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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/22119

    Title: 現金增資股及股票股利流入市場對股價之影響
    Authors: 黃志仁;Huang, Chih-jen;楊琮勛
    Contributors: 淡江大學會計學系
    Keywords: 現金增資;股票股利;Seasoned equity offering (SEO);Stock dividend distribution
    Date: 2004-05
    Issue Date: 2009-11-30 13:53:54 (UTC+8)
    Publisher: 真理大學
    Abstract: 增資新股上市時,「增資股出籠賣壓」一直是投資市場與財經媒體高度關注的焦 點,且股票股利的新增股票亦能造成類似的賣壓。在「負斜率需求曲線假說」下 ,股票供給增加會造成股價的下跌,但由於這兩種新股流入市場的時點和數量投 資人早能預期,依照「效率市場假說」,潛在的負面價格影響應早於新股發放前 、甚至在股東會決議日即已充分反應。本研究以繳款憑證上市日(現金增資)及 權利證書上市日(股票股利)為事件日,按單獨辦理現金增資、單獨辦理股票股 利發放、以及同時辦理現金增資與股票股利發放三組進行分析,發現在事件日前 4 天至後1 天期間大多有顯著負的異常報酬,三個事件日當天異常報酬分別為 -1.49%、-0.27%、-0.63%。事件日後35 個交易日期間,累積異常報酬亦呈現明 顯下滑,分別達-12.70%、-5.07%、-22.39%。此外,在事件日後成交量係數皆明 顯上升,顯示負的異常報酬並非單純受消息面影響,新股持有人確實有處分持股 的動作,且需求亦同時增加。在事件期間累積異常報酬的決定因素方面,成交量 係數與累積異常報酬呈顯著正相關,顯示需求若同時增加可有效減緩股價下跌的 幅度。單獨發放股票股利時,新股發放規模與累積異常報酬呈顯著負相關,但此 現象只集中在市場空頭時期。此外,股東會決議日之宣告效果並不具有解釋能力 ,顯示新股流入市場的潛在負面影響並未在宣告時點反應出來。
    Do new issues of seasoned securities and stock dividend cause significant price movements in neighborhood of the issue day? This study presents an empirical comparison of three conditions: the issuing firms issue seasoned securities only; stock dividend only; seasoned securities and stock dividend at the same time. This empirical study shows abnormal returns of these issue days are -1.49%, -0.27%, -0.63% and trade volumes are all raised significantly after issue days. Moreover, we find market demand increase causes the stock price fall slowly in event period. Larger issuing scale makes lower cumulated abnormal return when issuing stock dividend in the bear market.
    Relation: 2004財經學術研討會論文集(上)=Proceedings of 2004 Conference on Economics and Business,頁B2-27-53
    Appears in Collections:[Graduate Institute & Department of Accounting] Proceeding

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