Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92404
標題: 現金增資前公司特性對機構投資人持股之影響
The Impact of Company Characteristics on Institutional Ownership Holdings before SEOs.
作者: Li-Erh Chuang
莊儷兒
關鍵字: 現金增資;機構投資人;訊息效果;Seasoned Equity Offerings;Institutional investors;Information
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摘要: 
現有實證研究發現,現金增資時機構投資人對於公司長期績效存在顯著影響,但卻較少研究何種因素在現金增資時影響機構投資人持股。本研究主要針對兩大議題進行探討,第一部份針對現金增資期間,有哪些公司特性會影響機構投資人參與的偏好,進而影響現金增資後的持股比例。第二部份進一步探討機構投資人持有比例改變對於市場上是否有訊息傳遞效果,使公司長期績效受影響。研究對象為1990年至2008年美國進行現金增資公司,第一部份實證結果發現,若只考慮公司單一事件時,機構投資人偏好包含股票無分割、負債比率下降、資產報酬率增加、內部人淨買入、公司無資產減損,在現金增資前後一季持股比例增幅較大。在多變量迴歸分析中,公司現金增資前股票分割、負債比率增加、內部人淨賣出,對機構投資人持股有負面顯著影響,會使現金增資前後一季持股比例增幅明顯較小。第二部份實證結果發現,考慮上述因素影響機構投資人現金增資前後一季持股比例後,機構投資人持股增加幅度與公司長期績效呈現正相關。另外更進一步發現,機構投資人面對負面消息(負債比率增加、內部人淨賣出、資產減損)時,持股比例在現金增資前後一季增加,公司長期績效表現則較佳,此結果隱含機構投資人擁有其他重要的正面內部消息,在原本的負面消息情況下,正面的訊息效果大於負面消息效果,公司績效也相對較佳。

The existing empirical evidence shows that the institutional ownership has significantly impact on firms' long-term performance after seasonal equity offering (SEO). We analyze two important issues in this paper. The first issue is what factors affect the institutional holdings during the SEO periods. We find that if the firm had stock splits, increase in debt ratio, decrease in ROA, insider net sales or asset impairment before SEO, institutional owners would the less prefer these SEOs. It implies that they do not prefer those events. Under the regression analysis, after control other firm characteristics, we find that the institutional ownership would not prefer the increase in Debt ratio, insider net sales, asset impairment. The second issue, we test is if the level of institutional ownership changes affects the company long-term performance. Empirically, we find the degree of institutional ownership changes has significantly positive impact on SEO firms' long-term performance. In addition, under the less preferred events, the increase in institutional ownership would have significant positive effect on SEO firms' long-term performance. It implies that institutional owners have other positive information about the SEO firms and the firms have better performance in the long term.
URI: http://hdl.handle.net/11455/92404
其他識別: U0005-1606201520361100
Rights: 同意授權瀏覽/列印電子全文服務,2015-06-24起公開。
Appears in Collections:財務金融學系所

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