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標題: 現金節省與股權發行:現金增資與私募股權
Cash Saving and Equity Issue: SEOs and Private Placements
作者: 鄭翖文
Cheng, Hsi-Wen
Contributors: 林宜勉
會計學研究所
關鍵字: 現金節省;現金增資;私募;市場擇時理論;預防性動機理論;企業生命週期理論;會計品質
Cash saving;Secondary equity offering;Private placement;Market timing theory;Precautionary motive theory;Corporate lifecycle theory;Audit Quality
日期: 2013
Issue Date: 2013-11-19 12:53:35 (UTC+8)
Publisher: 會計學研究所
摘要: 本文主要探討現金增資公司與私募公司之現金節省現象,檢驗其是否能由市場擇時理論或預防性動機理論所解釋。其次,本文探討企業生命週期理論對於公司融資決策的影響。最後,檢驗會計品質在現金節省現象中所扮演的角色。

實證結果顯示,於市場擇時理論中,雖其對於現金節省現象的影響為正向顯著之關係,然其與現金增資與私募之交乘項卻無一致的結果,故僅能判斷市場擇時理論確實於現金節省議題中扮演了重要的角色,市場擇時與現金增資與私募之效果仍需進一步的研究。於預防性動機理論中,預防性動機理論對現金節省現象呈現顯著正相關,同時,與現金增資之交乘項也呈現顯著正相關,代表著預防性動機能夠解釋現金增資與現金節省間的關係,然而卻無法解釋私募與現金節省間之關係。在企業生命週期理論與公司融資決策影響方面,萌芽期與成長期之公司進行現金增資的機率顯著較高,然而萌芽期之公司進行私募之機率顯著較低,故推論由於萌芽期公司之高風險、財務不透明的特性,使其難以尋得願意配合之私募夥伴之故。最後,會計品質與現金節省呈顯著負相關,表示會計品質對於現金節省有著顯著的抑制效果。
This study primarily examines whether the relationship between cash saving and SEOs and Private placements can be explained by market timing theory or precautionary theory. Secondly, this study inspects the effect of corporate lifecycle theory on the financial decisions of firms. At last, this study tests the influence of audit quality on this cash saving phenomenon.

The findings show that, on the market timing perspective, the coefficient between market timing proxy and cash saving is significant positive; however, the interaction term of SEOs or private and market timing proxy are significant, but not constant. As a result, we can only infer that market timing theory plays an important role in cash saving issue, but needs further research on it. On precautionary perspective, its proxy is significant related to cash saving, and the interaction term of SEOs and precautionary proxy are significant positive, while interaction term of private and precautionary proxy are not significant. It indicated that the cash saving effect on SEOs can be explained by precautionary motive theory, while the effect on private placements is not. The result of corporate lifecycle theory on the financial decisions of firms shows a significant positive relationship among SEOs and introduction stage and growth stage, indicated that there’s a higher chance that firms in introduction stage and growth stage issues SEO, while it shows significant negative coefficient on private side. We infer that the introduction stage of firm typically is high-risked and their financial information are less transparent, so they can’t find a steady partner to issue private placement on. At last, the coefficient between audit quality and cash saving is significant negative, indicated that high audit quality can constrain the effect of cash saving.
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