initial public offerings: The pre-Nasdaq evidence, Journal of Finance 58, 1355-1392.
Helwege, J. and N. Liang, 1996, Is there a pecking order?Evidence from a panel of IPO firms, Journal of Financial Economics, 40, 429-458.
Jeanneret, Pierre, 2005, Use of the proceeds and long-term performance of French SEO firms, European Financial Management 11, 99-122.
Jensen, C. Michael, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76, 323-329.
Jegadeesh, N., 2000, Long-term Performance of Seasoned Equity Offerings: Benchmark Errors and Biases in Expectations, Financial Management 29, 5-30.
Jindra, Jane, 2000, Seasoned equity offerings, overvaluation, and timing, Working paper, Ohio State University.
Jose, L. G. and A. A. Cristina, 2000, An Empirical Approach to the Financail Behaviour of Small and Medium Size Companies, Small Business Economics Feb, 14, 55-63.
Jung, Kooyul, Yong-Cheol Kim, and Rene M. Stulz, 1996, Timing, investment opportunities, managerial discretion, and the security issue decision, Journal of Financial Economics 42, 159-185.
Kang, Jun-Koo, Yong-Cheol Kim, and Rene M. Stulz, 1999, The underreaction hypothesis and the new issue puzzle: Evidence from Japan, Review of Financial Studies 12, 519-534.
Krishnaswami, S., P. A. Spindt and V. Subramaniam, 1999, Information asymmetry, monitoring and the placement structure of corporate debt, Journal of Financial Economics, 51.407-434.
Kothari, S. P. and J. B. Warner, 1997, Measuring Long-horizon Security Price Performance, Journal of Financial Economics, 43, 301-339.
Levis, Mario, 1995, Seasoned equity offerings and the short- and long-term performance of initial public offering in the UK, European Financial Management 1, 125-146.
Loughran, Tim and Jay R. Ritter, 1995, The new issue puzzle, Journal of Finance 50, 23-51.
Lyon, John D., Brad M. Barber, and Chih-Ling Tsai, 1999, Improved methods for tests of long-run abnormal stock returns, Journal of Finance 54, 165-201.
McLaughlin Robyn, Assem Safieddine, and Gopala K. Vasudevan, 1996, The operating performance of seasoned equity offerings: Free cash flow and post-issue performance, Financial Management, .25, 41-53.
Myers, Stewart and Nicholas Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221.
Rangan, S., 1998, Earnings Management and the Performance of Seasoned Equity Offerings, Journal of Financial Economics, 56, 101-122.
Schultz, Paul, 2003, Pseudo market timing and the long-run underperformance of IPOs, Journal of Finance 58, 483-517.
Spiess, D. Katherine and John Affleck-Graves, 1995, Underperformance in long-run stock returns following seasoned equity offerings, Journal of Financial Economics 38, 243-267.
Stehle, Richard, Olaf Ehrhardt, and Rene Przyborowsky, 2000, Long-run performance of German initial public offerings and seasoned equity issues, European Financial Management 6, 173-196.
Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, Earnings management and the long-run market performance of initial public offerings, Journal of Finance 53, 1935-1974.
White, Halbert, 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica 48, 817-838.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊