本研究旨在探討台灣新上市公司辦理首次現金增資之時程。邱正仁等人（2004）發現台灣公司上市後返回資本市場籌資的機率頻繁，當公司採用多階段的股權融資方法，要在上市後的何時辦理首次現金增資便成為公司的重要決策。實證結果發現新上市公司的蜜月期長度、盈餘管理程度、產業、財務槓桿、成長機會、盈餘預測水準、經營風險、營運資金額度、與承銷商之關係和上市時機等因素會影響公司辦理後續現金增資的速度；此外，檢測結果顯示在上市後短期內即辦理現金增資的公司，市場對其增資宣告擁有較佳的反應，但這類公司在現金增資後的長期股價績效卻明顯不及首次增資時程較晚的公司。

　This study is to investigate the elapsed time of IPOs conducting SEO in Taiwan stock market. In contrast to U.S. market, Chiou et al. [2004] noted that the frequencies for IPOs with subsequent SEOs in Taiwan are much higher for 1991-2000 period. The firms’ choice of when to issue an SEO is an important consideration in a multiple issue strategy. We find that the factors affecting IPOs’ elapsed time to the first SEO include the length of honeymoon period, earnings management, industry, financial leverage, growth potential, earnings forecast level, operation risk, working capital shortage, the relationship with underwriter, and market timing. Furthermore, our empirical results show that the shorter the firm takes to make its first seasoned offering the market reacts more positively and, however, the firm has worse performance in the post-SEO two years.

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