||Do innovation activities have impact on announcement return of seasoned equity offerings of firms
||Department of Business Administration
SEO(Seasoned Equility Offerings)
Seasoned Equity Offering (SEO) is one way for firms to collect funds. However, past studies point out that listed companies may issue SEOs when the market overrated the stock price (The Timing Model),when management would like to control the earnings because of self-interest motives (agency problem), or when they don’t want to maintain the appropriate debt-to-equity ratio and don’t seek the best way to acquire capital (Pecking Order Model). Previous studies document that SEOs offerings result in negative post-issue performance. Innovation activity is the key factor to increase growth opportunities. Nevertheless, there are few studies that examine the impact of innovation activity on SEOs performance. Thus, this research wants to investigate whether firms have better performance after SEOs if they have more innovation activities, measured by R&D expense. The empirical result of this paper supports the theory of growth opportunities. The results show that, firms with greater innovation activities have more positive abnormal stock returns around SEOs announce/issue days. Moreover, the results show that higher sales growth rate is another signal to increase confidence of announcing firm of SEOs. The contribution of the study is that investors can reduce information asymmetry in firm’s issuing SEOs by evaluating innovation activities.
第一章 緒論 1
第一節 研究動機 1
第二節 研究背景 1
第三節 研究目的 3
第二章 文獻探討 5
第一節 現金增資之動機 5
第二節 創新活動 8
第三章 研究方法 10
第一節 資料來源 10
第二節 樣本限制 11
第三節 樣本分佈 11
第四節 迴歸分析及變數定義 13
第四章 實證結果 15
第一節 變數敘述統計 15
第二節 迴歸結果分析 16
第五章 結論 18
第一節 貢獻 18
第二節 研究限制 18
第三節 未來研究建議 19
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