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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/101070
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/101070


    Title: 媒體報導對無形資產之資訊效果─以上興櫃與上櫃做比較
    Information effect from media coverage to intangible assets ─ Comparison of Emerging Stock Board and Mainboard
    Authors: 賴琨翰
    Contributors: 屠美亞
    賴琨翰
    Keywords: 媒體報導
    無形資產
    初次掛牌
    media
    intangible asset
    IPO
    Date: 2016
    Issue Date: 2016-09-01 23:44:02 (UTC+8)
    Abstract: 本研究以民國101年至104年間,初次於興櫃掛牌公司共238家公司及上櫃掛牌公司共116家公司為研究樣本。由於上櫃掛牌前必須經過興櫃市場,公司必須揭露公司相關資訊,而在興櫃掛牌前則毋須揭露公司相關資訊,所以在興櫃掛牌前與上櫃掛牌前資訊不對稱程度不同,而媒體報導為投資人獲得公司資訊的媒介,故本研究欲比較公司在興櫃掛牌前與上櫃掛牌前媒體資訊揭露效果的差異。
      本研究實證結果發現,在無形資產比率對期初折價幅度影響之部分,興櫃掛牌前公司無形資產比率對期初折價幅度有顯著影響力,當無形資產比率愈高,期初折價幅度愈大,但在上櫃掛牌前則無顯著影響力。在媒體資訊效果部份,新聞報導數量在興櫃掛牌前能降低無形資產所造成之資訊不對稱問題,在上櫃掛牌前則無顯著解釋能力。表示當興櫃掛牌前資訊不對稱程度大時,新聞媒體的資訊揭露效果較強。而在上櫃掛牌前,政府要求其揭露較具完整性、準確性、嚴謹性之資訊,故待公開資訊出現後,新聞媒體的資訊揭露效果大幅下降。而再進一步將新聞分類為各性質新聞占總新聞數比例後,發現當正面新聞比率降低資訊不對稱效果最強,而中立新聞次之、負面新聞較弱。
    Reference: 1. 朱心蘅、陳怡諠、邱惠貞,2010,”興櫃市場首次公開發行超額報酬與資訊揭露效果之探討”,台灣金融財務季刊,11(1),69-92。
    2. 金成隆、林修葳、洪郁珊,2003,”無形資產,新股折價與內部人持股關係之研究”,會計評論。
    3. 張翠玲,2004,”初次公開發行蜜月行情之探討-興櫃股票市場設立前後”,逢甲大學財務金融研究所碩士論文。
    4. 陳怡文,2008,”媒體報導對興櫃轉上櫃公司股票績效的影響”,政治大學財務管理研究所學位論文,1-59。
    5. 黃于庭,2007,”生技產業無形資產之揭露與資訊內涵”。
    6. 劉正田,2002,”無形資產,成長機會與股票報酬關係之研究”,The International Journal of Accounting Studies,會計評論(35),1-29。
    7. 鄭琇仁、陳育成、郭弘卿,2005,”未入帳無形資產相關效應之實證研究”,全球管理與經濟,1(1),117-144。
    8. Barber, B. M., & Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Review of Financial Studies, 21(2), 785-818.
    9. Barth, M. E., Kasznik, R., & McNichols, M. F. (2001). Analyst coverage and intangible assets. Journal of accounting research, 39(1), 1-34.
    10. Bhattacharya, U., Galpin, N., Ray, R., & Yu, X. (2009). The role of the media in the internet IPO bubble. Journal of Financial and Quantitative Analysis, 44(03), 657-682.
    11. Carter, R. B., Dark, F. H., & Singh, A. K. (1998). Underwriter reputation, initial returns, and the long‐run performance of IPO stocks. The Journal of Finance, 53(1), 285-311.
    12. Chowdhry, B., & Sherman, A. (1996). International differences in oversubscription and underpricing of IPOs. Journal of Corporate Finance, 2(4), 359-381.
    13. Cordazzo, M. (2007). Intangibles and Italian IPO prospectuses: a disclosure analysis. Journal of Intellectual capital, 8(2), 288-305.
    14. DuCharme, L., Rajgopal, S., & Sefcik, S. (2001). Why was internet IPO underpricing so severe? Available at SSRN 285986.
    15. Godfrey, J., & Koh, P. S. (2001). The relevance to firm valuation of capitalising intangible assets in total and by category. Australian Accounting Review, 11(24), 39-48.
    16. Johnson, W. C., & Marietta-Westberg, J. (2004). The effect of news on volatility: a study of IPOs. Available at SSRN 556786.
    17. Liu, L. X., Sherman, A. E., & Zhang, Y. (2009). Media coverage and IPO underpricing. Paper presented at the AFA 2009 San Francisco Meetings Paper.
    18. Loughran, T., Ritter, J. R., & Rydqvist, K. (1994). Initial public offerings: International insights. Pacific-Basin Finance Journal, 2(2), 165-199.
    19. Mitchell, M. L., & Mulherin, J. H. (1994). The impact of public information on the stock market. The Journal of Finance, 49(3), 923-950.
    20. Reese Jr, W. A. (1998). IPO underpricing, trading volume, and investor interest. Available at SSRN 115348.
    21. Ritter, J. R. (1991). The long‐run performance of initial public offerings. The Journal of Finance, 46(1), 3-27.
    22. Rock, K. (1986). Why new issues are underpriced. Journal of Financial Economics, 15(1-2), 187-212.
    23. Sherman, A. E., & Titman, S. (2002). Building the IPO order book: underpricing and participation limits with costly information. Journal of Financial Economics, 65(1), 3-29.
    24. Shiller, R. J. (2015). Irrational exuberance: Princeton university press.
    25. Welch, I. (1989). Seasoned offerings, imitation costs, and the underpricing of initial public offerings. The Journal of Finance, 44(2), 421-449.
    Description: 碩士
    國立政治大學
    財務管理研究所
    103357007
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357007
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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