由於上市公司可能(1)在市場行情過高時發行現金增資(時點模式)；或者(2)經理人出於私利動機，而不在公司有正當資金需求時舉辦現金增資，或操弄盈餘(代理人問題)；(3)不維持適當的負債比率或優先選擇較有利的擴充資金方式而發行新股(融資順位模式)，而使得公司現金增資後的長短期績效往往不如預期。所以存在資訊不對稱的現金增資往往不被投資人看好而存在負向的宣告異常報酬。創新活動為公司商機及技術成長的主要原因之一，所以本文試圖研究創新活動是否能成為追求成長機會的正向訊號，檢驗創新活動與現金增資宣告效果的相關性。本研究結果支持成長理論，證實研究發展費用和現金增資宣告異常報酬呈正相關。另外銷貨成長率較高的公司，亦較不會減少投資人對公司現金增資宣告的信心。

Seasoned Equity Offering (SEO) is one way for firms to collect funds. However, past studies point out that listed companies may issue SEOs when the market overrated the stock price (The Timing Model),when management would like to control the earnings because of self-interest motives (agency problem), or when they don’t want to maintain the appropriate debt-to-equity ratio and don’t seek the best way to acquire capital (Pecking Order Model). Previous studies document that SEOs offerings result in negative post-issue performance. Innovation activity is the key factor to increase growth opportunities. Nevertheless, there are few studies that examine the impact of innovation activity on SEOs performance. Thus, this research wants to investigate whether firms have better performance after SEOs if they have more innovation activities, measured by R&D expense. The empirical result of this paper supports the theory of growth opportunities. The results show that, firms with greater innovation activities have more positive abnormal stock returns around SEOs announce/issue days. Moreover, the results show that higher sales growth rate is another signal to increase confidence of announcing firm of SEOs. The contribution of the study is that investors can reduce information asymmetry in firm’s issuing SEOs by evaluating innovation activities.

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