首次公開發行後公司獨特風險對後續現金增資的影響：台灣上市櫃公司之實證研究

Abstract

本研究使用臺灣上市市櫃公司為樣本探討首次公開發行（IPO）後公司獨特風險與融資決策之間的關係。實證結果顯示，高公司獨特風險的公司傾向在IPO後續首次現金增資（SEO）中籌措較多的資金，但在兩年內做SEO的總次數較少。證據表明，這些公司希望能趁機募集到更多資金。獨特風險較高的公司更有可能籌集更多資金的現象，可能是由於高獨特風險會放大投資者的分歧和資訊不對稱，促使公司發行現金增資來利用可能被高估的股價。此外，公司規模、獲利能力、財務槓桿和市場估值等因素，也與SEO時機和收益有顯著關聯。研究結果凸顯新上市公司獨特風險對於現金增資決策的重要性。

This study investigates the relationship between company-specific risks and post-initial public offering (IPO) financing decisions of publicly listed companies in Taiwan. The empirical results suggest that firms with higher idiosyncratic risks tend to raise more funds but engage in fewer SEO activities within two years. This propensity may stem from the heightened idiosyncratic risks magnifying investor disparities and information asymmetry, thereby prompting companies to capitalize on potentially overvalued stock prices through cash capital increases opportunistically. However, the analysis also reveals that higher idiosyncratic risk correlates with fewer SEOs, as riskier firms may curtail subsequent issuances to avert the perception of issuing overvalued shares. Moreover, factors such as company size, profitability, financial leverage, and market valuation significantly influence both the timing and returns of SEOs. The findings highlight the importance of idiosyncratic risks for newly listed companies in their decisions regarding SEOs.