| dc.description.abstract | 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. | en_US |