現金增資與成本僵固性之關聯性分析

Abstract

本研究探討現金增資與成本僵固性之關聯性，由於現金增資與成本僵固性是財會領域中重要之議題，且實務中，現金增資是公司重要的籌資方式，而成本僵固性是企業需要了解並持續面對的議題，故二者間有何關聯將是重要探討議題。 進行現金增資動機可能是因為理性投資理論或是市場擇時理論，前者顯示公司為了籌集資金以發展或是延續的計畫，後者闡述經理人會挑選對於公司有利的時機進行增資，也就是股價過高，而此現象通常與投資人對公司消息過度反應，此時公司會儲備現金並等待好的計畫出現，二者皆顯示了對於未來較為樂觀的預期，或是對於計畫的延續性。經理人對於未來較樂觀的預期與為了計畫的延續，皆會使經理人在成本使用上出現改變。 本文以測試收入與成本變動幅度之模型檢視公司對於收入上升與下降時成本是否會有不同幅度的改變，也就是成本不對稱性，利用2002年至2021年台灣上市櫃公司之財務資料進行分析，實證結果發現，現金增資之事件會對當期公司之成本更為僵固。另外，本研究也針對增資之重大性、公司預期的資金用途與對成本僵固性影響之長期效果進行分析，首先發現增資金額對成本僵固的影響相同，而不同的增資目的可能使經理人的成本使用有所不同，最後，現金增資事件也對成本僵固性於前後年間造成不同程度的影響。而根據不同類型之現金增資類別會使公司之僵固性不同，本文以首次公開發行與私募股權進行探索，發現首次公開發行對成本僵固性的影響不大，而私募股權雖會比一般之現金增資成本更加僵固，但不具延續性。 總結來說，此項研究的重要性在於深入探索現金增資與成本僵固性之間的關聯性，增加對其之認識，以及其對公司決策和營運的影響。研究結果對財會領域的理論和實務具有貢獻，並提供投資者對公司更全面的了解，也協助公司了解其整體營運中之可能特性，以利做出最佳之決策。

This study investigates the relationship between seasoned equity offering and cost stickiness, as both are important topics in the field of accounting and finance. In practice, seasoned equity offering is a significant financing method for companies, while cost stickiness is a crucial issue that businesses need to understand and address. Therefore, understanding the relationship between these two factors is an important area of exploration. The motivation behind conducting seasoned equity offering can be attributed to rational investment theory or market timing theory. The former suggests that companies raise funds to support development or ongoing projects. On the other hand, market timing theory explains that managers choose opportune moments to increase capital, often driven by an overreaction of investors to company news. In such cases, companies accumulate cash and wait for favorable opportunities to arise. Both theories imply a more optimistic outlook for the future or the continuity of specific projects. Managers' optimistic expectations or the need to sustain projects can result in changes in cost allocation and utilization. This study employs a model that tests the asymmetry between revenue and cost variations by examining whether costs exhibit different degrees of change when revenue increases or decreases. The analysis utilizes financial data from listed companies in Taiwan from 2002 to 2021. The empirical results indicate that cash capital increases lead to greater cost stickiness in the current period. Additionally, the study analyzes the long-term effects of significant capital increases, companies' expected use of funds, and the impact of cash capital increases on cost stickiness in subsequent years. It finds that the amount of capital increase has a consistent effect on cost stickiness, but different purposes of capital increase may result in variations in cost allocation by managers. Moreover, seasoned equity offering events have different effects on cost stickiness between the pre-event and post-event years. The study also explores the impact of different types of cash capital increases and identifies that initial public offerings (IPOs) do not have a significant effect on cost stickiness, while private equity placements exhibit higher stickiness but lack continuity. In conclusion, this study's significance lies in its in-depth exploration of the relationship between cash capital increases and cost stickiness, providing a better understanding of these factors and their impact on company decision-making and operations. The findings contribute to both theoretical and practical aspects of the accounting and finance field and offer investors a more comprehensive understanding of companies, aiding in making informed investment decisions.