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The Operating Performance of Firms after Equity Financing─Financial Constraints and Default Risk
|關鍵字:||現金增資;私募;財務限制;違約風險;營運績效;Seasoned Equity Offerings;Private Placements of Equity;Financial Constraints;Default Risk;Operating Performance||引用:||Altman, E.I., 1968, Financial ratios, discriminate analysis and the prediction of corporate bankruptcy, Journal of Finance, 23, 589-609. Barber, B. M., and J. D. Lyon, Detecting abnormal operating performance: The empirical power and specification of test statistics, Journal of Financial Economics, 41, 359-399. Barclay, M. J., C. G. Holderness, and D. P. Sheehan, 2007, Private placements and managerial entrenchment, Journal of Corporate Finance, 13, 461-484. Bayless, M., and N. Jay, 2011, Are seasoned equity offerings made in response to weak operating performance? Applied Financial Economics, 21, 881-895. Beaver, W. H., 1966, Financial ratios as predictors of failure, Journal of Accounting Research, 4, 71-111. Campello, M., J. R. Graham, and C. R. Harvey, 2010, The real effects of financial constraints: Evidence from a financial crisis, Journal of Financial Economics, 97, 470-487. 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 & Finance, 34, 1922-1932. Chen, H. C., N. Dai, and J. D. Schatzberg, 2010, The choice of equity selling mechanisms: PIPEs versus SEOs, Journal of Corporate Finance, 16, 104-119. Chen, S. S., and Y. Wang, 2012, Financial constraints and share repurchases, Journal of Financial Economics, 105, 311-331. Chou, D.W., M. Gombola, and F. Y. Liu, 2009, Long-run underperformance following private equity placements: The role of growth opportunities, Quarterly Review of Economics and Finance, 49, 1113-1128. Chu, S. H., G. H. Lentz, and E. Robak, 2005, Comparing the characteristics and performance of private equity offering firms with seasoned equity offering firms, Journal of Economics and Management, 1, 57-83. Dai, N., 2011, Monitoring via staging: Evidence from private investments in public equity, Journal of Banking & Finance, 35, 3417-3431. Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees, 2002, Long-run performance following private placements of equity, Journal of Finance, 57, 2595-2617. Jegadeesh, N., 2000, Long-term performance of seasoned equity offerings: Benchmark errors and biases in expectations, Financial Management, 29, 5-30. Kaplan, S. N., and L. Zingales, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints?, Quarterly Journal of Economics, 12, 169-215. Lamont, O., C. Polk, and J. Saa-Requejo, 2001, Financial constraints and stock returns, Review of Financial Studies, 14,529-554. Loughran, T., and J. R. Ritter, 1995, The new issues puzzle, Journal of Finance, 50, 23-51. Loughran, T., and J. R. Ritter, 1997, The operating performance of firms conducting seasoned equity offerings, Journal of Finance, 52, 1823-1850. Ohlson, J. A., 1980, Financial ratio and the probabilistic prediction of bankruptcy, Journal of Accounting Research, 18, 109-131. Paskelian, O. G., and S. Bell, 2010, The market and operating performance of Chinese seasoned equity offerings, Applied Financial Economics, 20, 649-657. Vassalou, M., and Y. Xing, 2004, Default risk in equity returns, Journal of Finance, 59, 831-868. Whited, T. M., and G. Wu, 2006, Financial constraints risk, Review of Financial Studies, 19, 531-559. Wu, Y. L., 2004, The choice of equity-selling mechanisms, Journal of Financial Economics, 74, 93-119.||摘要:||
本文參考Loughran and Ritter (1997) 以六個會計變數作為衡量長期營運績效的指標，比較現金增資與私募對公司營運績效的差異，實證結果顯示，平均而言增資公司長期營運績效衰退，私募公司則逐年改善。本文亦探討不同財務限制程度及違約風險對企業融資後營運績效的影響，實證結果發現，高財務限制與低違約風險的增資公司營運績效較佳，相形之下低財務限制與低違約風險的私募公司營運表現較佳。另外本文發現研發費用與資本支出愈高，現金增資後營運表現愈差，但對私募則有正面影響力，這似乎隱含增資與私募管理者使用公司資源時，其動機與效率具有明顯的差異。
This article is based on the six accounting variables in Loughran and Ritter (1997) as measures of long-run operating performance indicators. We compare the operating performance of firms between seasoned equity offering (SEO) and private placement. The empirical results show that the long-run operating performance of SEO firms deteriorates after offering, but private placement firms show improvement after issuing. In addition, we examine how the financial constraints and default risk of issuing firms affect their post-offering operating performance. The empirical results display that SEO firms with high financial constraints and low default risk perform better than other issuing firms, and private placement firms with low financial constraints and low default risk have better performance. We find that SEO firms which increase capital expenditures plus R&D expense have poor operating performance. In contrast, capital expenditures plus R&D expense have a positive influence on the long-run operating performance of private placement firms. These results imply that the managers of SEO or private placement have significantly different motivation and efficiency in the usage of the financing resources.
|Appears in Collections:||財務金融學系所|
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