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研究生:陳彥儒
研究生(外文):Chen, Yenju
論文名稱:現金增資、投資活動與營運績效關係之研究
論文名稱(外文):The Relationship Of Seasoned Equity Offerings, Investment Activity, And Operating Performance
指導教授:蕭慧玲蕭慧玲引用關係
指導教授(外文):Shiau, Hueyling
口試委員:林宜勉廖東亮傅郁芬
口試委員(外文):Lin, YimienLiao, TungliangFu, Yufen
口試日期:2012-06-25
學位類別:碩士
校院名稱:東海大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:60
中文關鍵詞:現金增資投資活動營運績效生命週期
外文關鍵詞:Seasoned Equity OfferingsInvesment ActivityOperating PerformanceLife Cycle
相關次數:
  • 被引用被引用:10
  • 點閱點閱:872
  • 評分評分:
  • 下載下載:23
  • 收藏至我的研究室書目清單書目收藏:1
現金增資是台灣資本市場最主要籌資方式之一,學術界有諸多探討現金增資對公司營運績效影響之議題。過去研究結果多支持現金增資對公司營運績效造成負向影響,但仍有許多企業偏好採用現金資增方式籌措資金。因此本研究針對現金增資對公司營運績效之影響做探討,分析現金增資後其資金用途對公司營運績效造成之影響。本研究將主要增資用途為投資活動之公司與配對樣本公司相比較,探討增資後正向異常投資及負向異常投資對公司營運績效造成之影響。此外,本研究考慮企業生命週期要素,探討企業在不同生命週期進行現金增資對公司營運績效造成之影響。
本研究樣本為台灣上市櫃公司於1988年至2009年進行現金增資之公司,總樣本共598筆。實證結果發現於1988年至2009年有進行現金增資公司,其增資後營運績效不論是採用營運資產報酬率、每股盈餘、資產報酬率、現金流量資產報酬率、股東權益報酬率、邊際獲利、資產周轉率,皆比增資前表現還要差,顯示增資後公司營運績效確實表現不佳。本研究將增資資金分為四大用途分別為償還負債、充實營運資金、囤積現金部位、投資活動。研究結果發現增資後公司增資資金主要用於投資活動,與配對樣本公司比較後,增資後公司投資活動顯著大於配對樣本公司。針對增資後公司投資活動對營運績效之影響做探討,不論增資公司為負向異常投資或正向異常投資,增資後投資活動皆會導致營運績效下降。最後,本研究將企業生命週期劃分為三大階段,分別是初創期、成長期與成熟期。本研究結果發現企業生命週期階段位於初創期與成長期,現金增資後公司營運績效顯著下降;生命週期階段位於成熟期,則無此現象。現金增資公司位於初創期與成長期其增資用途主要為投資活動,此兩階段正向異常投資越高公司營運績效越差。

Seasoned Equity Offerings (SEO) is one of the most important sources of corporate financing in Taiwan's capital market. There are lots of issues about the relation between Seasoned Equity Offerings and corporate performance. Prior studies have documented that firms’ operating performance deteriorates following SEOs. However, there are still many companies prefer SEOs to raise funds. Therefore, I explore the impact of SEOs on operating performance. I consider the post issue uses of proceeds and the effect on operating performance. Comparing the primary purpose of SEO for investment with control firms, then I investigate the effect of positive and negative abnormal investment on firm’s operating performance. Furthermore, I use firm life cycle to investigate the effect of SEOs on operating performance.
The sample of this research consists of SEOs listed in the Taiwan Stock Exchange (TWSE) during 1988-2009. All samples are 598. The results of this research find that SEO firms’ performance decline after SEOs, such as operating ROA, EPS, ROA, Cash flow ROA, ROE, Asset turnover, and Profit margin indexes. In this paper, I hypothesize four main uses of SEO proceeds including retiring debt, increasing working capital, hoarding cash and investing. This research find the primary purpose of SEO proceeds is for investment. After SEO, compared with the control samples, SEO firms invest more than control firms. I exam the correlation between investment activity and operating performance, finding a negative correlation between post issue investment and operating performance, either negative or positive abnormal investment activity. Finally, I classify SEO firms into three stages including introduction, growth, and mature. I find that, in introduction and growth stages SEO firms’ operating performance deteriorates following SEOs. In growth stage there is no effect. The main purpose of SEO proceeds in introduction and growth stage is investment and the more abnormal investment the inferior operating performance.

摘要 I
英文摘要 II
目錄 III
圖表目錄 IV
第一章 緒論 1
第一節 究動機與背景 1
第二節 研究目的 5
第三節 研究流程與架構 6
第二章 文獻回顧 7
第一節 現金增資與營運績效之探討 7
第二節 增資資金用途與營運績效之關聯性 9
第三節 投資活動與營運績效之探討 10
第四節 現金增資與企業生命週期相關之探討 11
第三章 研究方法 14
第一節 研究假說 14
第二節 研究設計 16
第三節 研究樣本與資料來源 24
第四節 研究限制 25
第四章 實證結果與分析 27
第一節 現金增資與營運績效 27
第二節 增資後投資活動對營運績效之影響 33
第三節 增資公司生命週期與營運績效分析 40
第五章 研究結論與未來建議 54
參考文獻 57

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