| 項目 | 資料 |
|---|
| 卷期Vol. & No. | 第2卷第2期 Vol 2 No. 2 |
| 標題Title | 現金增資採用詢價圈購方式對外部股東財富之影響The Effect on Wealth of Outside Stockholders Resulting from Adopting Bookbuilding when Seasoned Equity Offerings |
| 作者Authors | 李建然、林子瑄Jan-Zan Lee Tzu-Hsuan Lin |
| 出版日期Publish Date | 2001-11-30 |
| 摘要Abstract | 本研究利用事件研究法探討上市上櫃公司的管理當局在現金增資時， 是否藉由詢價圈購的方式，透過老股換新股或融券交易等策略壓低圈購價， 從事短期套利；或是排除外部股東分享公司未來的成長，移轉外部股東的財 富。實證結果顯示，內部人採用詢價圈購的目的主要是為了短期的套利；而 不是預期公司將來前景看好，利用詢價圈購排除外部股東分享未來成長的價 值。相反的，在現金增資後的二年間，股價出現平均-44%左右的異常報酬 率，這種現象似乎隱含著，即使採用詢價圈購辦理現金增資的公司，也是選 擇股價被高估的時機辦理現金增資。Through the methodology of event study, we examine whether insiders of the public companies transferring the external stockholders’wealth to themselves by means of reducing offering price or excluding external stockholders to share the companies’future growth value when the seasoned equity offering (SEO) firms adopt bookbuilding. The empirical results show that, in the short-term, the insiders of companies could earn abnormal returns by means of beating offering price down other than excluding external stockholders to share the value of firms’growth. On the contrary, in the long-term, the stocks price of SEO firms adopting bookbuilding suffers about 44% negative abnormal returns after two years from SEO. This result suggests that insiders of firms usually issue new equity when their stock are overpriced even insiders adopt bookbuilding. |
| 關鍵字KeyWords | 現金增資、詢價圈購、事件研究法Seasoned equity offerings (SEO), Bookbuilding, Event study |
| DOI(全文下載Download) | 10.6675/JCA.2001.2.2.01 |
| 相關文章Related Articles | 現金增資之盈餘管理行為：裁決性應計項目與業外損益之整合性決策(Earnings Management Around Seasoned Equity Offerings: The Joint Decision of Discretionary Accruals and Asset Sales) |