公司現金持有對公司發行新股影響之研究;A Study of the Effect of Corporate Cash Holdings on Seasoned Equity Offerings

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题名:	公司現金持有對公司發行新股影響之研究;A Study of the Effect of Corporate Cash Holdings on Seasoned Equity Offerings
作者:	陳鴻毅
贡献者:	國立中央大學財務金融學系
关键词:	財政（含金融;保險）
日期:	2013-12-01
上传时间:	2014-03-17 14:05:55 (UTC+8)
出版者:	行政院國家科學委員會
摘要:	研究期間：10208~10307;A Study of the Effect of Corporate Cash Holdings on Seasoned Equity Offerings This study is to investigate how corporate cash holdings affect the corporate decision of seasoned equity offerings (SOEs). I hypothesize that the firm with higher excess cash will has higher bargaining power when issuing new equities, resulting lower issuance costs and higher probability to withdraw SEO. In addition, due to lack of funds, the firm with lower cash holdings has more incentive to re-file SEO following a SEO cancelation. This study will use completed and withdrawn SEOs in U.S. market to empirically study four main questions. First, is the probability of completing (or canceling) SEOs altered by corporate cash holdings? Second, is the motivation of SEOs altered by the level of cash holdings? Third, are the issuance costs and market reaction to the SEOs affected by corporate cash holdings? Fourth, is the decision of re-issuance after a withdrawn SEO due to the deficiency of cash holdings?
關聯:	財團法人國家實驗研究院科技政策研究與資訊中心
显示于类别:	[財務金融學系] 研究計畫

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