摘要
此研究主要目的是在探討，公司執行現金增資後股價的低報酬，是否可被流動性因子所解釋。過去的研究顯示，在公司進行現金增資後，股票流動性有上升的情況，股票流動性上升會致使公司資金成本下降，提升公司價值。此研究顯示，在亞洲新興市場，公司股票流動性在現金增資後有所提升，而股票報酬在發行新股後顯著低於規模及淨值市價比相對應的公司。使用LCAPM 檢視是否流動性因子可解釋公司股票現金增資後的低報酬。此研究顯示流動性因子在亞太新興市場為重要的股票定價因子，但其無法解釋現金增資後股票低報酬的現象，因此在新興市場可能存在其他重要的定價因子。

Abstract
The research objective of this article is to examine whether liquidity can interpret the long-run underperformance of SEO firms. Previous studies show that stock liquidity increases after seasoned equity offerings, thus lowering the cost of
capital. My results show that liquidity improves after companies issue new shares in Asia-Pacific emerging markets. However, the post-SEO performance of the issuers remains significantly lower than that of their size and book-to-market matching firms. I also use LCAPM to examine whether liquidity plays an important role in long-term underperformance of issuers. My findings show that liquidity is an important pricing factor in Asia-Pacific emerging markets, but it cannot fully interpret post-SEO performance. Therefore, there could exist another important pricing factor in Asia-Pacific emerging markets.

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