本市場投資者是否重視金融科技？──來自美國上市公司現金增資的證據

Do Capital Market Investors Value FinTech? Evidence from U.S. Seasoned Equity Offerings

本研究透過檢視投資人在面對公司宣告現金增資（Seasoned Equity Offerings, SEO）時的反應，以了解他們是否重視公司的金融科技（Financial Technology, FinTech）的發展。本研究蒐集2019至2022年期間美國986筆現金增資的觀察值，發現金融科技發展較強的公司能獲得更正面的市場反應。此正面效應在資訊不對稱程度較高的公司中更為顯著，這突顯金融科技在降低資訊不對稱方面的角色。擴展事件窗期的分析進一步顯示，採用金融科技所帶來的正向投資者情緒不僅限於現金增資宣告期間，還能持續發酵至後續時段。除了短期的市場反應以外，金融科技亦有助於公司長期績效的提升。此外，金融科技能力較佳的公司透過降低投資不足，來獲得更高的投資效率。即使在使用不同金融科技的替代衡量、控制COVID-19疫情期間、排除科技密集型公司以及考量潛在自我選擇偏誤之後，本研究結果仍維持穩健。整體而言，本研究結果顯示投資人高度重視金融科技發展，因其能有效降低資訊不對稱、改善投資效率與公司績效。

This paper examines whether investors value financial technology (FinTech) development when reacting to seasoned equity offerings (SEOs). Using 986 observations of U.S. SEOs from 2019 to 2022, we find that firms with better FinTech experience more positive reactions than others. This positive effect is especially pronounced for firms with higher levels of information asymmetry, highlighting FinTech’s role in reducing information asymmetry. An extended event window analysis further shows that FinTech adoption continues to generate positive investor sentiment beyond the SEO announcement period. Beyond short-term market reactions, FinTech also contributes to long-term firm performance. Moreover, firms with better Fintech demonstrate greater investment efficiency by reducing underinvestment. Our findings remain robust after testing alternative FinTech proxies, accounting for the COVID-19 period, excluding technology-intensive firms, and considering the potential self-selection bias. Overall, our findings indicate that investors highly value FinTech for its ability to reduce information asymmetry and improve investment efficiency and firm performance.