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Frequent Equity Issuers' Earnings Management and Long-run Performance
|關鍵字:||高頻率權益融資;現金增資;權益私募;盈餘管理;長期績效;Frequently Issues;Seasoned Equity Offerings (SEOs);Private Placements of Equity (PPEs);Earnings Management;Long-run Performance||引用:||Bennett, J. A., R. W. Sias, and L. T. Starks, 2003, Greener pastures and the impact of dynamic institutional preferences. Review of Financial Studies, 16, 1203-1238. Billett, M. T., M. J. Flannery, and J. A. Garfinkel, 2011, Frequent issuers' influence on long-run post-issuance returns. Journal of Financial Economics,99, 349-364. Brennan, M. J. 1990, Latent assets. The Journal of Finance, 45, 709-730. Chemmanur, T. J., S. He, and G. Hu, 2009, The role of institutional investors in seasoned equity offerings. Journal of Financial Economics, 94, 384-411. Chen, A. S., L. Y. Cheng, K. F. Cheng and S. W. Chih, 2010, Earnings management, market discounts and the performance of private equity placements. Journal of Banking and Finance, 34, 1922-1932. Chen, J., H. Hong and J. C. 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本文主要探討高頻率權益融資對長期績效和盈餘管理之關係，過去財務文獻顯示，企業發行新股之後的長期績效不佳，然而近期 Billett et al. (2011) 等人發現公司第一次增資後的表現並沒有比較差，但後續的增資則會，這個發現可能暗示著，過去的研究將各次新發行當作單一事件是有瑕疵的，而本文試圖利用這個主題回答兩個有關的問題：(1) 高頻率增資公司是否因公司特性而有不同的表現？(2) 高頻率增資公司是否會在發行期間進行盈餘管理？這兩個問題可幫助我們瞭解公司連續進行權益融資的意願以及進行盈餘管理的動機和時機。本文實證發現公司權益融資後，若其未來長期績效表現良好，則比較容易有下一次的權益融資，反之則否；在盈餘管理方面，若公司要連續地進行增資，但當期公司營運表現不如預期，則權益發行期間公司較容易進行盈餘管理，最終導致其後續績效表現大幅下降。
The study discusses the relationship between frequently issues and long-run performance, earnings management. The existing financial literature well documents that firms tend to have long-run underperformance after new equity issues. Recently, Billett et al. (2011) showed that initial financing events are not associated with underperformance but subsequent financings are. This finding implies that the way of treating each new issue as a single event in prior studies is flawed. This study works on this topic by answering two questions concerning frequent equity issuers: (1) do they manage their earnings around new issues? and (2) do they perform differently according to their characteristics? These two themes allow us to understand why some firms issue repeatedly and aggressively manage their earnings. The empirical results of the study show that if firms have good performance after new equity issue, they are prone to have subsequent financings. On the other hands, if firms want to proceed a new equity issue, while firms' earning performance don't reach its expected earnings, they are prone to manage their earnings.
|Appears in Collections:||財務金融學系所|
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