本研究旨在探討中國A股上市公司之現金增資長期績效表現；檢測樣本係選取1996年至2001年間，辦理現金增資之547家公司。在股價績效方面，實證結果發現不論使用何種配對基準報酬，現金增資公司均存在顯著的績效衰退現象；進一步分析得知，規模愈大與國有股股權比率愈高的公司，增資後股價報酬衰退的幅度也愈大。就營運績效方面而言，公司在增資後之營運績效表現，無論是資產報酬率、銷售成長率與資本支出成長率等指標均出現大幅下滑，相較於配對公司之績效，仍存在顯著的績效衰退現象。最後，本研究發現增資公司的長期股價績效和部分營運績效指標間存在顯著的關係。

This paper investigates the long-term performance of seasoned equity offerings in China. Using 547 samples spanning from 1996 to 2001, we analyze post-issue three-year stock and operating performance respectively. For the stock performance, the empirical results show that SEO issuers exhibit a significant underperformance in the long-run compared to common benchmarks. Further, we find that the larger size and higher state-owned ownership SEO firms perform worse after the offering. For the operating performance, all the accounting indicators of the equity-issuing firms deteriorate significantly after the issuing. The matching-firm-adjusted numbers show a similar post-issue decline. Finally, the empirical tests indicate there are significant relationships between the post-issue stock return and the change in operating performance.
Keywords: SEO; Long-run Performance; China

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