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研究生:陳怡如
研究生(外文):Chen, Yi-Ju
論文名稱:新股發行募資是否超其所需?過度投資行為之驗證與公司治理的角色
論文名稱(外文):Do issuing firms raise more than needed? An overinvestment investigation and the role of corporate governance
指導教授:黃志仁黃志仁引用關係翁良杰翁良杰引用關係
指導教授(外文):Huang, Chih-JenWeng, Liang-Chieh
口試委員:林美珍
口試委員(外文):Lin, Mei-Chen
口試日期:2011/6/8
學位類別:碩士
校院名稱:靜宜大學
系所名稱:國際企業學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:英文
論文頁數:31
中文關鍵詞:新股發行過度投資長期績效公司治理
外文關鍵詞:Initial public offeringsSeasoned equity offeringsOverinvestmentLong-term performanceCorporate governance
相關次數:
  • 被引用被引用:1
  • 點閱點閱:451
  • 評分評分:
  • 下載下載:106
  • 收藏至我的研究室書目清單書目收藏:2
本研究在代理理論與自由現金流量假說架構下,檢視公司初次公開發行(initial public offering, IPO)與現金增資(seasoned equity offering, SEO)後的過度投資行為,並驗證過度投資程度與募資之後長期績效之間的關聯性。本文以美國2000-2009年的IPO與SEO公司為樣本,以Richardson (2006)之會計基礎方法來衡量過度投資程度,實證結果發現高成長機會的SEO公司確實有過度投資的現象,且公司過度投資程度與營運及股價績效之間呈顯著負向關係,顯示公司之募資可能超過其實際需要的額度,造成管理階層利用過多的自由現金進行無效率的投資,進而損害股東利益。本文進一步以主成分分析建構樣本公司之內、外部治理機制指標,發現良好的內、外部治理機制有助於改善過度投資所產生的代理問題。
Based on agency theory and free cash flow hypothesis, this study investigates the investment behavior after initial public offering and the relationship between overinvestment and the post-issue long-term performance. The accounting-based overinvestment is measured in accordance with Richardson (2006). By examining U.S. IPOs and SEOs over the period of 2000-2009, the empirical results show that SEOs with higher growth opportunity have overinvestment, indicating an inverse relationship between the firm level overinvestment and the post-issue long-term performance. The evidence is suggestive of an agency-based explanation that issuing firms may raise more than needed and that holding excessive cash makes it more likely that cash can be used to engage in projects offering non-pecuniary benefits but destroying shareholder value. Finally, we further find that the both good internal and external governance is effective in decreasing the magnitude of overinvestment.
Abstract I
中文摘要 II
誌謝 III
Contents IV
List of Tables V
1. Introduction 1
2. Development of hypotheses 5
3. Methodology 6
3.1 Measure of overinvestment 6
3.2 Estimation of long-run performance 8
3.2.1 Abnormal stock returns 8
3.2.2 The operating performance 9
3.3 The relation between overinvestment and performance 9
3.4 Corporate governance and overinvestment 11
3.4.1 Governance mechanism 12
3.5 Data and Sample selection 14
4. Empirical results 14
4.1 Bivariate analysis 14
4.2 Regression analysis 16
5. Conclusion 17
References 26

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