本研究主要探討公司進行股票現金增資的目的。實證發現發行公司在宣告現金增資後，當發行市場整體狀況不佳、市場對該公司股價反應不好以及該公司持有較多的現金時，該公司將傾向撤銷其現金增資。此外，若公司在撤銷現金增資之後又決定重新進行現金增資，撤銷時的市場狀況為重新進行現金增資的決定因素，然而公司的現金持有並非為該決策的決定因素。實證結果亦無法發現公司在撤銷現金增資後的下市行為與其現金持有有顯著的關係。因此，本研究實證結果證實公司進行股票現金增資的目的為管理者利用市場擇時能力，而非公司現金的欠缺。 This thesis investigates the purposes of seasoned equity offerings (SEOs). We empirically show that, consistent with existing literature, firms tend to withdraw SEOs when the market condition is unfavorable. We further find that firms tend to withdraw SEOs if their stock prices experience a substantial drop after filing SEOs and their cash holdings are rich. In addition, the decision that firms reissue SEOs following withdrawals depends on the market condition rather than their cash holdings, while the probability of delisting for withdrawn firms is not related to the cash holdings. Our empirical results provide supportive evidence that firms tend to issue and complete new equities offerings to take advantage of market timing rather than get the cash necessary for subsequent investments or payments.
