公司資本投資且現金增資對於公司長期經營績效的提昇，一直是公司利害相關人士關注的焦點。本研究以1997年1月至2008年12月在台灣股票上市上櫃現金增資公司為研究對象，樣本公司共有203家，其中上市有150家，上櫃有53家，利用複迴歸分析方法，探討現金增資用途、股權結構與公司長期經營績效的關係。 本研究實證發現: 現金增資用途對會計基礎長期經營績效、股票市場基礎長期經營績效無顯著影響。此外，董監事持股比率、經理人持股比率、十大股東持股比率或是法人機構持股比率分別不干擾現金增資用途對公司會計基礎長期經營績效、股票市場基礎長期經營績效的影響，顯見公司股權結構並未發揮公司治理功能，監督公司管理當局的經營。本研究的研究結果可提供公司利害相關人士的參考。 The improvement of long-term operating performance caused by capital investment and seasoned equity offerings(SEO) is always focused by stakeholders. This study uses multiple regression analysis to analyze the relationship among the use of SEO, shareholding structure and long-term operating performance. The listed SEO firms spaned during the period from January 1997 to December 2008 in Taiwan stock market are taken as research objects, and there are 203 firms in total, in which 150 out of 203 firms are listed in Taiwan Stock Exchange Corporation(TSEC) and the others are listed in over-the-counter(OTC). The result of this study shows that the use of SEO does not significantly affect the accounting-based long-term operating performance and the market price-based long-term operating performance. Besides, the shareholding ratio of the directors of boarding and supervisors, managers, block holders and investments institutions do not moderate the effect of SEO on the accounting-based long-term operating performance and the market price-based long-term operating performance. It shows that the ownership structure does not promote corporation governance and supervise the management of the firms. The results can provide a reference to the stakeholders.
