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• Main Authors: Chun-wen Chen, 陳俊文
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/72237056359506922751

碩士 === 國立高雄第一科技大學 === 財務管理所 === 92 === The main purposes of this thesis are to investigate whether significant changes in operating performance exist for firms before and after Seasoned Equity Offering (SEO) and examine factors which may explain the changes. Using six financial ratios as measures of operating performance, this study examines the operating performance of SEO firms listed in Taiwan Stock Exchange during the 1997-1999 period. The empirical analysis is conducted in the following ways. First, the change in perating performance is tested for three years before and after the SEO. Second, using T statistics we test whether the amount of SEO, the percentage of directors' stock-holding and purpose of SEO are related to the change in operating performance. Third, multiple regressions model is used to test the explanatory power of the two factors above as mentioned of the controlling for size effects. The empirical analysis yields the following results. (1) SEO firms generally experience worse operating performance subsequent to seasoned equity offerings. The performance of the firms who listed in the Emerging Stock Market decline less than the firms in Taiwan Stock Exchange. (2) The amount of SEO is positively related to the determination in operating performance. The percentage of directors' stock-holding are negatively related to the determination in operating performance.