The Relationships among Underpricing for Seasoned Equity Offering, Firm Performance and Turnover Rate of Stock

[[abstract]]現金增資不僅會影響股權結構，更會造成股價產生折價的現象，因此本研究希望探討現金增資對於股票折價以及公司績效的影響。本研究選取上市2009至2018年間有實施現金增資的公司進行檢驗，本研究採取的實證方法是透過Fama-French三因子模型和持有期間異常報酬做為驗證方法，檢驗現金增資折價、公司績效與股票週轉率的關聯性。本研究實證結果如下：1.現金增資股票折價幅度會受到股票周轉率等因素影響。2.現金增資股票異常報酬會受到股票周轉率等因素影響。3.現金增資股票超額報酬會受到股票周轉率等因素影響。4.現金增資股票超額報酬會受到折價幅度影響。 Seasoned equity offerings (SEOs) not only affect the shareholding structure, but also cause the share price to have a discount. Therefore, this study hopes to explore the impact of SEOs on stock discount and company performance. This study selects the listed and OTC companies with SEOs between 2009 and 2018 to conduct the tests. The empirical method adopted in this study is to test the relationships among the SEOs discount, company performance, and stock turnover rate, through the Fama-French three-factor model and the abnormal returns during the holding period. The empirical results of this study are as follows: 1. The discount rate for the SEOs is affected by stock turnover rate. 2. Abnormal returns for the SEOs are affected by stock turnover rate. 3. Excess returns for the SEOs are affected by stock turnover rate. 4. The excess returns for the SEOs are affected by the SEOs discount rate