初始興櫃認購價格的特徵因素與IFRS實施前後的影響分析

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Title:	初始興櫃認購價格的特徵因素與IFRS實施前後的影響分析
Authors:	蔡永丞;Tsai, Yung-Cheng
Contributors:	產業經濟研究所在職專班
Keywords:	初次登錄興櫃;承銷價格;認購價格
Date:	2018-07-02
Issue Date:	2018-08-31 14:34:11 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究主要在探討影響初始登錄興櫃認購價格之特徵因素，及企業在102年實施IFRS前後對初始登錄興櫃認購價格之差異分析。而研究對象係為100年8月至106年5月間，由未上市市場透過承銷商輔導至興櫃市場之初始登錄企業，並透過加權迴歸分析來討論各特徵因素與初始興櫃認購價格之關係，以及使用差異分析法來分析出在電子產業中，會計編制原則在改變前與改變後對於初始登錄興櫃認購價格的差異影響。經本研究實證結果發現，企業的毛利率、每股盈餘與每股淨值增加，將會顯著提升該企業登錄興櫃時的認購價格。而公司成立的年數越久，及公司產業別若為金融產業或是電子產業，則會顯著降低該企業登錄興櫃時的認購價格，但若產業別為生技醫療暨農業科技產業的話，則會顯著提升該企業登錄興櫃時的認購價格。最後，本研究也發現若是企業主與證券主辦承銷商在討論訂價時的季度若為第三季，則是存在正向且顯著的季節效果，以及若是新台幣匯率貶值與主辦證券承銷商是金控體系下的證券公司，皆有助於顯著提升企業在登錄興櫃時的認購價格。而關於在102年會計原則的改變，在IFRS實施前與IFRS實施後，就電子產業的企業來說，對初始興櫃認購價格訂價上則有顯著的負向差異影響。 ;This study mainly explores elements influencing the price of the initial registration as a listed company at emerging stock market, and analyzes the differences in such prices for registration before and after the adoption of IFRS for business enterprises in 2013. The research targets enterprises emerging from unlisted markets that have just registered as a listed company at emerging stock market through underwriter guidance between August 2011 and May 2017; and explores the relationship between factors and the price of the initial registration as a listed company at emerging stock market through weighted regression analysis, as well as the impact of changes in accounting guidelines on the price of the initial registration as a listed company at emerging stock market for the electronics industry using differential analysis. From this research, increase in a company’s corporate gross profit, earnings per share and net worth per share causes the price of the initial registration as a listed company at emerging stock market to significantly increase. The longer the company has been established for, and if the company belongs to the financial or electronics industry, the price of the initial registration as a listed company at emerging stock market would significantly decreases. On the other hand, if the company belongs to the biomedical and agricultural technology industry, the price of the initial registration as a listed company at emerging stock market would significantly increases. Finally, the research also finds out that if the owner of the enterprise under question and the lead securities underwriter discuss the price in the third season, such a timing would create a significant and positive influence on the price of the initial registration as a listed company at emerging stock market. If NTD exchange rate drops, and the lead securities underwriter is a securities company under the financial holding system, the price of the initial registration as a listed company at emerging stock market would significantly increases. Regarding changes in accounting guidelines in 2013, for electronics enterprises, there is a negative difference impact on the price of the initial registration as a listed company at emerging stock market before and after the adoption of IFRS.
Appears in Collections:	[Executive Master of Industrial Economics] Electronic Thesis & Dissertation

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