在這篇研究中，我們嘗試從四個面向針對特別股的發行成本和發行後長期績效作 有系統的分析。我們利用 Bajaj, Mazumdar, and Sarin (2010)的做法來計算特別股的發行 成本，並使用買入持有異常報酬模型和 Fama and French 三因子模型來計算特別股發行
發行成本的實證結果除了和 Bajaj, Mazumdar, and Sarin (2010)的結果相符合之 外，我們又發現特別股發行前融資活動的有無會對發行成本有顯著的影響。在完整樣
我們也針對特別股的種類和發行公司的信用評等等級把樣本切割成較小的子樣
對於本研究的後續建議，除了可以嘗試將發行成本和績效做更直接的連結之外，
最主要必須克服合併不同資料庫的資料時樣本數減少的問題，如此一來還可以更進一 步連結到公司的財務面，探討不同類型的公司使用特別股融資的行為和效果有何異 同。除此之外，近年來實施的新會計準則對使用特別股融資的動機又會有何衝擊與改 變，實際反映在市場上的狀況又是如何？這些都是未來關於特別股這塊領域可以探討 的問題。如果再換一個角度想，除了特別股之外，發行普通股時發行公司的不同是不 是也會對普通股造成特殊的影響？除了發行成本和長期績效之外，發行時的跌價也可 以列入研究的對象。綜合普通股、特別股，甚至延伸到債券的融資行為，都可以嘗試 利用本篇研究的觀點來分析比較，以更進一步去探討外部融資對公司的影響。
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