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博碩士論文 etd-0712107-163715 詳細資訊
Title page for etd-0712107-163715
論文名稱
Title
承銷制度變革對IPO股價折價之影響-以真實IPO折價檢視之
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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
66
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
2007-07-07
繳交日期
Date of Submission
2007-07-12
關鍵字
Keywords
承銷新制、保留比率、初次上市上櫃
retention ratio, IPO underpricing
統計
Statistics
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中文摘要
我國以往初次上市上櫃(IPO)公司常以提撥老股的方式辦理IPO 股票承銷,九十四年承銷制度改革規定改以新股承銷,因此在承銷舊制下IPO公司原股東得以選擇不同的保留原股份比率,新制下原股東將保留所有股份,此項改革是否能夠達到促進IPO承銷價合理化的目的呢?國內外學術界對於公司IPO的承銷價格是否有偏誤的情形多有討論,而IPO折價影響原股東財富變化的程度,將會依其保留老股的比率與持有股份稀釋程度的不同而有所不同。因此本研究欲探討IPO公司原股東在承銷舊制下保留老股的比率、新制下發行新股造成持有股權稀釋程度對IPO折價的影響,更進一步探討此承銷制度改變是否影響IPO折價,並以Ma(1999)提出之IPO真實折價作為衡量承銷價低估的依據,以釐清傳統IPO期初報酬在實證上造成可能之偏誤。
本研究以2001年至2007年2月523家台灣新上市上櫃公司為研究對象,主要研究結果:1. 以極大化原股東於IPO過程中財富變化的角度探討,發現承銷舊制下保留比率與IPO真實折價、期初報酬之間的關係存在一開口向下之曲線關係,此結果可以解釋文獻上出現實證結果不一致的情形。2.新制下本研究推論原股東持有股份比率(原股東持有股數/新發行股數)與IPO真實折價、期初報酬率與呈正向關係,但實證顯示以IPO期初報酬作為衡量折價的標準時,並不能支持正向關係的假說。3. 本研究實證結果發現IPO真實折價並不會因為承銷制度改採發行新股而有差異,而使承銷新制下真實折價幅度較舊制大的原因為新制下放寬上市後首五日漲跌幅限制,使得市場景氣對於承銷價訂定的影響增大,因此造成新制下真實折價率升高。
Abstract
none
目次 Table of Contents
第一章 緒論 ............................................. 1
第一節 研究背景與動機 .............................................................. 1
第二節 研究目的與貢獻 .............................................................. 4
第三節 研究架構與流程 .............................................................. 7
第二章 文獻回顧 ......................................... 8
第一節 國內外新上市公司股票異常報酬之實證研究 ............... 8
第二節 承銷價低估之相關理論 .................................................. 9
第三章 研究方法 ........................................ 18
第一節 模型建立及假說 ............................................................ 19
第二節 研究變數的定義與衡量 ................................................ 30
第三節 實證設計、樣本選取及資料來源 ................................. 37
第四章 實證結果與分析 .................................. 42
第一節 各變數敘述性統計資料分析 ......................................... 42
第二節 實證結果與分析 ............................................................ 45
第五章 結論與建議 ...................................... 54
第一節 研究結論 ........................................................................ 54
第二節 研究限制與建議 ............................................................ 57
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