| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 87 === In the recent year seasoned equity issues are popular in Taiwan and how to measure the operating result and growth opportunity of firms is the problem of financial report analysis. First this study investigates the effect of seasoned equity issues on stock prices. Then this study examines the relation between the effect of seasoned equity issues and growth opportunities of firms. And this study further examines the effect of bull/bear markets.
Using listed firms'' data between 1989 and 1998, this paper examines the "offering for cash " events by testing the abnormal returns calculated from market model. Cross-sectional regressions are then performed to test this study''s hypothesis. The conclusion is as follows:
1. The stock price effect of seasoned equity offerings possess positive information contents on ex-dividend date, but it posses no information content on "SEC approval date".
2. On "SEC approval date" there is significant positive relation between short term abnormal return and ratio of liability, operating income, increment of fixed assets. On ex-dividend date only growth rate of equity has found the significant relation. The growth rate of operating income has been found positive relationship with the long-term announcement effects.
3. In the short time, only growth rates of equities and EPS have been found different effects in bull/bear markets on ex-dividend date. In the long time the ratio of liabilities, EPS and growth rate of operating income have been found the effects.
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