淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-0406201214505600
中文論文名稱 台灣IPO與股價表現
英文論文名稱 IPO and Stock Price Performances in Taiwan
校院名稱 淡江大學
系所名稱(中) 管理科學學系碩士班
系所名稱(英) Master’s Program, Department of Management Sciences
學年度 100
學期 2
出版年 101
研究生中文姓名 曹育賢
研究生英文姓名 Yu-Hsien Tsao
學號 699620356
學位類別 碩士
語文別 中文
口試日期 2012-05-23
論文頁數 52頁
口試委員 指導教授-倪衍森
委員-蕭文姃
委員-曹銳勤
中文關鍵字 IPO折價  IPO績效表現  公司價值 
英文關鍵字 IPO Underpricing  IPO Performance  Firm Value 
學科別分類
中文摘要 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。
英文摘要 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.
論文目次 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

參考文獻 參考文獻

一、中文文獻
朱心蘅、陳怡諠、邱惠貞(2010),興櫃市場首次公開發行超額報酬與資訊揭露效果之探討,台灣金融財務季刊,第11卷,第1期,頁69-92。
沈中華、李建然(2000),事件研究法:財務與會計實證研究必備,台北:華泰文化事業公司。
李春安、劉維琪(2005),監督、首次公開上市釋股策略與價格低估現象之研究,管理學報,第22卷,第1期,頁63-84。
吳桂燕(2006),新上市時機與異常報酬之關聯性,交大管理學報,第26卷,第1期,頁39-67。
林象山、薛富井、陳長利(1999),新股訂價偏誤對承銷商公司價值的影響,管理評論,第18卷,第1期,頁97-111。
邱正仁、周庭楷、陳育如(2007),創投聲譽對初次上市櫃公司長期股價與營運績效影響之研究,交大管理學報,第27卷,第1期,頁115-167。
洪振虔(2008),雜訊交易、報酬變異與新上市股票價格績效,臺大管理論叢,第19卷,第1期,頁269-297。
洪振虔、吳欽杉、陳安琳(2002),非理性投資行為對新上市股票價格績效之影響,管理評論,第21卷,第2期,頁53-79。
胡德中、曾曉萍、馬黛(2005),重新檢視IPO釋股決策-門檻模型的應用,台灣金融財務季刊,第6卷,第2期,頁85-102。
高蘭芬、陳安琳、李韻梅(2008),強力檢定新上市上櫃公司股票之長期報酬行為,臺灣管理學刊,第8卷,第1期,頁1-25。
陳安琳、盧正壽、高蘭芬(2006),解讀台灣IPOs發行熱季之迷思,管理學報,第23卷,第6期,頁711-738。
陳建勝、陳美菁、劉家宏(2010),台灣新上市櫃公司存活之預警模式研究,智慧科技與應用統計學報,第8卷,第1期,頁27-40。
陳振遠、王朝仕(2008),熱發行與新上市公司股票績效,台灣金融財務季刊,第9卷,第2期,頁33-68。
陳振遠、王朝仕、湯惠雯(2006),資訊、雜訊與新上市公司股票績效,中山管理評論,第14卷,第3期,頁605-637。
葉匡時、黃振聰、劉韻僖、彭信衡(1996),公司上市的原因與上市過程的組織變革,管理評論,第15卷,第1期,頁15-36。


二、英文文獻
Aggarwal, Reena and Pietra Rivoli(1990), Fads in the Initial Public Offering Market?, Financial Management 19, pp.45-57.
Allen, Franklin and Gerald R. Faulhaber(1989), Signalling by Underpricing in the IPO Market, Journal of financial Economics 23, pp.303-323.
Beatty, Randolph P. and Jay R. Ritter(1986), Investment Banking, Reputation, and the Underpricing of Initial Public Offerings, Journal of Financial Economics 15, pp.213-232.
Benninga, Simon, Mark Helmantel, and Oded Sarig(2005), The Timing of Initial Public Offerings, Journal of Financial Economics 75, pp.115-132.
Bommel, Jos van(2002), Messages from Market to Management: The Case of IPOs, Journal of Corporate Finance 8, pp.123-138.
Bommel, Jos van and Theo Vermaelen(2003), Post-IPO Capital Expenditures and Market Feedback, Journal of Banking & Finance 27, pp.275-305.
Brav, Alon and Paul A.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, pp.1791-1821.
Carter, Richard B., Frederick H. Dark, and Ajai K. Singh(1998), Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks, Journal of Finance 53, pp.285-311.
Carter, Richard and Steven Manaster(1990), Initial Public Offerings and Underwriter Reputation, Journal of Finance 45, pp.1045-1067.
Chan, Kalok, Junbo Wang, and K.C. John Wei(2004), Underpricing and Long-Term Performance of IPOs in China, Journal of Corporate Finance 10, pp.409-430.
Chemmanur, Thomas J., Shan He, and Debarshi K. Nandy(2010), The Going-Public Decision and the Product Market, Review of Financial Studies 23, pp.1855-1908.
Chen, Gong-Meng, Kenneth A. Kim, and Oliver M. Rui(2005), A Note on Price Limit Performance: The Case of Illiquid Stocks, Pacific-Basin Finance Journal 13, pp.81-92.
Chod, Jiri and Evgeny Lyandres(2011), Strategic IPOs and Product Market Competition, Journal of Financial Economics 100, pp.45-67.
Choe, Hyuk, Bong-Chan Kho, and Rene M. Stulz(1999), Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997, Journal of Financial Economics 54, pp.227-264.
Chowdhry, Bhagwan and Ann Sherman(1996), International Differences in Oversubscription and Underpricing of IPOs, Journal of Corporate Finance 2, pp.359-381.
Coakley, Jerry, Leon Hadass, and Andrew Wood(2007), Post-IPO Operating Performance, Venture Capital and the Bubble Years, Journal of Business Finance & Accounting 34, pp.1423–1446.
Daines, Robert and Michael Klausner(2001), Do IPO Charters Maximize Firm Value? Antitakeover Protection in IPOs, Journal of Law, Economics, & Organization 17, pp.83-120.
Derrien, François(2005), IPO Pricing in "Hot" Market Conditions: Who Leaves Money on the Table?, Journal of Finance 60, pp.487-521.
Dong, Ming, Jean-Sebastien Michel, and J. Ari Pandes(2011), Underwriter Quality and Long-Run IPO Performance, Financial Management 40, pp.219-251.
Ellul, Andrew and Marco Pagano(2006), IPO Underpricing and After-Market Liquidity, Review of Financial Studies 19, pp.381-421.
Fama, Eugene F.(1970), Efficient Capital Markets: A Review of Theory and Empirical Work, Journal of Finance 25, pp.383-417.
Gompers, Paul, Joy Ishii, and Andrew Metrick(2003), Corporate Governance and Equity Prices, Quarterly Journal of Economics 118, pp.107-156.
Grinblatt, Mark and Chuan Yang Hwang(1989), Signalling and the Pricing of New Issues, Journal of Finance 44, pp.393-420.
Guo, Re-Jin(2005), Information Collection and IPO Underpricing, Review of Quantitative Finance and Accounting 25, pp.5-19.
Hanley, Kathleen Weiss(1993), The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon, Journal of Financial Economics 34, pp.231-250.
Helwege, Jean and Nellie Liang(2004), Initial Public Offerings in Hot and Cold Markets, Journal of Financial and Quantitative Analysis 39, pp.541-569.
Jain, Bharat A. and Omesh Kini(1994), The Post-Issue Operating Performance of IPO Firms, Journal of Finance 49, pp.1699-1726.
Kim, Kenneth A.(2001), Price Limits and Stock Market Volatility, Economics Letters 71, pp.131-136.
Ko, Kwangsoo, Keunsoo Kim, and Sung Hoon Cho(2007), Characteristics and Performance of Institutional and Foreign Investors in Japanese and Korean Stock Markets, Journal of the Japanese and International Economies 21, pp.195-213.
Lerner, Joshua(1994), Venture Capitalists and the Decision to Go Public, Journal of Financial Economics 35, pp.293-316.
Liu, Xiaoding and Jay R. Ritter(2011), Local Underwriter Oligopolies and IPO Underpricing, Journal of Financial Economics 102, pp.579-601.
Ljungqvist, Alexander and William J.Wilhelm, JR.(2003), IPO Pricing in the Dot-Com Bubble, Journal of Finance 58, pp.723-752.
Loughran, Tim and Jay R. Ritter(1995), The New Issues Puzzle, Journal of Finance 50, pp.23-51.
Loughran, Tim and Jay R. Ritter(1997), The Operating Performance of Firms Conducting Seasoned Equity Offerings, Journal of Finance 52, pp.1823-1850.
Loughran, Tim and Jay Ritter(2004), Why has IPO Underpricing Changed over Time?, Financial Management 33, pp.5-37.
Lowry, Michelle, Micah S. Officer, and G. William Schwert(2010), The Variability of IPO Initial Returns, Journal of Finance 65, pp.425-465.
Maksimovic, Vojislav and Pegaret Pichler(2001), Technological Innovation and Initial Public Offerings, Review of Financial Studies 14, pp.459-494.
Pagano, Marco, Fabio Panetta, and Luigi Zingales(1998), Why do Companies Go Public? An Empirical Analysis, Journal of Finance 53, pp.27-64.
Ritter, Jay R.(1984), The "Hot Issue" Market of 1980, Journal of Business 57, pp.215-240.
Ritter, Jay R.(1987), The Costs of Going Public, Journal of Financial Economics 19, pp.269-281.
Ritter, Jay R.(1991), The Long-Run Performance of Initial Public Offerings, Journal of Finance 46, pp.3-27.
Roell, Ailsa(1996), The Decision to Go Public: An Overview, European Economic Review 40, pp.1071-1081.
Setiono, Bambang and Norman Strong(1998), Predicting Stock Returns Using Financial Statement Information, Journal of Business Finance & Accounting 25, pp.631-657.
Sherman, Ann E.(2000), IPOs and Long-Term Relationships: An Advantage of Book Building, Review of Financial Studies 13, pp.697-714.
Subrahmanyam, Avanidhar and Sheridan Titman(1999), The Going-Public Decision and the Development of Financial Markets, Journal of Finance 54, pp.1045-1082.
Su, Chen and Kenbata Bangassa(2011), Underpricing and Long-Run Performance of Chinese IPOs: The Role of Underwriter Reputation, Financial Markets and Portfolio Management 25, pp.53-74.
Su, Chen, Kenbata Bangassa, and David Brookfield(2011), Long-Run Performance of Chinese Initial Public Offerings: Further Evidence, Asia-Pacific Journal of Financial Studies 40, pp.285-316.
Teoh, Siew Hong, Ivo Welch, and T. J. Wong(1998), Earnings Management and the Long-Run Market Performance of Initial Public Offerings, Journal of Finance 53, pp.1935-1974.
Yung, Chris, Gonul Colak, and Wei Wang(2008), Cycles in the IPO Market, Journal of Financial Economics 89, pp.192-208.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2017-06-19公開。
  • 同意授權瀏覽/列印電子全文服務,於2017-06-19起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信