現金增資為公司尋求外部資金的方式之一，然而，現金增資對於外部投資者通常為一負向訊息，進而造成現金增資宣告效果及長期績效不佳，造成此結果的最主要原因為資訊不對稱。因此，經理人將很樂意提供一些證據或訊息給外部投資者去降低資訊不對稱帶來的負面影響。過去文獻指出專利具有認證效果、讓公司具有競爭優勢且可以傳達有用的資訊給投資者；另一方面，過去文獻也指出專利並沒有傳達任何有關於公司的訊息且專利的品質為一重要因素去影響公司績效，因此並沒有發現專利與資訊不對稱有明顯的關聯。本研究在探討專利是否能降低資訊不對稱，進而如何影響現金增資宣告效果及長期績效。研究樣本包含1,368家在2000年至2013年進行現金增資的美國上市公司，其迴歸分析指出專利與現金增資宣告效果及長期績效皆具有顯著的負向影響，因此代表專利無法降低資訊不對稱。此外也進一步探討公司專利多與公司專利少此兩組樣本，發現專利少的公司，其長期績效表現將會優於專利多的公司。

It is an effective way for firms to raise external capital through seasoned equity offerings (SEO). However, SEO usually regards as a negative signal to outside investors and then causes SEO announcement effect and long-run underperformance. The main reason is because of information asymmetry. Therefore, managers are willing to provide some evidence or signals to outside investors to reduce information asymmetry. On the one hand, previous studies suggest that patents exist certificate effect, contain sustained competitive advantage and could convey credible information to investors. As a result, patents could reduce information asymmetry between firms and outside investors. On the other hand, some researchers mentioned that patents do not convey any information about the business aspect and the patent quality is another factor to influence firms’ performance. Therefore, they find unclear relationship between patents and information asymmetry. This study aims to investigate whether patents could reduce information asymmetry and then how to affect SEO announcement return and long-run performance. 1,368 firms that issued SEO during 2000 to 2013 in the U.S. are selected into analysis in this study. The regressions result shows that patent counts is negative and significantly associated with SEO announcement return. The result is also the same in the long-term. Therefore, it is suggested that patents could not reduce information asymmetry. Furthermore, I classified the sample into high-patent group and low-patent group and then find that low-patent group performed well than high-patent group.

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