Further, our results indicate that the bad long-run performance of SEOs is mainly driven by traditional industry corporations, and high-tech SEO firms even exhibit positive abnormal performance.

• 值得注意的是，若将样本区隔为高科技产业公司与非高科技业公司后，可发现增资新股长期绩效衰退的现象仅出现在非高科技产业公司，反观高科技业的增资公司则未有此现象。