博碩士論文 964208026 詳細資訊


姓名 宋采玲(Tsai-ling Sung)  查詢紙本館藏   畢業系所 財務金融學系
論文名稱 興櫃制度對新發行股票承銷價折價影響之研究
(The Effect of the Emerging Stock System on the Underpricing of Initial Public Offerings: Evidence from Taiwan)
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摘要(中) 本研究乃是探討在興櫃制度建立後,是否經過興櫃而公開發行股票承銷價折價幅度之影響,所研究對象是民國89年1月1日至96年12月31日間在集中市場與店頭市場新上市櫃的公司。本論文發現,在研究期間內,集中市場和店頭市場之新上市櫃股票皆有承銷價折價情形,而且在新股公開發行之前有經過興櫃制度之新上市股票仍存有承銷價折價情形,然而經由興櫃制度之後新上市股票承銷價折價情形比沒有經由興櫃制度後的新上市股票承銷價折價情形來的小,實證研究指出在新股公開發行之前若有在興櫃市場發行將對投資人釋放更多得訊息,亦即興櫃制度有減緩承銷價折價情形,資訊不對稱現象將降低。
摘要(英) The study examines the effect of the emerging stock system on the underpricing of initial public offerings (IPO). The sample is all IPOs listed on Taiwan Stock Exchange (TWSE) and Gre Tai Securities (OTC) market in Taiwan from January 2000 to December 2007. We find the new shares are underpricied both on TWSE and OTC IPOs. Furthermore, IPOs are still underpriced even they were listed on the emerging stock system before going public. However, IPOs in which listed on emerging stock system experience less underpricing than those not listed on emerging stock system. Empirical results indicate that the IPO firms listed on emerging market system before going public will release more information to outside investors. Information asymmetry will be mitigated and less unerpricing as a result.
關鍵字(中) ★ 承銷價折價
★ 興櫃制度
★ 新上市
關鍵字(英) ★ Initial Public Offerings
★ Underpricing
★ Emerging Stock System
論文目次 摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究架構 8
第二章 文獻探討 10
第一節 承銷價折價現象之相關文獻 10
第二節 影響承銷價折價幅度之相關文獻 18
第三章 研究方法 23
第一節 樣本選取與資料來源 23
第二節 研究假說 25
第三節 變數定義與衡量 26
第四節 統計方法 32
第四章 實證結果分析 36
第一節 承銷價折價幅度分析 36
第二節 不同市場類別對承銷價折價幅度差異分析 39
第三節 影響承銷價折價幅度因子之分析 41
第五章 結論 52
參考文獻 53
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指導教授 徐政義(Cheng-Yi Shiu) 審核日期 2009-7-21
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