| Summary: | 碩士 === 逢甲大學 === 土地管理學系 === 88 === The main purposes of this research are to investigate whether there is any significant change in operating performance for construction industry before and after Seasoned Equity Offering (SEO) and to examine what can explain the changes. Using five financial ratios as measures of operating performance, this study examines the operating performance of SEO firms of construction industry listed in Taiwan Stock Exchange during the 1989- 1997 period.
The empirical analysis is conducted in the following ways. First, The change in operating performance is tested with Wilcoxon singed-rank test for two years before and after the SEO. Second, using Wilcoxon rank sum test we test whether the amount of SEO, firm size, reputation of accountant and purpose of SEO are related to the change in operating performance. Third, regression model is used to test the relationship between the independent variables(the amount of SEO, firm size, reputation of accountant, purpose of SEO) and changes in operating performance.
The empirical results show that the operating performance after SEO gets worse than the amount of SEO firm size, and reputation of accountant do not effect operating performance. The result only shows different purpose of SEO may get different effect. In the other word, the SEO for capital expenditure purpose has worse operating performance than those for non-capital expenditure.
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