An empirical study on the operating performance following the seasoned equity offerings in Taiwan Listed Company – Electronic industry

• Main Authors: Huang Chio-Rong, 黃秋蓉
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/92656478674599386489

碩士 === 雲林科技大學 === 會計系研究所 === 97 === The main purpose of this study is to investigate whether there is any significant change in operating performance for the Electronic Industry after the seasoned equity offering. We have a sample of 191 SEO firms and a comparative sample of 75 NON-SEO firms during the period from 2002 to 2007. We use four independent variables, "SIZE", "DEBT", "GROWTH", "RC", to explain what can cause the change in the operating performance of sampled companies. The empirical study shows that the performance of SEO firm is better in first two years, but with short duration. By using regression model, we use seven dependent variables, “ROA”,”ROE”, ”Rt”, ”Rj”, ”AR”, ”Price-Earning ratio”, “P/B ratio”, as measure of operating performance. The empirical study shows that among all models, model 1, which uses ROA as a dependent variable, has the highest explanatory power. Model 4, using “Rj” as a dependent variable, is based on CAPM. Under this model, all independent variables, though significant, have unexpected sign. Perhaps this can be explained by behavioral finance.