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博碩士論文 etd-0708108-163216 詳細資訊
Title page for etd-0708108-163216
論文名稱
Title
公司選擇詢價圈購與公開申購之決定因素與影響:倫敦證交所主板與AIM之實證
None
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
60
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2008-06-14
繳交日期
Date of Submission
2008-07-08
關鍵字
Keywords
公開申購、IPO機制、詢價圈購
IPO mechanism, offer for subscription, bookbuilding
統計
Statistics
本論文已被瀏覽 5748 次,被下載 995
The thesis/dissertation has been browsed 5748 times, has been downloaded 995 times.
中文摘要
自從1992年英國倫敦證交所引進詢價圈購的IPO機制後,有越來越多的國家也開放使用全數詢圈或與其他IPO機制搭配的方式上市,截至2006年為止,全球已有九成以上的國家開放使用詢圈,詢圈似乎也漸漸地形成某種可能的趨勢。英國倫敦證交所主板在過去有六成的IPO使用詢圈,而市場上有將近九成的機構投資人。主板之下的AIM是一個特別的二板市場,不設上市門檻,只需指定一名保薦人即具備上市資格,而市場上機構投資人的比例占了四成至五成。AIM近年來的成長十分驚人,最近四、五年來每年的IPO案件一直維持在150件以上,其中有九成以上使用詢圈,其餘則為公開申購與詢圈混合的方式。
了解到底是什麼樣的因素使得這些公司一窩蜂地使用詢圈是本研究最主要的目的。本研究藉由分析倫敦證交所主板與二板的資料,尋找欲上市公司對於詢圈與公開申購兩種IPO機制間的決定因素,以及兩機制對IPO折價與後市股票流動性的影響。實證結果發現,在主板,公司規模與發行規模越小的公司,或是市場流動性較低的時候,會傾向選擇詢圈,而且上市後的股票流動性也比較低。AIM的上市公司多半為中小企業,選擇詢圈代表公司禁的起機構投資人的檢驗,釋出公司體質好的訊號,再加上保薦人可同時為主辦承銷商,承銷商為了極大化發行收入並且維持與機構投資人的關係,也使得全數詢圈普遍受到採用。
另外,本研究還提供了另一種研究公司選擇IPO機制的思維-透過計算上市後的CAR,觀察公司原股東是否會基於未來預期超額報酬的考量,而願意選擇預期折價較大的IPO機制,待未來股價上漲之際再出售持股。結果發現選擇詢圈的IPO其上市後超額報酬大於公開申購,部分解釋了詢圈被大多數企業採用的現象。
Abstract
Since London Stock Exchange introduced bookbuilding in IPO in 1992, more and more countries also allowed companies to go IPO through bookbuilding or bookbuilding hybrid with other IPO mechanism. About 90% of the countries in the world allow bookbuilding, and it has formed a potential trend. There were about 60% of IPOs using bookbuilding in LSE, and almost 90% of the investors in the market were institutional investors. Under the main board is Alternative Investment Market (AIM) without any listing criteria, companies are qualified for listing just by designating a nominated advisor (NOMAD), and about 40%-50% of the investors on AIM are institutional investors. The growth of AIM were so amazing in recent years, especially, the number of IPOs has maintained above 150 issues per year during past five years, and 90% of them were through bookbuiling.
The main purpose of this study is to figure out why companies tend to use bookbuilding. From the evidence of LSE, we found that the smaller company or issue is, the more possible that they would choose bookbuilding. When the market is less liquid, bookbuilding would likely be used, and stocks that sold through bookbuilding are usually less liquid. Companies listed on AIM are usually small and mediun ones, and choosing bookbuiling sometimes signals a good sign about the quality of a company for getting through with the examination from institutional investors. In addition, companies can designated a NOMAD as an underwriter, too. From the view point of maximizing underwriting profit and maintaining the relationship with institutional clients, the underwriter would also tend to use bookbuilding.
Besides, we proposed that after-market cumulative abnormal return would be one of the reasons that company chooses bookbuilding, and we found evidence showing after-market cumulative abnormal return under bookbuilding is higher than under offer for subscription.
目次 Table of Contents
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究貢獻 3
第三節 研究範圍、對象與限制 3
第四節 論文架構 4
第二章 文獻回顧 5
第三章 英國IPO機制之描述 8
第一節 初級市場發展 8
第二節 IPO相關規定 15
第四章 實證研究方法與結果 20
第一節 樣本描述 20
第二節 發行公司是否採行全數詢圈之考量因素 32
第三節 發行公司是否採行全數詢圈對IPO折價之影響 40
第四節 發行公司是否採行全數詢圈對後市股票流動性之影響 45
第五章 結論與建議 50
第一節 研究結論 50
第二節 對IPO制度建議 51
第三節 對後續研究建議 51
參考文獻 52
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