折價因素對現金增資股票申購決策的主導力

The Conclusive Influences of Discounting on Seasoned Equity Offerings Subscription Decision

一般認為現金增資股票(SEOs)的折價幅度可以解釋申購需求，而本研究進一步提出討論：折價幅度是個別投資人申購SEOs 的主要因素嗎？為回答這個提問，乃先行假設折價幅度與其他因素皆會影響交易決策形成，差別在於參考權重孰多孰寡，據此概念區別各樣本的交易導向屬性。實證結果顯示，超過八成樣本屬於折價導向，即申購需求走向直接決定於折價幅度，故能支持折價幅度對於投資人決策形成確實占有舉足輕重的地位。此外，本研究討論多種申購需求代理變數的適用性，且參酌Amihud, Hauser, and Kirsh (2003)的方法，設計「調整AHK 中籤率」，解決中籤率分配左右兩端無法明顯區別申購需求差異的問題。實證結果支持調整AHK 中籤率是相對適合用以表達申購需求的指標，惟此不影響交易導向的結論。

That subscription demand may be attributed to the discount rate of seasoned equity offerings (SEOs) is widely accepted. In this study, we elaborate on this topic by raising a question: Is discount rate the primary factor influencing individual investors’ purchase of SEOs? To address this question, we hypothesized that trading decisions are affected by discount rates and other factors, and that these decisions are differentiated based on the weighting of these factors. Based on this notion, the transaction orientation of each sample was differentiated. The empirical results showed that more than 80% of the samples were discount-oriented, indicating that subscription demands are directly determined by discount rates. Furthermore, this study explored the applicability of multiple proxy variables. By referencing the method introduced by Amihud, Hauser, and Kirsh (2003), this study proposes using a modified AHK-allocation rate to solve the pending problem that the subscription demands cannot be explicitly differentiated at the left and right ends of the allocation rate. The empirical results supported that the modified AHK-allocation rate is the suitable indicator of subscription demands. This result does not alter the conclusion of transaction orientation.