漲跌停是反應股價表現的指標之一，其相當能影響投資人投資的情緒，並左右投資人選股的意願，此外股民對IPO的標的似乎也相當青睞，而本研究探討的課題乃是IPO是否會影響股價漲跌停。實證結果顯示當年IPO的公司與漲停與跌停比率呈相當顯著的正相關，似可推論不少IPO後的公司有拉抬股價的痕跡，然而當有不菲的資本利得時，股價則容易有跌停式的下滑。是以投資人要IPO的投資標的不要盲目的介入，才不致受到有心人士操控。此外本研究亦發現非董監事之大股東，若其持股比率高，其漲跌停的頻率並不低，似顯示其有操弄股價的痕跡。而流通在外股數高的公司比較容易跌停，此表示投資大眾可能較缺乏專業判斷，容易受到負面消息左右而拋售股份。

Price limit is one of important indices for stock price informaiveness, which would not only affect the investors’ sentiment, but also influence the investing stocks selected. In addition, the IPO stocks seem to be welcomed by investors. Thus, this study is to investigate whether IPO would affect the price limit, including price up limit, price down limit, or both. The results show that the subsequent performances of the IPO stocks have positive impacts on stock price limit significantly. We might infer that these companies might lift up the shares price to increase the capital gain, and then they would sell shares at their satisfactory price. Afterwards, the share prices might be decline sharply, even to the price limit down. Thus, investors should take the results revealed into account in order to prevent suffering losses caused by the people with manipulating power. In addition, our results disclose the shareholders with high shareholding instead of directors seem to prefer manipulating share prices as evidences shown by the stock price limit happened frequently. In addition, individual investors might own the shares for the companies with lots of shares outstanding. Thus, these individual investors lack of professional knowledge might sell these companies’ shares, even to price limit down, as bad news announced.

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	5
第四節 研究架構	6
第二章 文獻探討	7
第一節 股價表現之相關文獻	7
第二節 公司治理、財務報表和股價表現有關之文獻	8
第三節 IPO和股價表現有關之文獻	11
第三章 研究假說與方法	14
第一節 研究資料與研究變數定義	14
第二節 研究假說	17
第三節 研究方法之簡述	21
第四節 研究模型	24
第四章 實證研究結果	26
第一節 敘述統計量	26
第二節 Panel Data模型之實證結果與分析	27
第三節 分量迴歸模型之實證結果與分析	31
第五章 結論與建議	34
第一節 研究結論	34
第二節 研究建議	36
參考文獻	38

表目錄
表4-1 各變數之敘述統計表與VIF值	26
表4-2 Panel Data模型實證結果	27
表4-3 分量迴歸模型實證結果	31
 
圖目錄
圖1-1 研究流程圖	5

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