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研究生(外文):Hsuw-Cheng Hsu
論文名稱(外文):Equity Overvaluation and Long-run Performance of Seasoned Equity Offerings: The Case of Taiwan
外文關鍵詞:Seasoned equity offeringResidual income modelLong-run performance
  • 被引用被引用:2
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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
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