本研究旨在探討影響中國新上市公司辦理首次現金增資時程的因素，以及首次現金增資的宣告效果與之後的長期股價績效表現。比起美國過去的研究，中國公司傾向在上市後盡快辦理首次現金增資。而本研究的實證結果發現，IPO後市的股價表現較佳、上市期間市場情況較熱絡、IPO 折價幅度較低、盈餘管理程度較高、公司的風險越高以及財務充裕程度越低的中國公司，傾向越早辦理首次現金增資。此外本研究也發現，市場對較快辦理現金增資公司的反應較好，但是這些公司長期的股價績效表現卻比較差。整體來說，本研究認為中國新上市公司急於辦理首次現金增資是為了掌握市場時機，而非用於融通投資機會或調整資本結構。

This study is to investigate the determinants of the time between an IPO and the first SEO and to examine the relation between issuing speed and stock price performance, both in the short and long run, in the Chinese stock market. In contrast to the experience in the United States, Chinese IPOs conduct their first SEOs much faster. We find that firms with higher aftermarket return, lower IPO underpricing, higher earnings management, higher risk, insufficient financial slack, and listed in up-trend market will conduct their first SEOs more quickly. In addition, empirical results indicate that IPO firms conducting quick SEOs have higher announcement period returns and poorer long-run stock price performance than those experienced by counterparts. Overall, the empirical results suggest that Chinese IPO firms conduct their SEOs quickly probably because they want to time the market instead of financing their capital needs for investment opportunities or capital structure adjustment.

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