本文旨在探討中國大陸A股上市公司進行現金增資後的長期績效。樣本選取期間為1996年至2001年。過去文獻指出，公司發佈現金增資的消息後，市場反應普遍為負面，長期績效部份亦有衰退的現象。由於投資人與經理人間存在資訊不對稱，且經理人擁有募集資金的裁量權，使得市場認為經理人可能為了私利而做出不利於股東的投資決策。因此，本研究主要探討公司特性對現金增資長期績效之影響，以及公司進行現金增資後其財務績效是否受到影響。
在公司特性部份，現金增資金額較大、小規模、帳面市值比較大、第一次現金增資距初次公開發行期間越短、公司設立年數越短、非流通股比例越大等特性之公司，在現金增資後，其長期績效明顯較差。現金增資方式的選擇及掛牌交易所之差易在本研究中並無顯著發現。在財務績效方面，公司在進行現金增資後，多數財務績效都有顯著衰退的現象。而且，以分量迴歸比最小平方法更能得到顯著性結果。

This study investigates the long-term performance of Chinese seasoned equity offerings (SEOs). We analyze post-issue performance of firms conducting SEOs on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through quantile regression. Samples are selected from 1996 to 2001. It is documented that the market reacts negatively to the announcement of SEOs and those firms have a comparatively poor performance. Due to information asymmetry between shareholders and managers, managers may use the proceeds of SEOs to invest in unfavorable projects for their self-interests. Therefore, we concerned about what the firm contributes and if the financial performance has been influenced and changed following due to SEOs.
Firms with a larger amount of issuance, smaller size, larger book-to-market ratio, and a shorter length of time since the IPO date are significantly underperformance. Firms with more non-tradable shares and younger firms tend to underperform after conducting SEOs but are insignificant. Moreover, whatever if firms choose a new issue or right issue for SEO, it makes no difference. Also SEO firms are listed in SSE or SZSE does not make a difference in our study. In the financial performance part, we observe that most financial performances decline while the sign of some financial indices vary 1, 2, and 3 years after SEOs. We also observe some significant outcomes through quantile regression. We suspect it may because there are many outliers in financial data, as OLS focuses on central tendency of distribution and omits the outliers; we obtain biased estimators and insignificance results.

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