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研究生：	陳淑娟 Chen, Shu-Juan
論文名稱：	公司治理與現金增資短期宣告效果及續後長期績效之關聯性-以中國大陸A股上市公司為例 The impact of corporate governance upon the announcement effect and post-issue performance of firms conducting seasoned equity offerings: evidence from Chinese listed A-share companies
指導教授：	王明隆 Wang, Ming-Long
學位類別：	碩士 Master
系所名稱：	管理學院 - 會計學系 Department of Accountancy
論文出版年：	2005
畢業學年度：	93
語文別：	英文
論文頁數：	91
中文關鍵詞：	短期宣告效果、公司治理、長期績效、現金增資、中國大陸
外文關鍵詞：	long-run performances, corporate governance, China, seasoned equity offerings (SEOs), short-term announcement effect
相關次數：	點閱：127 下載：2
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　　本篇論文以於1998 至2001 年間有現金增資的A 股上市公司為樣本，探討公司治理對大陸A股上市公司現金增資宣告效果與現金增資後長期績效表現的影響。已有文獻證實市場對於公司宣佈現金增資有負面的反應及現金增資後，公司普遍有長期績效衰退的現象。由於經理人擁有募集資金的裁量權，他有可能會為了自己的私利而投資於不利於股東的投資方案，因此本篇論文主要的研究目的在探討公司治理的優劣對於現金增資宣佈效果以及現金增資後長期績效表現的影響。
　　實證結果發現市場普遍對於中國大陸上市公司宣佈現金增資有負面的反應，尤其對於國有控制的上市公司更為嚴重；中國大陸上市公司現金增資後的確有長期績效衰退的現象，尤其國有控制公司表現比非國有控制公司差；進一步地，實證結果支持假設一：當公司宣佈現金增資時，公司治理較好的公司之累積異常報酬比公司治理較差的公司高與假設二：公司治理較好的公司在現金增資後長期績效表現比公司治理較差的公司好。

　　This paper investigates the short-term　announcement effect and the long-run stock return performance of companies that conducted seasoned equity offerings (thereafter SEOs) on the Shanghai Stock Exchange and the Shenzhen Stock Exchange of China during the period from 1998 to 2001. It is documented that the market reacts negatively to the announcement of SEOs and SEO firms have been poor long-run investments for investors. Since managers often use the proceeds of SEOs to invest in unfavorable projects for their self interests, I wonder about the impact of corporate governance on the SEOs. Generally, the market reacts negatively to the announcement of SEOs in China, especially for the firms controlled by the state. Following the SEOs, initially the firms gain, however, they decline in the long run with non-issuing firms controlled for the similar size and book-to-market value, especially for the firms controlled by the state. Finally, the empirical results show the short-term stock performance of SEOs firms with better corporate governance is higher than those with worse corporate governance when firms announce SEOs. Following the SEOs, the empirical results support that SEO firms with better corporate governance perform better than those with worse corporate governance following SEOs.

　　　　　　　　　　　　　　　CONTENTS
1.Introduction　1
　1.1 Research Motivation and Research Background　1
　1.2 Research Objective　2
　1.3 Research Framework　3
2. The Introduction of Chinese Stock Market, the classification of SEOs and　　　　Corporate　Governance in China　5
　2.1 An Overview of China Stock　market　5
　　　2.1.1 The Introduction of the Shanghai Stock Exchange (SHSE) and the
　　　　　　　Shenzhen Stock Exchange (SZSH)　10
　2.2 The Classification of Chinese SEOs　20
　2.3 The Corporate Governance of China　29
　　　2.3.1 The Problems of Corporate Governance in China　32
　　　　　　2.3.1.1 Ownership, Unidentifiable Principals and Conflicts among
 　　　　　　　　　　A Chaiｎof Monitors　35
　　　　　　2.3.1.2 Weak Managerial Incentives and Market Mechanism　37
3. Literature Review　40
　3.1 Literature Review of Seasoned Equity Offerings (SEOs)　40
　3.2 Literature Review of Corporate Governance　44
　3.3 Hypotheses Development　50
4. Data and Research Methods　53
　4.1 Data and Sample Characteristics　53
　4.2 Research Methods　57
　　　4.2.1 Variable Definitions and Regression Models　57
　　　4.2.2 T Test for Short-Term Announcement Effect　62
　　　4.2.3 T Test for Long-Run Performance following SEOs　65
5. Empirical Results　67
　5.1 Descriptive Statistics Analysis　67
　5.2 The Analysis of Short-Term Announcement Effect and Regressive Analysis　69
　5.3 The Analysis of post-issue Performances and Regressive Analysis　74
6. Conclusions, Constraints, and Suggestions　83
　6.1 Research Conclusions　83
　6.2 Research Constraints and Suggestions　85
References　86

                         TABLE CONTENTS
Table 1: Ownership structure of listed companies from 1992 to 2003　9
Table 2: The SHSE listing statistics　12
Table 3: The SZSE listing statistics　13
Table 4: Listed Companies and industry distribution on the SHSE and the SZSE　14
Table 5: Transaction Costs of A shares and B shares on the SHSE and the SZSE　19
Table 6: SEOs for common A shares　22
Table 7: The differences between listing processes of a rights issue and that of a new issue　24
Table 8: Regulations development of rights issues　26
Table 9: Regulations development of new issues　28
Table 10: The rating of Asian corporate governance　31
Table 11: Data characteristics　56
Table 12: Variable definitions　59
Table 13: Correlation relationship between independent variables　61
Table 14: Sample data statistic description　68
Table 15: Average abnormal returns (AR) and cumulative abnormal returns (CAR) on and
around SEO announcement days　70
Table 16: The mean difference test for a short-term announcement effect of 
state firms and non-state firms　71
Table 17: Regression of SEO announcement effects　73
Table 18: Average long-turn (36 months) cumulative returns following SEOs during
1998-2003　75
Table 19: Mean difference test for post-issue performance of state firms and non-state firms　78
Table 20: Regression of long-run performance subsequent to SEOs for CAR　81
Table 21: Regression of long-run performance subsequent to SEOs for BHAR　82

　　　　　　　　　　　　　　　　FIGURE CONTENTS
Figure 1: Research Framework　4
Figure 2: Stock market capitalization on the SHSE and the SZSE　14
Figure 3: Tradable shares verse non-tradable shares on Chinese stock exchanges in 2004　16
Figure 4: The listing process of SEOs　23
Figure 5: modern corporate governance structure　33
Figure 6: Yearly distribution of seasoned equity offerings in China　54
Figure 7: The estimated period and event period　63
Figure 8: AR behaviors versus CAR behaviors during event period　70
Figure 9: Short-term CAR behavior comparisons between state firms and non-state firms　71
Figure 10: Average raw return, average BHAR, versus average CAR subsequent to 
the SEOs within 36 months (3 years)　77
Figure 11: Post-issue CAR behaviors comparisons between state firms and non-state firms　78
Figure 12: Post-issue BHAR behaviors comparisons between state firms and non-
state firms　79
                                    

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深圳證券交易所 http://www.szse.cn/main/default.aspx
巨潮資訊網站 http://data.cninfo.com.cn
中國證券監督管理委員會 http://www.csrc.gov.cn/cn/homepage/index.jsp
中國證券在線 http://www.f10.com.cn

校內：2006-07-05公開
校外：2006-07-05公開

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