政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34028

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34028

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政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/34028

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/34028

題名:	承銷機制的選擇─理論與實證 A THEORETICAL AND EMPIRICAL EXAMINATION OF THE DETERMINANTS OF IPO SELLING METHODS
作者:	洪崇文 Hung, Chung-wen
貢獻者:	徐燕山姜堯民 Hsu , Yenshan Chiang , Yao-Min 洪崇文 Hung, Chung-wen
關鍵詞:	首次公開發行承銷機制競價拍賣公開申購 Initial Public Offerings Selling Methods Auctions Fixed-price Offerings
日期:	2003
上傳時間:	2009-09-17 19:09:05 (UTC+8)
摘要:	本研究配合台灣制度，以模型推導方式研究IPO承銷機制選擇(競價拍賣與公開申購)之決定因素，並以台灣資料進行實證分析。本文考慮市場因素與投資人意見差異，以發行者之觀點進行分析。模型之預測為，當投資人意見差異程度較大、承銷規模較大、或是市場情況較佳時，發行者會選擇以競價拍賣銷售新股。實證結果顯示，發行者於選擇承銷機制時，不僅考慮市場因素，亦會參考公司特性與發行特性，此結果與本模型之預測一致。本研究亦發現，台灣之競價拍賣制度，相較於公開申購方式，並無法更有效控制折價程度；如果發行者所選用的承銷方式，不適合市場情況、公司特性或發行特性，將會使公司的IPO承受較多的折價。 This thesis develops and tests a theoretical rationale on the choice of IPO selling methods, discriminatory auctions versus fixed-price offerings, in Taiwan. We incorporate market conditions and investors’ divergence of opinions into the model from the issuer’s point of view. Our model predicts that when the extent of investors’ divergence of opinions is high, the amount in IPOs is large, or market conditions are hot, issuers will tend to use auctions. Our examination of issuers’ choice of IPO methods on the Taiwan’s IPOs shows that issuers condition the choice of IPO methods not only on prevailing market conditions, but also on firm/IPO characteristics. The results are consistent with our model. Finally, Taiwanese auction does not lead to less under-pricing than the fixed-price offering, but an issuer choosing a selling method with a higher degree of unfitting for firm/IPO characteristics and to market conditions will suffer more under-pricing.
參考文獻:	Aggarwal, R. and P. Conroy (2000), Price discovery in initial public offerings and the role of the lead underwriter, Journal of Finance, 55, 2903-2922. Aggarwal, Rajesh K., L. Krigman and K. L. Womack, 2002, Strategic IPO underpricing, information momentum, and lockup expiration selling, Journal of Financial Economics, 66, 105-137. Barberis, N., T. Santos and M. Huang, 2001, Prospect theory and asset prices, Quarterly Journal of Economics, 116, 1-53. Benveniste, L. M., and W. Y. Busaba, 1997, Book-building vs. fixed price: An analysis of competing strategies for marketing IPOs, Journal of Financial and Quantitative Analysis, 32, 383-403. Benveniste, L. M., Busaba, W., and W. Wilhelm, 2002, Information externalities and the role of underwriters in primary equity markets, Journal of Financial Intermediation, 11, 61-86. Bradley, D. J., and B. D. Jordan, 2002, Partial adjustment to public information and IPO under-pricing, Journal of Financial and Quantitative Analysis, 37, 595-616. Chemmanur, T., and H. M. Liu, 2002, How should a firm go public? A dynamic model of the choice between fixed-price offerings and auctions in IPOs and privatizations, Working paper, Boston College. Chowdhry, B., and A. Sherman, 1996, International differences in over-subscription and underpricing of IPOs, Journal of Corporate Finance, 2, 359-381. Derrien, François, 2004, IPO pricing in “hot” market conditions: Who leaves money on the table? Journal of Finance, forthcoming. Derrien, F., and K. L. Womack, 2003, Auction vs. bookbuilding and the control of underpricing in hot IPO markets, Review of Financial Studies, 16, 31-61. Houge, Todd, T. Loughran, G. Suchanek and X. Yan, 2001, Divergence of opinion, uncertainty, and the quality of initial public offerings. Financial Management, 30, 5-23. Krigman, L., W. H. Shaw, and K. Womack, 1999, The persistence of IPO mispricing and the predictive power of flipping, Journal of Finance, 54, 1015-1044. Kutsuna, K. and R. Smith, 2001, Issue cost and method of IPO underpricing: Japan’s change from auction method pricing to book building, Working paper, Osaka City University and Claremont Graduate University. Liu, Y., J. Wei, and G. Liaw, 2003, On the demand elasticity of initial public offerings: An analysis of discriminatory auctions. International Review of Finance, 2, 151-178. Loughran, T., J. Ritter, and K. Rydqvist, 1994, Initial public offerings: International insights, Pacific Basin Finance Journal, 2, 165-199. Loughran, T., and J. Ritter, 2002, Why don’t issuers get upset about leaving money on the table in IPOs? Review of Financial Studies, 15, 413-443. Lowry, M., and G. W. Schwert, 2002, IPO market cycles: Bubbles or sequential learning? Journal of Finance, 57, 1171-1200. Lowry, M., and G. W. Schwert, 2004, Is the IPO pricing process efficient? Journal of Financial Economics, 71, 3-26. Miller, E.M., 1977, Risk, uncertainty, and divergence of opinion, Journal of Finance, 32, 1151-1168. Pettway, R. H., and T. Kaneko, 1996, The effects of removing price limits and introducing auctions upon short-term IPO returns: The case of Japanese IPOs, Pacific-Basin Finance Journal, 4, 241-258. Ritter, Jay and Ivo Welch, 2002, A review of IPO activity, pricing and allocation, Journal of Finance, 57, 1795-1828. Sherman, A., 2003, Global trends in IPO methods: Book building versus auctions, Working paper, University of Notre Dame. Subrahmanyam and Titman, 1999, The going public decision and the development of financial markets, Journal of Finance, 54, 1045-1082 Welch, I., 1992, Sequential sales, learning, and cascades, Journal of Finance, 47, 695-732.
描述:	博士國立政治大學財務管理研究所 87357505 92
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0087357505
資料類型:	thesis
顯示於類別:	[財務管理學系] 學位論文

文件中的檔案:

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35750501.pdf		9Kb	Adobe PDF2	755	檢視/開啟
35750502.pdf		12Kb	Adobe PDF2	682	檢視/開啟
35750503.pdf		9Kb	Adobe PDF2	744	檢視/開啟
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35750506.pdf		61Kb	Adobe PDF2	791	檢視/開啟
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35750510.pdf		32Kb	Adobe PDF2	731	檢視/開啟
35750511.pdf		114Kb	Adobe PDF2	852	檢視/開啟
35750512.pdf		25Kb	Adobe PDF2	690	檢視/開啟
35750513.pdf		27Kb	Adobe PDF2	1996	檢視/開啟
35750514.pdf		16Kb	Adobe PDF2	872	檢視/開啟

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