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博碩士論文 etd-0720106-123155 詳細資訊
Title page for etd-0720106-123155
論文名稱
Title
影響承銷配售方式選擇之因素
the factors influencing the choice of underwriting mechanisms
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
55
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
2006-06-26
繳交日期
Date of Submission
2006-07-20
關鍵字
Keywords
承銷配售方式、公開申購、詢價圈購
bookbuilding, fixed price, underwriting mechanisms
統計
Statistics
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中文摘要
本研究以民國九十四年起到民國九十五年二月止,所有進行首次公開發行和現金增資之公司作為研究樣本,探討影響發行公司和承銷商其承銷配售方式選擇之因素。實證結果發現,發行因素為影響發行公司其承銷配售方式選擇的重要因素。當發行公司進行首次公開發行時,往往會傾向採取詢價圈購的方式來進行承銷配售,進行現金增資時,則大多會採取公開申購的方式來進行。另一方面,本研究也發現承銷規模的大小,對於發行公司在承銷配售方式的選擇上,也有很大的影響,特別是在現金增資時,影響更為顯著。承銷規模較大的公司,會傾向於採取詢價圈購的方式來進行承銷,而承銷規模較小的發行公司,則傾向採取公開申購的方式。
Abstract
In the study, we choose the companys that had conducted IPOs or SEOs between 2005 and February 2006 as studying samples. The purpose of the study is to investigate how the issuing firms choose among different underwriting mechanisms and the factors influencing the choice of underwriting mechanisms. Empirical result shows that issuing factors are the important factors that influence the choice of underwriting mechanisms. The firms that conduct IPOs usually trend to choose bookbuilding method, but the firms that conduct SEOs trend to choose fixed price method instead. On the other hand, we also find that issuing scale is another significant factor influencing the choice of underwriting mechanisms and the effect is more apparent on the firms that conduct SEOs. The firms with bigger issuing scale trend to choose bookbuilding method but the firms with smaller issuing scale trend to choose fixed price rather than bookbuilding method.
目次 Table of Contents
目錄
第一章 緒論 VI
第一節 研究背景與動機 1
第二節 研究動機與目的 3
第三節 研究架構及流程 4
第二章 國內外文獻之探討 6
第三章 我國承銷制度之介紹 15
第一節 新制之承銷制度 15
第二節 我國現行之承銷配售方式 18
第四章 研究設計 22
第一節 資料來源 22
第二節 研究假說及變數定義 23
第三節 實證方法 29
第四節 實證分析流程 30
第五章 實證結果分析 31
第一節 樣本敘述統計 31
第二節 實證結果及分析 33
第六章 結論與建議 41
第一節 結論 41
第二節 研究限制 42
第三節 研究建議 43
參考文獻 44
參考文獻 References
一、中文部份
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2. 李青娟,2000,公司新股上市時配售方式之選擇與影響,中正大學財務金融研究所碩士論文。
3. 呂建樺,1999,證券承銷配售方式之選擇,中山大學財務管理研究所碩士論文。
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5. 林象山、霍熾榮、何聖芬,1997,承銷商與新上市公司關係之研究,證券市場發展季刊,第九卷第四期,頁1-22。
6. 胡德中、馬黛,2004,由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO折價,經濟論文,頁227-272。
7. 胡德中,2004,IPO承銷機制的選擇與最佳釋股決策,國立中山大學財務管理研究所博士論文。
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10. 陳右超,2000,現金增資承銷配售制度之研究,輔仁大學金融管理研究所碩士論文。
11. 陳安琳,1997,新上市公司股票相關之理論與實證文獻回顧,管理學報,第十四卷第三期,頁403-436。
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13. 劉文鼎,2000,現金增資承銷方式之選擇與影響,國立中正大學會計研究所未出版碩士論文。
二、英文部份
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3. Benveniste, L. M. and P. A. Spindt, 1989, “How Investment Bankers Determinethe Offer Price and Allocation of New Issues,” Journal of Financial Economics,24, 343-361.
4. Benveniste, L. M. and W. J. Wilhelm, 1990, “A Comparative Analysis of IPO Proceeds under Alternative Regulatory Environment,” Journal of Financial Economics, 28, 173-207.
5. Benveniste, L. M. and W. Y. Busaba, 1997, “Bookbuilding v.s. Fixed Price: Analysis of Competing Strategies for Marketing IPOs,” Journal of Financial and Quantitative Analysis, 32, 383-403.
6. Biais, B. and A. M. Faugeron-Crouzet, 2002, “IPO Auctions: English, Dutch, ...French and Internet,” Journal of Financial Intermediation, 11, 9-16.
7. Biais, B. P. Bossaerts, and J. Rochet, 2002, “An Optimal IPO Mechanism,”Review of Economic Studies, 69, 117-146.
8. Booth, J. R. and L. Chua, 1996, “Ownership dispersion, costly information, and IPO underpricing,” Journal of Financial Economics, 41, 291-310.
9. Brennan, M. and J. Franks, 1997, “Underpicing, Ownership, and Control in Initial Public Offerings of Equity Securities in the UK,” Journal of Financial Economics, 45, 391-414.
10. Carter, R. and S. Manaster, 1990, “Initial Public Offerings and Underwriter Reputation,” Journal of finance, 45, 1045-1067.
11. Chemmanur, T. J., 1993, “The Pricing of Initial Public Offerings: A Dynamic Model with Information Production,” The Journal of Finance, 48, 285-305.
12. Corwin, S. A., 2003, “The Determinants of Underpricing for Seasoned Equity Offers,” The Journal of Finance, 58, 2249-2279.
13. Derrien, F. and K. L. Womack, 2003, “Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets,” The Review of Financial Studies,16, 31-61.
14. Hanley, K. W, 1993, “The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon,” Journal of Financial Economics, 34, 231-250.
15. Ma, T. and C. Y. Hong, 1998, “The Issuer’s Decision of IPO Mechanism: Fixed Price versus Auction,” Unpublished manuscript.
16. Maug, E., 1998, “Large Shareholders as Monitors: Is There a Trade-off between Liquidity and Control,” The Journal of Finance, 53, 65-99.
17. Mello, A. S. and J. E. Parsons, 1998, “Going Public and the Ownership Structure of the Firm,” Journal of Financial Economics, 49, 79-109.
18. Ritter, J. R., 1987, “The Costs of Going Public,” Journal of Financial Economics,19, 269-281.
19. Rock, K., 1986, “Why New Issues Are Underpriced?” Journal of Financial Economics, 15, 187-212.
20. Sherman, Ann E., 1999, Global Trends in IPO Auctions, Working paper, University of Minnesota.
21. Sherman, Ann E., 2000, IPOs and Long-Term Relationships: Book Building, Review of Financial Studies 13, 697-714.
22. Stoughton, N. M. and J. Zechner, 1998, “IPO-Mechanisms, Monitoring and Ownership Structure,” Journal of Financial Economics, 49, 55-77.
23. Welch, I., 1989, “Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings,” Journal of Finance, 44, 421-449.
24. Welch, I., 1992, “Sequential Sales, Learning, and Cascades,” The Journal of Finance, 47, 695-732.
25. Welch, I. and J. R. Ritter, 2002, “A Review of IPO Activity, Pricing and Allocations,” Journal of Finance, 57, 1-36.
26. Zingales, L., 1995, “Insider Ownership and the Decision to Go Public,” The Review of Economic Studies, 110, 1047-1073.
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