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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31597

    Title: 現金增資宣告效果之成因分析 : 以臺灣電子業為例
    Other Titles: Announcement effect of seasoned equity offering : evidence from Taiwan's electronic industry
    現金增資宣告效果之成因分析 : 以台灣電子業為例
    Authors: 陳曉楓;Chen, Hsiao-feng
    Contributors: 淡江大學財務金融學系碩士班
    路祥琛;Lu, Cheung-sum
    Keywords: 現金增資;稀釋效果;成長潛力;內部人交易;Seasoned Equity Offering;Dilution Effect;Growth Opportunity;Insiders Trading
    Date: 2006
    Issue Date: 2010-01-11 01:01:26 (UTC+8)
    Abstract: 本研究主在檢視不同產業、不同市場趨勢和不同增資目的對電子類股現金增資宣告的影響。此外,也再試圖從稀釋效果、內部人交易、成長潛力等角度來解釋增資之種種累積異常報酬現象。本研究以民國84年1月1日至93年12月31日期間,曾發行過現金增資之全體上市電子公司為研究樣本,共取得180筆資料。利用市場模式、t 檢定及複迴歸分析來進行各項假說間的實證



    This research focuses on the impacts of different industries, market-trends and issuing purposes on seasoned equity offering’s announcement effects. In this paper we use a sample of 180 electronic companies which issued seasoned equity offerings between 1995 Jan 1 and 2004 Dec 31.We study the samples using event study methods, t-test and multiple regression. Our conclusions are:

    1.We findthe abnormal returns are negative on "stockholders meeting authorized date."When we divide the sample into three groups. We find that offerings by non-optoelectronic firms, issued during bull-market and issued for non-investment purposes are associated with negative and
    significant cumulative abnormal returns.

    2.When considering"Dilution Effect"、"Growth Opportunities" and "Insiders Trading",we find that dilution effect is negatively associated with SEO announcement’s abnormal return. We also find that growth opportunity is positively associated with SEO announcement’s abnormal return. Insiders trading, on the other hand, has no significant impact.

    3.Finally,we add three dummy variables:"Industry", "Market-trend" and "SEO''s purpose" into the model. And we find that ROE is positively associated with SEO announcement''s abnormal return.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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