本研究之目的主要在探討，當高現金持有公司透過權益發行累積現金時，是否仍會投資在降低公司價值的併購案上。自由流量產生的代理問題可用來解釋高現金持有的公司會傾向進行不利於公司的投資。然而，透過權益融資所累積的現金，因交易成本較高並帶進外部投資者的監督力量，使得我們可以預期公司透過權益融資累積現金之行為，較有可能出於預防性動機，並用於有價值的投資上。透過檢驗權益發行累積現金與併購報酬之間的關係，本研究發現，透過權益發行累積愈多現金，公司進行併購的可能性愈高，且對主併公司併購宣告前後的股價報酬以及併購後的長期表現有愈正向的影響。

This paper examines whether cash-rich firms accumulating cash from share issuance are still likely to demonstrate agency problem by undertaking value-decreasing acquisitions. Agency problem of free cash flow predicts cash-rich acquirers to engage in value-decreasing acquisitions. However, as equity financing is costly and involves monitoring power from investors, the motives of accumulating cash from equity issuance is expected for funding valuable investment opportunities. By examining the relation between cash saving from equity issuance and acquisition returns, our findings show that cash savings from share issuance do encourage acquisition decisions, and are positively related to acquirers’ announcement returns and post-merger performance.

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