有關股票市場與公司實質決策關係的研究是一個舊的研究議題，但是卻仍是公司財務重要的研究主題。然而要瞭解這個關係是相當複雜的，原因是股票市場影響公司決策的管道相當多。雖然市場擇時??（market timing theory）對公司執?現?增資的決策具統計顯著的解釋能?，然而過去文獻對SEO決策的經濟顯著性卻很少著墨，本計畫就希望補這個缺口，尤其對SEO決策動機與後續財務與會計的績效方面，能夠加以經濟與基本面的角??驗證與解釋。本計畫希望能夠建構一個基本模型，?解釋當公司面?融資限制而採取SEO時，由於市場資訊?對稱而導致投資者對此資訊反應?足時，如何在SEO以後，與非融資限制的公司有?同的?常報酬現象。除?模型以外，本計畫未?實證時，由於融資限制公司具有淨現值為正的投資計畫（FHP（1988）定義為具成長但較無負債融資能?的公司，此可以從財務報表與分析師的預測得到資訊），因此至少在短期可以期待融資限制指?與超額報酬間有正相關。中長期而言，亦預期可能看到融資限制公司有顯著的系統風險下?等現象。 The relation between equity markets and firms’ real decisions is an old and still extremely important topic in finance. Understanding this relation is complicated by the fact that there are a number of channels through which equity markets can affect firms. Pagano, Panetta, and Zingales(1998) find that for a sample of Italian IPOs, the predominant reason firm go public is to rebalance their capital structure and to exploit mispricing, rather than to raise capital for financing investments. In contrast, a number of recent papers examine seasoned equity offers and find considerable support for the mispricing explanation. Firms that conduct seasoned equity offerings typically have high share valuations that increase markedly before the SEO. Although market timing appears to have a statistically significant influence on the decision to conduct an SEO, the literature contains no evidence on its economic significance, and the purpose of this paper is to fill that gap. We want to assess the explanatory power of financial constrains and to explain why firms issue stock on the basis of economic fundamentals. We hope to develop a model of long-run SEO post-issue abnormal returns when financial constraints are the main motivation for firms to make an SEO decisions. We predict a positive covariance between financial constraints index and post-issue returns in the short-term at least. Our central thinking is that issuer’s post-offering returns covary positively with the magnitude of manger’s private information revealed at the announcement. Previous studies test the underreaction hypothesis indirectly by investigating whether investors rationally interpret publicly available information around the equity offering. But market investors do not know whether firms own positive NPV project when facing financial constraints. We test the underreaction hypothesis from a new angle. Post-issue SEO stock returns vary positively with firms’ private information in two ways. First, equity offerings reduce leverage ratios compared to size and B/M benchmarks, which reduces risk exposure to unexpected inflation, default spread, and changes in the slope of the term structure. Additionally, financial constraint firms could raise funds from SEO and invest the projects that increase firms’ cashflow in the future.
