本篇文章旨在探討現金增資發行成本與會計應計項目之間之關係。資訊不對稱會影響現金增資成本之多寡，因此以會計應計項目作為資訊不對稱之代理變數。本篇文章假說為現金增資公司之會計應計項目與市場反應為負向關係，與現金增資撤銷率為正向關係。本篇檢測2006至2010年發行現金增資之台灣上市櫃公司共494筆資料，其中443筆完成現金增資，51筆撤銷現金增資。實證結果顯示，會計應計項目較高之公司與現金增資後之異常報酬呈負向關係，與現金增資撤銷率呈正向關係。實證結果支持本篇文章假說，因此會計應計項目較高之公司與現金增資發行成本為正向關係。

This study investigates the relation between the floatation costs of seasoned equity offerings and accruals. My hypothesis is that higher accruals lead to negative market reaction and higher likelihood of SEO withdrawal. The study sample consists of 492 observations from Taiwan over a period from 2006 to 2010. The results indicate that while higher accruals are negatively related to announcement returns, they are positively related to the possibility of SEO withdrawal. The results support the hypotheses that higher accruals exacerbate asymmetric information and that asymmetric information results in negative announcement returns and higher possibility of SEO withdrawal. Thus, higher accruals heighten floatation costs.

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