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研究生: 黃繼仁
Huang, Chi-Ren
論文名稱: 探討影響中國大陸新上市公司辦理首次增資期間長短的因素
指導教授: 邱正仁
Qiu, Zheng-Ren
學位類別: 碩士
Master
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2005
畢業學年度: 93
語文別: 中文
論文頁數: 91
中文關鍵詞: 宣告效果中國大陸增資時程新上市公司現金增資
外文關鍵詞: Elapsed time, SEO, Announcement effect, China, IPO
相關次數: 點閱:131下載:3
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  •   本研究主要在中國大陸特殊的制度與法規下,提出相關假說來檢驗,探討影響中國公司上市之後進行首次現金增資(SEO)期間的主要因素。研究樣本期間為1994至2000年378家A股新上市公司在上市後四年內有辦理首次現金增資的公司,首先本研究發現,籌資金額、上市首日超額報酬、長期持有報酬、營運資金與成長機會五個變數與首次增資期間有正向關係;熱市、經營風險與每股盈餘三個變數與首次增資期間有負向關係;負債比率、產業類別與是否更換主承銷商則與首次增資期間無顯著關係。此外,本研究發現越早辦理首次增資的公司,在宣告期間有較高的累計異常報酬,不過增資後的長期持有異常報酬確有較明顯的衰退;反之,越晚辦理首次增資的公司,在宣告期間有較差的累計異常報酬,不過增資後的長期持有異常報酬確有較優異的表現。

      This paper investigates the factors which influence the IPO firms’ periods to conduct a primary seasoned equity offering (SEO) in China stock market. We test these hypotheses using 378 firms that made an initial public offering during 1994 to 2000 and made a SEO within four years of their IPO. First, we find that total raising money, abnormal return of IPO date, by and hold excess return after IPO, working capital shortage and growth opportunity have positive relationship; market timing, operating risk and earning per share have negative relationship; debt ratio, industry category and underwriter switching have no relationship with the periods. Finally, we show evidence that the faster the IPO firms conduct their primary SEO, the higher cumulative abnormal return around the SEO announcing date and the worse performance of post-SEO during two years.

    摘要 I Abstract II 目錄 IV 圖表目錄 V 表目錄 V 第一章 緒論 1  第一節 研究背景 1  第二節 研究動機與目的 2  第三節 研究架構 4 第二章 中國大陸股市制度 6  第一節 中國大陸證券市場的建立 6  第二節 大陸證券交易規則與市場概況 7  第三節 中國大陸股票市場結構 10  第四節 中國大陸新股上市條件與制度 13  第五節 中國大陸現金增資概況與介紹 18  第六節 2005年中國大陸最新相關議題 23 第三章 文獻探討 27  第一節 上市公司辦理現金增資相關議題 27  第二節 過去同時探討IPO與SEO的文獻 32  第三節 SEO宣告後效果 40 第四章 研究方法 45  第一節 研究假說 45  第二節 模型建立與變數說明 52  第三節 樣本選取與資料來源 60 第五章 實證結果與分析 68  第一節 影響公司辦理首次SEO期間長短的因素(Model 1) 68  第二節 首次SEO期間長短與SEO宣告期間市場反應 76  第三節 首次SEO期間長短與SEO上市後長期股價表現 79 第六章 研究結論與建議 82 參考文獻 84

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