融資限制、公司內部治理機制對現金增資後續績效之影響

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Title:	融資限制、公司內部治理機制對現金增資後續績效之影響
Other Titles:	Financial constraints, Corporate governance, and SEO performance
Authors:	魏慈吟 Wei, Tzu-Yin
Contributors:	詹家昌 Chan,Chiachung 東海大學財務金融學系
Keywords:	盈餘管理;現金增資;公司治理;融資限制 Seasoned Equity Offering;Corporate Governance;Financial Constraint;Earning Management
Date:	2011
Issue Date:	2011-10-12T07:59:06Z (UTC)
Abstract:	過去文獻探討現金增資宣告後對公司績效的影響，大多認為現金增資的公司在增資發行後其長期股價報酬較未發行新股的公司相對表現較差。若公司面臨融資限制，沒有其他管道能夠取得融通投資所需的資金，只能以發行新股的方式來籌措資金，以理性投資人的角度觀察，可預期此項投資在未來有很大的機會將會帶給公司較高的利潤，才會使用現金增資來籌措所需的資金。本文以現金增資樣本依照融資限制程度及公司治理面作分類，探討此兩構面所構成之交互作用對於現金增資後續績效之影響。研究發現，若公司融資限制程度較高，但公司治理機制較差，進行現金增資後所得之資金運用容易產生代理問題，現金增資後續績效相對較差；若公司融資限制程度高但公司治理機制較好，進而進行現金增資來籌措資金以支應公司投資專案，顯示未來可能有可獲利性之投資機會，現金增資後續表現則相對較佳。在公司融資限制低時則無一致的結果。另外，本文亦指出在融資限制高且公司治理較好的情況下，現金增資宣告時對於盈餘管理較積極以吸引投資人的資金，盈餘管理幅度較大，以傳遞公司私有資訊，進而影響現金增資後續績效表現，使其表現相對較佳。 Several recent studies document that seasoned equity issuers experience poor long-run stock performance compared to matched non-issuers. If the firm is financially constrained, and there is no other way to use the proceeds for investment purposes, the only way is to issue the equity. We could infer that these issuers with specific plans to use the proceeds for investment purposes are signaling profitable investment opportunities. The purpose of this paper is to compare the influence of financial constraint and corporate governance on post-SEO performance of publicly traded Taiwan firms in the 1997-2006 periods. First, we find that post-SEO performance of financially constrained firms with poor corporate governance is worse because of the agency problems. Another, the post-SEO performance of financially constrained firms with good corporate governance is better. We find little significant evidence of underperformance that firms with financial unconstrained regardless of their corporate governance. Further, our results indicate that firms with financially constrained and good corporate governance really manage the accruals to increase booking value of firms to attract the investors and convey the good news, so that the post-SEO performance is better.
Appears in Collections:	[Department of Finance ] Master's Theses

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