現金增資是公司向外部取得資金的管道之一，雖然其會分散原本持有股東的權益，也可能會帶來代理問題或被併購的可能，但該方式卻能讓公司不必擔心利息支出的問題。尤其在現今這個全球經濟一片看好，而且升息氣氛濃厚的時期，許多新的公司紛紛申請上市上櫃，而舊的公司也一一提出現金增資申請，以期能在股價好的時候為公司籌措資金。
本研究主要焦點在探討一般投資人是否能根據公開資訊來預測公司於該年度是否會進行現金增資，進而先行買進標的公司股票，以期能從中獲取超額報酬。選取樣本為2006至2012年間，扣除掉金融和營建業的所有台灣上市上櫃股票，以逐步邏輯斯迴歸來做檢定。
經過本次檢定，發現「相對負債比例」、「相對超額報酬比例」、「企業存續期間」以及「基本放款利率」這四個變數是影響公司是否要進行現金增資的主要因素。然而在實際驗證模型後，發現每年可能會進行現金增資的公司皆超過300家，由於標的過多，所以投資人無法使用此模型來預測投資標的並做成投資組合。

The main thrust of this thesis is to examine whether investors can predict the issuance of an Seasoned Equity Offerings using public information of the issuer in the prior year and make profits by going long the shares before the SEO actually happens. We use Stepwise Logit Regression to examine all firms except those in the banking and construction industries listed in Taiwan’s organized exchange and OTC markets during the 2006 to 2012 period. We find that Relative Debt Ratio, Relative Abnormal Return Ratio, Listing Year and Prime Rate are the four main factors which statistically and significantly explain whether a firm will issue an SEO in the following year and that the logit model well predicts an SEO issuance or otherwise in the following year.

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