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博碩士論文 etd-0623112-003633 詳細資訊
Title page for etd-0623112-003633
論文名稱
Title
廣告和創新在不同市場狀態下對IPO折價之影響
The Effect of Advertising and Innovation on underprising of Initial Public Offerings under different market states
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
63
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
2012-06-14
繳交日期
Date of Submission
2012-06-23
關鍵字
Keywords
廣告費用、創新、市場狀態、折價、初次公開發行
market state, innovation, Initial Public Offerings (IPOs), underpricing, advertising expenditures
統計
Statistics
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中文摘要
長久以來,廣告是行銷手法中最常使用的方式,也是最能影響消費者進行購買決策的因素之一;創新則扮演提高企業競爭力關鍵角色。目前少有研究同時探討此兩者與公司價值之間的關係,而廣告和創新對初次公開發行(Initial Public Offering;IPO)影響的相關研究更是少之又少。本研究以廣告和創新為主要研究議題,探討廣告和創新對於初次公開發行折價幅度的影響,並深入分析在不同市場狀態下,廣告和創新對初次公開發行折價幅度的影響是否有所不同?實證結果顯示:(一)在不考慮市場狀態下,上市前之廣告支出顯著降低初次公開發行折價幅度;(二)上市前之創新活動顯著提高初次公開發行折價幅度;(三)在多頭市場下,上市前之廣告支出不影響初次公開發行折價幅度;(四)在空頭和盤整市場下,上市前之廣告支出顯著降低初次公開發行折價幅度;(五)在多頭、空頭和盤整市場下,上市前之創新活動皆顯著提高初次公開發行折價幅度。
Abstract
Prior researches find that advertising is the most common marketing strategy and also one of the most effective way to influence consumers’ purchasing decisions. On the other hand, innovation plays an important role to enhance competitiveness of firms. However, little attention has been paid to the relationship among advertising, innovation and firm values in the existing literature. The main purpose of this paper is to examine the effect of pre-IPO advertising and innovation on the level of IPO underpricing. Furthermore, this study examines whether market states influence the impact of pre-IPO marketing expenditures and innovation on IPO underpricing levels. The empirical results show: (1) without considering market states, pre-IPO advertising expenditures significantly reduce IPO underpricing levels; (2) without considering market states, pre-IPO innovation activities significantly increase IPO underpricing levels; (2) pre-IPO innovation activities significantly increase IPO underpricing levels; (3) pre-IPO advertising expenditures cannot significantly reduce IPO underpricing levels in bull markets; and (4) pre-IPO advertising expenditures can significantly reduce IPO underpricing levels in bear and correction markets; and (5) pre-IPO innovation activities significantly increase IPO underpricing levels in bull, bear and correction markets.
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 研究問題與方法 4
第三節 研究範圍 6
第四節 研究步驟與流程 7

第二章 文獻探討 8
第一節 IPO折價之成因 8
第二節 廣告支出與IPO折價幅度之關係 10
第三節 創新對公司的潛在影響 11
第四節 廣告和創新在不同市場狀態下對公司的潛在影響12

第三章 研究方法 14
第一節 假說建立 14
第二節 市場狀態判定 18
第三節 研究模型 21
第四章 實證結果及分析 25
第一節 樣本及資料來源 25
第二節 敘述性統計 28
第三節 實證結果 31
第四節 穩健性測試 38
第五節 實證結果彙總 44

第五章 結論與建議 46
第一節 研究結論與貢獻 46
第二節 研究限制與建議 47

參考文獻 48
(一) 中文文獻 48
(二) 英文文獻 48
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