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系統識別號 U0002-0207200818120200
中文論文名稱 創投、公開資訊對 初次公開發行(IPO)折價之影響
英文論文名稱 The impact of IPO underpricing on venture capital and public information.
校院名稱 淡江大學
系所名稱(中) 國際貿易學系國際企業學碩士班
系所名稱(英) Department of International Trade
學年度 96
學期 2
出版年 97
研究生中文姓名 陳正賢
研究生英文姓名 Cheng-Hsien Chen
電子信箱 ichiou7362@yahoo.com.tw
學號 695551134
學位類別 碩士
語文別 中文
口試日期 2008-06-25
論文頁數 47頁
口試委員 指導教授-謝志柔
共同指導教授-劉一成
委員-謝志柔
委員-黃哲盛
委員-羅白櫻
中文關鍵字 創投  內部人保留比  產業效果  資訊不對稱  承銷價 
英文關鍵字 venture capital  share overhang  industry effect  information asymmetry  offer price 
學科別分類 學科別社會科學商學
中文摘要 本研究探討創投、公開資訊與承銷價折價之間的關係。對企業而言股票公開上市乃是一重要籌措資金管道,但由於首次公開發行,市場投資者對企業感到陌生,價值不易評定,資訊不對稱的情況也由此產生。因此本研究探討創投與公開資訊的取得是否能降低資訊不對稱的程度。

本篇論文利用1997-2007年735家初次上櫃公司,檢視公開資訊與創投介入對承銷價折價的影響。本研究主要的研究焦點為:創投、內部人保留比率與先前研究中影響承銷價折價的變數。實證結果顯示:(一)有創投介入的初次公開發行公司會有較大的折價,其有一大部分的原因來自於產業效果。(二)沒有任何一個變數可以有效地解決資訊不對稱的問題。(三)最後,根據熱發行市場的文獻,我們檢視公開申購日前四十天的平均市場報酬對承銷價折價的影響。本研究發現此變數對於承銷價折價有很好的解釋與預測的能力。
英文摘要 This research examines the relationship among venture capital, public information and IPO underpricing. Publicly unfamiliar with the business and the speech share’s appearing on market being one important financing piping, but due to for the very first time publishing publicly, the market investor to the business, worth assess not easily, information asymmetry also produces from here. So this research set to throw whether the venture capital backing、public information available can reduce the information asymmetry.

We examine the extent to which IPO underpricing reflect public information and VC-backed issue for 735 companies that stocks are Initial public offerings (IPO) on the Over-the-counter Market between 1997 and 2007.This essay focus on : venture capital backing, share overhang, and variable which appear on previous study that affect IPO underpricing . Empirical result suggest that: the tendency for VC-backed IPOs to be more underpriced appears to be in large part an industry effect. There are no variable can be effectively to solve information asymmetry problem. Finally, motivated by the hot issue markets literature, we examine the influence of average 40 days market return before offer date on IPO underpricing. We show that such a variable has significant predictive power to IPO underpricing.
論文目次 誌謝……………………………………………………………………………………I
中文摘要…………...…………………………………………………………………II
英文摘要……………………………..………………………………………………III
目錄…………………………………..………………………………………………IV
表目錄…………………………………………...……………………………………V
圖目錄………………………………………..………………………………………VI
第壹章 緒論…………………………………………………1
第一節 研究背景與動機…………………………………………………1
第二節 研究目的…………………………………………………3
第三節 研究流程…………………………………………………4
第貳章 文獻回顧…………………………………………………6
第一節 創投…………………………………………………6
第二節 承銷價低估…………………………………………………12
第三節 影響IPO折價重要變數來源與意涵……………………17
第叁章 研究設計…………………………………………21
第一節 研究假說的建立…………………………………………21
第二節 樣本選取與資料來源…………………………………………22
第三節 變數定義與衡量…………………………………………25
第四節 實證模型…………………………………………28
第肆章 實證結果與分析…………………………………………30
第一節 敘述統計分析…………………………………………30
第二節 實證分析…………………………………………35
第伍章 結論與建議…………………………………………40
第一節 研究結論…………………………………………40
第二節 研究限制與建議………………………………………….41
參考文獻…………………………………………42
附錄一:初次上市、櫃審核條件………………………………47

表目錄

表2-1-1國內、外支持創投認證功能相關文獻…………………………………...10
表2-1-2國內、外不支持創投認證功能相關文獻………………………………..11
表3-3-1 86-96年初次上櫃公司樣本統計數…………………….………..……….23
表3-3-2 樣本資料來源……………………………………………………………25
表3-5-1 變數定義表………………………………………………………………29
表4-1-1 樣本的敘述統計…………………………………………………………31
表4-1-2 有無創投介入之單變量分析……………………….……………………34
表4-2-1 相關係數表………………………………………………………………35
表4-2-2 期初報酬與影響變數之迴歸分析………………………………….……38
表4-2-3 期初報酬與影響變數之迴歸分析……………….………………………39

圖目錄
圖1-3-1 研究流程圖………………………………………………………………5
圖3-3-1 86-96年初次上櫃公司產業分類表……………….……………………24
圖4-1-1 86-96年有無創投介入佔IPO家數百分比…………….…………….…32
圖4-1-2 86-96年初次上櫃公司期初報酬……………….………………………32
參考文獻 一、中文文獻

1. 方伯中(民85),「我國創投對被投資公司IPO之影響及未來發展方向,國立台灣大學財務金融系未出版論文。

2. 林象山(民94),「承銷商信譽對新上市股票之影響」,中國財務學刊第三卷,,119-143。

3. 洪長輝(民 86),「創業投資事業之認證功能」,國立中正大學財務金融研究所未出版碩士論文。

4. 郭美慧(民94),「創投事業介入初次上市(櫃)公司所扮演之角色」,國立台灣科技大學企業管理學系碩士論文。

5. 黃惠苓(民91),「高科技產業IPO承銷參考價訂價模式與承銷策略之研究-選擇權評價技術之應用,以IC設計類股為例」,朝陽科技大學企業管理系碩士論文。

6. 詹靖怡(民87),「新上市股票長期績效~有無創投投資之實證研究」,國立政治大學企業管理學系未出版碩士論文。

二、英文文獻

1. Allen,F.,Faulhaber,G.,(1989),”Signaling by underpricing in the IPO
Market”.Journal of Financial Economics 23 , pp.303-323.

2. Baron, D. P.,(1982),”A model of the demand for investment banking advising
distribution services for new issue.” Journal of Finance Vol.37, pp.955-976.

3. Baron,D.P., and Bengt Holmström.,(1980),” The Investment Banking Contract for New Issues Under Asymmetric Information: Delegation and the Incentive Problem,” The Journal of Finance, Vol. 35, pp.1115-1138.

4. Barry, C. S. Brown, 1985, “Differential Information And Security Market
Equilbrium.” Journal Of Financial And Quantitative Analysis.” pp.407-422.

5. Barry, C. B., C.J. Muscarella, J. W. Peavy III and M. R. Vetsuypens (1990), “The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going-Public Process,” Journal of Law and Economics 27:pp.447-471.

6. Benveniste, Lawrence M. & Paul A. Spindt, (1989). “How investment bankers
determine the offer price and allocation of new issues. “Journal of Financial
Economics 24, pp.343-361.

7. Beatty, Randolph P. and Jay R. Ritter, (1986). “Investment banking, reputation,
and the underpricing of initial public offerings.” Journal of Financial
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8. Bradley,D., Jordan,B.,(2002),” Partial Adjustment to Public Information and IPO Underpricing,,” The Journal of Financial and Quantitative Analysis, Vol. 37, pp. 4

9. Brav, A. and P. Gompers (1997), “Myth or Reality The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies,” Journal of Finance 52:1791-1821.

10. Carter, Richard, And Steven Manaster, 1990, “Initial Public Offerings And
Underwriter Reputation.” The Journal Of Finance , XLV., pp.1045-1067.

11. Chemmanur and Loutskina, (2005),” The Role of Venture Capital Backing in Initial Public Offerings:Certification, Screening, or Market Power?,” Journal of Finance, Vol. 45, 1990, pp.1-10.

12. Garfinkel(1993),”Issuing costs to existing shareholders in competitive and negotiated underwritten public utility equity offers.” Journal of FinancialEconomics15, pp.233-260.

13. Gompers, P.A., and J. Lerner, 1998, “What drives venture capital fundraising?”Brookings papers on Economic Activity, pp.149-204.

14. Greenwald,D.(1982)The McGraw-hill Dictionary of Modern Economics,pp.622.

15. Grinblatt and Hwang,1989,” Grandstanding in the Venture Capital Industry”, Journal of Financial Economics, Vol. 42, September, pp. 133-156.

16. Hanley, Kathleen W., 1993, “The Underpricing Of Initial Public Offerings
And The Partial Adjustment Phenomenon.” Journal Of Financial
Economics 35, pp.231-250.

17. Hellmann and Puri(2002),” The interaction between product market and financing strategy: The role of venture capital,” Review of Financial Studies44, pp.421-449.

18. Ibbotson, R.G., Sindelar, J. and Ritter, J.,(1988) “Initial public offerings,”
Jounal of Applied Corporate Finance 6, 1988, pp.37-45.

19. Jeffrey Jaffe, Donald B. Keim and Randolph Westerfield,(1989)” Earnings Yields, Market Values, and Stock Returns,” The Journal of Finance, Vol. 44, pp.135-148

20. Koh, Francis, And Terry Walter, 1989, “A Direct Test Of Rock’S Model Of
The Pricing Of Unseasoned Issues.” Journal Of Financial Economics 23,
pp.251-272.

21. Kortum and Lerner, (2000) ,” Assessing the Contribution of Venture Capital to Innovation ” The RAND Journal of Economics, Vol. 31, No. 4

22. Krigman, WH Shaw, KL Womack, (2001),” Why do firms switch underwriters?,” Journal of Financial Economics Volume 60, pp.245-284

23. Lee, P., and S. Wahal (2002),”Grandstanding, Certification and the Underpricing of Venture Capital Backed IPOs,” forthcoming in Journal of Financial Economics.

24. Leland, H., Pyle, D.,(1977),”Information asymmetries, financial structure, and
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25. Lerner J., 1994, “Venture capital and the decision to go public,” Journal of financial 35, pp.293-316.

26. Lorenz T.(1985),”Venture Capital Today: A guide to the venture capital market in the United Kingdom ”,woodhead-Faulkner Cambridge,Vol.2,pp.5

27. Loughran, Tim, and Jay R. Ritter,(2002) ,”Why don’t issues get upset about leaving monet on the table in IPOs?“The Review of Financial studies
Economics March 21,pp44-64.

28. MA Habib and AP Ljungqvist, (2001),” Underpricing and entrepreneurial wealth losses in IPOs: theory and evidence,” the Society for Financial Studies Rev Fin 2001; 14:433-458

29. Muscarella, Christopher and Michael Vetsuypens, (1989),” Initial public offerings and information asymmetry,” Working Paper, Southern Methodist University.

30. Pratt, S. E., (1982), How to raise venture capital, New York: Charles Scribner’s Sons, 6thed.

31. Ritter, J.,(1984),The “hot”issues market of 1980.Journal of Business 57,
pp.215-240.

32. R. Ritter and IVO-Welch,(2002),“A Review of IPO Activity, Pricing and
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33. Rock, K.,(1986),”Why new issues are underpriced?“Journal of Financial
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34. Teoh, S. H., I. Welch, et al., 1998a, “Earnings Management and the
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35. Welch, (1989),” Seasoned offerings, imitation costs, and the underpricing of initial public offerings”, Journal of Finance 44, pp.421-449.

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