Financial Management, Volume 45, Issue 3, Pages 675–703, Fall 2016.

可信度和多次股權再融資：當企業重回資本市場時會發生什麼？

作者：Mark D. Walker (North Carolina State University-Department of Business Management), Keven Yost (Auburn University-Department of Finance), Jing Zhao (North Carolina State University-Department of Business Management)

摘要：使用1995-2012年間進行多次股權再融資的企業樣本數據，我們檢驗了企業是否可以通過遵循它們對前期股權再融資時所獲得資金用途的聲明，來為之後的股權再融資建立可信度。我們發現那些聲明它們計劃将資金投資于項目的企業和那些沒有做出類似聲明但是确實進行了投資的企業，在下次股權再融資公告發布後得到了相對更好的宣告日收益。我們的結果表明市場對于潛在的股權代理成本有清楚的認識和長期的記憶，并且就企業籌集資金的可能運用不斷更新着對企業的信任。

關鍵詞：股權再融資公告，代理成本，可信度

Credibility and Multiple SEOs: What Happens When Firms Return to the Capital Market?

Mark D. Walker (North Carolina State University-Department of Business Management), Keven Yost (Auburn University-Department of Finance), Jing Zhao (North Carolina State University-Department of Business Management)

ABSTRACT

Using a sample of firms that conducted multiple seasoned equity offerings (SEOs) from 1995 to 2012, we examine whether firms can build credibility for subsequent SEOs by following through on their stated use of the proceeds from earlier SEOs. We find that firms that state their intention to invest these funds in projects and those that make no such statements, but do invest have relatively more positive announcement returns around subsequent SEO announcements. Our results suggest that the markets are aware of the potential agency costs of equity, have a long memory, and update their beliefs as to the likely use of funds raised by firms.

Keywords: SEO announcements, agency costs, credibility

原文鍊接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12099/abstract

翻譯：成祺炯