本研究旨在探討台灣現金增資公司的長期績效表現。本文選取在1991年至2002年間555家辦理現金增資之上市公司為樣本，其中包括180家高科技公司與375家傳統公司。研究結果發現，高科技公司於增資後之三年期間，長期股價表現相對優於各種基準報酬；反觀辦理現金增資之傳統產業公司在其增資後三年間的股價卻呈現衰退的現象。接著，分析增資公司的營運績效表現，實證證據顯示無論是高科技業或是傳統產業的現金增資公司，營運績效均出現顯著衰退的現象，此結果與以往研究相符。本文並嘗試使用不同變數來解釋高科技與傳統產業公司在增資後的長期股價表現與營運績效。但值得一提的是，本文無法證實為何高科技現金增資公司會在增資後出現股價異常報酬顯著為正，但營運績效卻呈現衰退的現象；僅能將此歸因於投資人對高科技公司之未來前景過度樂觀所致。

This paper examines long-run performance following seasoned equity offerings (SEO) in Taiwan. Employing data from 555 offerings composed of 180 high-tech and 375 traditional issuers during 1991 and 2002, on the one hand, our paper astoundingly reports that high-tech issuers perform superior abnormal returns against various benchmarks persisting to one to three years, on the other hand, traditional issuers still exhibit as disappointed post-issue underperformance as the findings in the U.S.. In terms of post-issue operating performance, echoed with prior studies in the U.S., both high-tech and traditional issuers experience deteriorating operating performance in the subsequent period following SEOs. Although various firm characteristics present weak evidences in explaining stock behavior and operating performance of issuers, it remains unresolved why superior stock behavior is accompanied by deteriorating operating performance of SEOs made by high-tech firms. A plausible explanation is due to the investors’ over-optimistic expectation for high-tech issuers.

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