本研究旨在探討公司上市後之現金增資決策是否有助於解釋上市新股長期績效衰退的異常現象。關於新股發行之長短期績效的議題，向來受到多方重視，以往文獻對於長期績效的諸多探討卻未出現一致的結論；此外過去的研究也指出長期績效的衡量方法也會對實證結果造成很大的影響；因此本文除加入現金增資的觀點闡釋新股長期績效外，並採用多種研究方法，以確保結果的正確及穩健。

　　本文以1991年至2000年初次在台灣證券交易所公開發行的206家公司為樣本，選用六種比較基準，並以三種方法衡量新上市公司的長期股價績效，檢測新股折價幅度、現金增資決策、首次現金增資之時程對長期績效的影響。研究結果發現新上市公司之長期績效存有衰退的現象，並且公司後續的現金增資決策的確有助於解釋長期績效不佳的現象，未辦理現金增資的新上市公司長期有顯著的負異常報酬，也發現新股折價的幅度無法作為解釋上市新股長期績效的要素。

　　此外再檢測首次現金增資前後之股價行為發現，公司在增資前六個月都有明顯的超額報酬，但增資後股價績效雖持續下滑，卻無顯著異於零的報酬，有再次增資的公司反而有顯著為正的異常報酬，表示公司基於資訊優勢會利用「機會之窗」籌集更多資金；研究也發現在上市後9個月內有進行增資的公司，有顯著為負的異常報酬，且顯著低於上市9個月後才增資的公司，隱含現金增資時程也是影響新股長期績效的要素。

　　This study applies various measurement methods to investigate the long-run performance of initial public offerings in Taiwan for the period from 1991 to 2000. Of particular intresest is to examine whether underpricng, subsequent seasoned equity offerings, and the timing of first SEO may help to explain long-run abnormal returns after going public.
　
　　We find significant empirical evidence that, on average, new listing firms exist underperformance over longer periods after the IPO. In sum, subsequent equity financing is an important factor explaining the long-run performance of IPOs. Empirical results indicate that firms without subsequent first (second) SEO and the timing of first SEO less than 9 months after the IPO have significantly negative abnormal returns in the long-run.

　　Moreover, IPOs have positive excess returns before SEO in evidence, but returns of IPOs decline continuously after new issues. It implies that IPOs use “windows of opportunity” to rasie much capital on the basis of information asymmetry. Finally, we also find that underpricing can’t fully explain long-run performance of IPOs.

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