臺灣博碩士論文加值系統

過去研究文獻多指出現金增資與公司長期績效表現呈現顯著負相關，然而影響公司長期績效的因素眾多，本文探討公司在現金增資後若進行企業併購與部門多角化，是否將會影響公司長期的績效表現。本文研究樣本區間為1990 年至2014年美國2,466 家現金增資公司，並選取與樣本公司同產業，且規模相近的配對公司進行比較。實證結果可看出公司在現金增資後，進行企業併購或部門多角化的公司之長期績效明顯較無進行重大活動的公司來的差，隱含管理者在增資後可能為了追求自身利益，執行的決策並不符合公司價值極大化的管理目標。本文亦發現在增
資後進行併購的公司若在增資後持續增加投資額，其績效表現將會隨之成長。

This study investigates the long-run performance of firms that conduct mergers and diversification after seasoned equity offerings (SEOs). We argue that firms undertaking these two post-issue activities are likely to underperform, in that these actions may arise from managerial incentive misalignment. In other words, managers do so to pursue their own interests, rather than good growth opportunities. We also examine the impacts of post-issue overinvestment and institutional holdings on the long-run performance of different SEO groups. This study may contribute to the literature by showing the real performance of SEOs firms and how firms' post-issue actions affect their performance.

第一章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 2
第三節 研究架構 2
第二章 文獻回顧 3
第一節 現金增資後之市場績效 3
第二節 企業併購與部門多角化策略 4
第三章 研究方法 6
第一節 研究假說 6
第二節 資料來源與樣本選取 6
第三節 研究變數定義 8
第四節 實證模型 11
第四章 實證結果分析 13
第一章 影響公司進行現金增資之因素 13
第二節 現金增資後之市場績效分析 14
第五章 結論 17
參考文獻 26

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