本研究探討公司決定現金增資時是否會被公司過去的股價影響，以台灣1531家公司為樣本，我發現公司的融資決策受到歷史股價52周的高點影響。 當前股價與52周高點的比率對公司進行現金增資的可能性有正面影響，在股價標準偏差較大和規模較小的公司中，這種錨定效應更強。 此外，從長遠來看，執行現金增資的公司的長期績效並不會比沒有現金增資的公司差。 研究結果顯示，歷史股價52週的高點在現金增資時扮演重要的角色。

In a sample of 1531 companies in Taiwan, I find that firms’ financing decisions are affected by 52-week high prices. The ratio of the current stock price to the 52-week high has a positive impact on the likelihood that firms conduct seasoned equity offerings (SEOs). This anchoring effect is stronger in firms with a higher standard deviation of stock returns and smaller firms. Furthermore, companies with SEOs may not perform worse than companies without SEOs in the long run. The results suggest that 52-week high prices play an important role in the timing of seasoned equity offerings.

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