本研究從資訊不對稱、股票流動性、市場因素以及股權結構等角度並以羅吉斯模型及複迴歸模型驗證2001年1月到2003年12月間，共172件台灣上市公司現金增資案之承銷決策及折價現象，再以事件研究法探討現金增資之宣告效果。在經過相關係數檢定、共線性檢定及殘差項變異數異質性檢定後得到以下結論： 1.當市場景氣較好、公司釋股規模較大或公司機構投資人持股比率較高時，傾向使用詢價圈購； 2.當產業景氣較好或公司資訊不對稱程度低時，現金增資的承銷價折價幅度較小； 3.詢價圈購的折價幅度較公開申購小； 4.詢價圈購及公開申購在宣告的特定窗口都有顯著的累積異常報酬差異。 In this study, we use logistic model and multiple regression model to research the underwriting and underpricing decision of SEO in Taiwan from the viewpoint of information asymmetry, liquidity, market factor and ownership structure. Then, we use event study to investigate the announcement effect of SEO. We have the conclusion by way of correlation coefficient test, multicollinearity test and heteroskedasticity test. The empirical findings of this study are as follows: 1.Firms with bullish industry outlook, larger issue size or more institutional stockholders, tend to choose book-building; 2.The discounts of SEO are lower when firms with bullish industry outlook or have lower information asymmetry; 3.The discounts of book-building are lower than that of fixed-price method; 4.The cumulative abnormal return between book-building method and fixed-price method have significant difference in particular event windows.
