股價的高低不僅會影響IPO的意願與籌措資金的多寡，而且IPO後之股價表現，也是未來投資人是否要決定繼續投資該公司的重要依據。而本研究探討的構面有IPO折價幅度、IPO後長短期績效、發行IPO的因素，以及IPO之於該公司價值等議題之探討。實證結果顯示電子業的IPO表現並不出色，此應與電子業的景氣下滑有關。而找聲譽較佳的承銷商與事務所，其績效的表現並無相關。董監持股比例高的企業對IPO的意願相對較低，而質押比率高的IPO公司短期績效表現不菲，但長期則不理想。上述的實證結果似可以用行為財務的觀點來加以說明，亦為公司的IPO決策往往是以控制股東的主要利益來作為其考量。

The stock prices not only affect the desires of the IPO but also the amount of fund raising, and investors would take the subsequent performance of the IPO into account, which would have impact on the future fund raising for the enterprises. Several dimensions are investigated such as IPO underpricing, the short- and long-term performance of IPO, the influenced factors for issuing IPO, and the effect of IPO on firm value. The result show the subsequent performance of electronic companies is not as good as those of other companies, which may results from the downturn of the electronics industry. In addition, the IPO firms, either whose underwriters have good reputation or whose financial reports signed by famous CPA firms, might not have better subsequent performance. Furthermore, the companies whose directors have high shareholding may not incline to implement IPO. The firms whose directors have higher pledged ratio may have better short-term performance, but these firms might not have better long-term performance. In fact, the above results might be easily interpreted by a psychological behavior reflected by human being, since decision making are often decided by the benefit of the controlling directors.

目錄
第一章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	2
第三節 研究流程	3
第四節 研究架構	4
第二章 文獻探討	5
第一節 IPO折價幅度	5
第二節 IPO上市後之長短期績效	7
第三節 IPO發行意願度	9
第三章 研究假說與方法	11
第一節 研究資料與假說	11
第二節 研究變數與說明	15
第三節 研究模型與方法	22
第四章 實證研究結果	30
第一節 敘述性統計量	30
第二節 IPO折價幅度與長短期績效之實證結果與分析	32
第三節 IPO發行意願度與公司價值之實證結果與分析	38
第四節 實證結果彙整	41
第五章 結論	42
第一節 研究結論	42
第二節 投資管理意涵	44
第三節 研究建議	45
參考文獻	46


表目錄
表3-1 變數對照表	22
表4-1 模型一至六之各變數敘述統計量與VIF值	30
表4-2 模型七至十之各變數敘述統計量	31
表4-3 模型一之多元迴歸實證結果	32
表4-4 模型二之多元迴歸實證結果	33
表4-5 模型三之多元迴歸實證結果	34
表4-6 模型四之多元迴歸實證結果	35
表4-7 模型五之多元迴歸實證結果	36
表4-8 模型六之多元迴歸實證結果	37
表4-9 模型七之Logit迴歸實證結果	38
表4-10 模型八之Panel Data實證結果	39
表4-11 模型九之Panel Data實證結果	40
表4-12 模型十之多元迴歸實證結果	40
表4-13 影響之變數表	41

 
圖目錄
圖1-1 研究流程圖	3

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