本研究驗證投資人申購熱潮與績效表現的關係，探討對象嘗試整合新上市公司股票(IPOs) 與現金增資股票(SEOs) 申購市場；此二者的比較基礎在於同屬公司權益政策，且其間市場具有資訊不對稱程度的理論差異。實證顯示有諸多證據指向熱申購將導致長期績效傾向不佳，而此效應不單發生於IPOs，在SEOs 亦被偵測出相同的現象；上述關係即使在考量風險因素後仍獲支持。但是，SEOs 熱申購對於績效的解釋能力較IPOs 低，表示投資人對於SEOs 的過度反應較不嚴重。此外，本研究尚發現IPOs 市場經驗為公司擬定SEOs 申購計畫與投資人決策的重要依據。

This study provides an integrative analysis on the performance of IPOs and SEOs to investigate the influence of subscription fads. Grounded on the degree differentiation of information asymmetry in IPOs and SEOs markets, the empirical results suggest that the long-term performance of securities with subscription fads tend to underperform in both IPOs and SEOs markets whereas the fads in SEOs have less explanation power. The
statistical result, in the meanwhile, remains significant as risk factor is introduced in the model. The lower explanation power of subscription fads in SEOs market indicates investors’ overreaction to SEOs is less severe. Finally, this study also demonstrates that the marketing experience in IPOs provides informative reference for companies and investors when making subscription plan in SEOs and investment decision, respectively.