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| 研究生： |
卓宜靜 Cho, Yi Ching |
|---|---|
| 論文名稱： |
市場擇時及公司財務彈性對現金增資決策影響 Effects of market timing and corporate financial flexibility on seasoned equity offerings |
| 指導教授： |
陳鴻毅
Chen, Hong Yi |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2016 |
| 畢業學年度： | 104 |
| 語文別： | 中文 |
| 論文頁數： | 40 |
| 中文關鍵詞： | 現金增資 、撤回 、財務彈性 |
| 外文關鍵詞： | SEO, cancellation, Financial flexibility |
| 相關次數： | 點閱：214 下載：13 |
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本研究主要探討公司進行現金增資之決策是否受到市場對公司的股價反應與公司本身財務彈性所影響。本研究以 1980 年至 2015 年間,美國證券市場 328 家撤銷現金增資的公司與 11,754 家完成現金增資的公司為樣本,並進一步探討撤銷現金增資之決策影響因素。實證結果顯示,當市場於現金增資宣告日給予負向反應時,公司傾向撤銷現金增資。該結果證實公司會運用其市場擇時能力以進行現金增資之決策。本研究亦針對撤銷現金增資之決策影響因素進行探討,發現股價現金增資反應較差、成長機會較低或獲利能力越好的公司會傾向撤銷現金增資。此外,本研究發現當公司因宣告現金增資而引起股價下跌時,財務彈性較佳的公司將傾向撤銷現金增資。然而,財務彈性不佳的公司則不受市場狀況所影響,並傾向完成現金增資。因此,公司除了將市場情形納入現金增資決策外,在市場狀況不佳時更特別注重公司是否持有足夠的現金以保持財務彈性。
The main purpose of this study is to examine whether the interaction between market reaction to the announcement and financial flexibility of seasoned equity offering (SEO) will affect the decision of SEO cancellation. This study includes 328 canceled SEOs and 11,754 completed SEOs in U.S. market from 1980 to 2015 and conducts a comprehensive analysis on the decision of SEO cancellation. We find that, consistent with market timing theory, SEO firms tend to cancel their equity offerings if the market reaction to those SEOs are negative. We further investigate determinants of the decision of SEO cancellation. We find that SEO cancellation is negatively associated with stock price reaction and the growth opportunity, and positively associated with the profitability. In addition, we show the evidence that the association between SEO cancellation decision and the market condition depends on the level of financial flexibility for SEO firms. Specifically, we find that firms with more financial flexibility tend to cancel SEOs if their stock prices experience a large decline around the filing date, while firms with less financial flexibility will complete equity issuance regardless of the market conditions.
Chapter 1 Introduction 1
1.1 Introduction 1
1.2 Research purpose and motivation 2
1.3 Framework 3
Chapter 2 Literature Review 4
2.1 Market timing 4
2.2 Stock price behavior and operating performance of SEOs 4
2.3 Determinant of choice to cancel SEOs 5
Chapter 3 Hypothesis Development 7
3.1 Canceled and completed SEOs 7
3.1.1 The price reaction of canceled and completed SEOs 7
3.1.2 The decision to cancel SEOs 8
Chapter 4 Methodology 11
4.1 Event study 11
4.2 Logit analysis 15
Chapter 5 Data and Empirical analysis 18
5.1 Data 18
5.2 The factors affecting the decision to cancel SEOs 19
5.3 The market reaction of canceled and completed SEOs 20
5.3.1 The average abnormal return of canceled and completed SEOs 20
5.3.2 The Cumulative abnormal return of canceled and completed SEOs 21
5.4 Logit analysis of determinant of choice to cancel SEOs 22
5.5 The probability of cancellation after negative price reaction 23
5.6 The probability of cancellation after stock price declines dramatically 24
Chapter 6 Conclusion 26
6.1 Conclusion 26
6.2 Further Research 27
References 28
List of Tables
Table 1: The description and the expected effect of the decision to cancel SEOs 30
Table 2: Sample of canceled and completed ceasoned equity offerings 31
Table 3: Summary statistic of completed and canceled security offerings. 32
Table 4: Average abnormal return around the filing date of completed and canceled security offering. 33
Table 5: Average abnormal return around the issuance date for completed security offerings and cancellation date for canceled security offering. 34
Table 6: Cumulative abnormal return (CAR) around the filing date and issuance or cancellation date. 35
Table 7: Logit model of the determinant of choice to cancel SEOs 36
Table 8: Summary statistic of security offerings divided into group with positive CAR and with negative CAR. 37
Table 9: Logit model of the determinant of choice to cancel SEOs between 1980 and 2015 in negative CAR group. 38
Table 10: Summary statistic of security offerings divided into group into five quintiles by CAR. 39
Table 11: Logit model of the determinant of choice to cancel SEOs between 1980 and 2015 in first quintile rank. 40
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