現金增資是現在公司普遍使用的融資方式，但是對於原始股東來說未必是一好事。主要原因是在公司進行現金增資後，往往會帶來價格向下修正及長期績效不好的結果。為了使投資人不用再無預警地面對現金增資後的後果，我想利用之前有關現金增資前的公司特性及動機的理論來檢驗投資人是否有能力偵測現金增資的發生，更進一步利用此種偵測方法來放空準備進行現金增資的公司並以此投資獲利，主要研究的目標便是檢驗偵測方法的預測正確性及投資獲利空間。我進行了單變數分析及羅吉斯回歸分析並以此結果對樣本進行篩選，再對篩選出來的樣本檢測其預測正確性及獲利空間。實證結果顯示，羅吉斯回歸的預測正確性平均約有五成，但是其獲利空間均不顯著。單變數的四分位數篩選的預測正確性平均僅有約一成，但是其長期的累積調整報酬普遍顯著為負，表示其有獲利空間。總結來說，根據現金增資相關的理論，投資人可利用羅吉斯回歸來進行預測，若是要進行投資，可以參考使用四分位數篩選。

Seasoned equity offering (SEO) is a common way for firms to raise capital. However, it might not be a good choice for shareholders due to the price effect and long-term underperformance. To solve the plight, I utilize the findings of prior studies to create an approach to detect the issuance of SEO and use it as a benchmark to propose a shorting strategy. Through univariate and logit analyses, I explore the characteristics of SEO firms first. Then, I screen and examine all samples to pick up firms which match the SEO firm characteristics through quartile screen and logit prediction. The empirical results show that the logit regression prediction has better predictability which is about 50% but results in insignificant negative cumulative adjusted returns (CARs). Quartile screen has worse predictability which is about 10% but results in significant negative CARs. Based on the findings, we conclude that the logit regression is better for detecting purpose and the quartile screen is better for investment purpose.

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