自願及強制集保閉鎖期結束後對股價異常報酬之影響－以科技公司申請新股上市為例;The Effect of IPO Lockup Period on the Abnormal Stock Returns:Evidence from Taiwanese Technology-based Enterprises

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題名:	自願及強制集保閉鎖期結束後對股價異常報酬之影響－以科技公司申請新股上市為例;The Effect of IPO Lockup Period on the Abnormal Stock Returns:Evidence from Taiwanese Technology-based Enterprises
作者:	吳世強;Wu,Shih-Chiang
貢獻者:	財務金融學系在職專班
關鍵詞:	初次上市;集保;閉鎖期;異常報酬;科技事業;事件研究法;IPO;Centralized custody;Lockup;Abnormal Returns;Technology-based enterprises;Event Study
日期:	2016-07-07
上傳時間:	2016-10-13 13:50:52 (UTC+8)
出版者:	國立中央大學
摘要:	國內多數學者主要探討強制集保之閉鎖期間結束後，所產生對股價之影響與閉鎖期間屆滿前後之異常報酬等變化反應，目前仍無研究探討自願集保於閉鎖期間屆滿前後之股價反應，本文研究主要係加強文獻上尚未探討之內容。本文研究以臺灣2006年1月1日至2014年12月31日期間上市或上櫃掛牌公司為樣本，並區分為科技事業申請IPO公司及一般產業公司，於自願集保及強制集保閉鎖期間屆滿後對於股價反應。另外，以科技事業申請IPO公司，由於股權大部分集中於董監事、大股東、公司經理人及員工等身分之股東，是否於閉鎖期間屆滿後所產生股票拋售行為將會較一般產業公司更為顯著。本論文研究，根據之實證結果可歸納如下：一、IPO公司於自願集保閉鎖期間結束日前後有顯著之負值異常報酬。二、自願集保成數高之IPO公司相較強制集保成數高之IPO公司於三個月閉鎖期間結束日前後有顯著之負值異常報酬。三、以科技事業IPO公司於三個月閉鎖期間結束前後之異常股價報酬大於一般IPO公司。 ;In the research, we want to investigate the stock reaction at the period surrounding voluntary lockup expiration. This is different from most internal academics, mainly focus on the point about the period surrounding involuntary lockup expiration, had studied before.In order to know about the stock price relationship between the end period surrounding involuntary and voluntary lockup expiration, we collected the company listed at stock exchange market and over-the-counter market from the period 2006/01/01 to 2014/12/31 as the sample data which will be distinguished into Technology-based enterprises and other enterprises for our research. In addition, due to most equities are concentrated in people come with the company as the shareholders, we also assumed that the behavior of stock selling will significantly related to the end period surrounding involuntary lockup expiration in Technology-based enterprises with other enterprises. According to our investigation, we can sum up: 1. IPO companies will suffer from abnormal return with negative values significantly during the end period surrounding voluntary lockup expiration. 2. IPO companies which has highly percentage of voluntary lockup rate will suffer from abnormal return with negative values significantly during the period of 3 month lockup expiration compare with IPO companies which has highly percentage of involuntary lockup rate. 3. IPO companies in Technology-based enterprises will receive abnormal return significantly during the period of 3 month lockup expiration compare with IPO companies in other enterprises.
顯示於類別:	[財務金融學系碩士在職專班] 博碩士論文

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