本文以現金增資宣告效果為研究對象，探討股票分割與現金增資 宣告期間異常報酬的關係以及盈餘宣告是否對股票分割－現金增資之間的關係有增強效果。
公司的訊息宣告，例如:盈餘宣告、股票分割等，可以降低公司與投資者之間的資訊不對稱性，使投資人有更充分的資訊對公司的未來價值做評估。
先前研究並未有足夠證據支持股票分割對後續的現金增資宣告有正面影響，本文以股票分割具有訊息傳遞功能為出發點，以股票分割是否具可信度的角度切入，藉由檢視股票分割後的盈餘宣告是否符合投資人在當初股票分割時對公司未來營運或經營績效所形成之預期，做為股票分割此一訊號是否可信的依據，進而對後續的現金增資有正向影響。
本文以1989-2005 年於紐約證券交易所(NYSE),美國證券交易所(AMEX)和店頭市場(OTC)同時進行股票分割與現金增資的公司(兩事件間隔不超過一年)為樣本，實證結果顯示公司若在股票分割與現金增資之間進行盈餘宣告，當股票分割後首次盈餘宣告的市場反應越好，將有助於減輕後續現金增資的負面效果。

Scholars and practitioners have often noticed and evaluated the signals that firms release to bridge the information asymmetry between the parties. These signals are important because they indicate the company’s current situation and its future. Actions such as seasoned equity offerings (SEOs), stock splits and earnings announcements all convey information regarding the firm. This research tried to understand whether stock splits have a significant impact on SEOs returns and whether earnings enhanced the positive effects of stock splits. Furthermore, this study has sought to understand whether releasing earnings announcement between stock splits and SEOs announcements would result in better returns for firms than releasing earnings announcements before stock splits or after SEOs announcements.
Statistical analyses were conducted on data that was meticulously collected by means of SDC, CRSP, Standard and Poor’s Compustat and Lexis/Nexis. The results of this study show that there is no significant linear relationship between stock splits and SEOs returns, but there is a positive relationship between earnings announcements (released between stock splits and SEOs) and returns on SEOs. Furthermore, it was found that earnings announcements released between stock splits and SEOs lead to greater SEO returns for firms relative to firms who released earnings announcements before stock splits or after SEO announcements. While the study has its limitations, it generates some interesting discussion regarding signals and their credibility.

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