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    Title: 高階經理團隊特質與初次公開發行股票折價幅度之關係
    The relationship between top management team characteristics and initial public offering underpricing
    Authors: 陳玟儒
    Contributors: 譚丹琪
    陳玟儒
    Keywords: 高階經理團隊
    初次公開發行
    信號理論
    signaling theory
    Date: 2009
    Issue Date: 2010-12-08 01:52:22 (UTC+8)
    Abstract: 過去關於初次公開發行股票折價(IPO under pricing)現象的研究，多著重於探討財務資訊和承銷方式的影響，各國股票市場雖普遍存在折價現象，但中外學者對於引起IPO折價的原因仍無一定論。本研究嘗試應用信號理論(signaling theory)，認為折價主要是由於投資人和承銷商及發行公司之間資訊不對稱所致，並假設高階經理團隊的某些特質可作為示訊信號，藉此降低資訊不對稱情形。
    實證上以台灣股票發行市場為對象，選取民國94年至97年中為研究期間，蒐集於該段時間公開上市(櫃)之股票；並根據相關文獻，選擇三種高階經理團隊特質─教育程度、相關產業經歷及對外關係連結(personal ties)對IPO折價幅度進行假設驗證。結果顯示高階經理團隊的「相關產業經歷」及「與同產業公司的關係連結」對IPO折價具有顯著的影響能力；「教育程度」及「與不同產業公司的關係連結」影響方向雖與假設相符，但影響效果並不顯著。
    Reference: 中文文獻
    1. 王筱君(2006)，承銷制度改革對初級發行市場之影響，國立中興大學財務金融研究所碩士論文。
    2. 伍思吟(2008)，IPO承銷價格決定因素與IPO折價因素之探討-以詢價圈購案件為例，國立政治大學財務管理研究所碩士論文。
    3. 吳惠雯 (2001)，公司治理對IPOs承銷價與上市後股價表現影響之研究，輔仁大學金融研究所碩士論文。
    4. 吳筱婷(2007)，承銷方式、投資者意見差異與上市績效，國立政治大學財務管理研究所碩士論文。
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    7. 鄧秀琴(2001)，國際化經驗、創始國際化年齡與企業績效關係之研究，國立政治大學國際經營與貿易研究所碩士論文。
    8. 劉玉珍、陳薇如(2004)，為何詢價圈購方式逐漸取代競價拍賣？，證券暨期貨管理月刊，第22卷第5期，頁16-32
    9. 劉思琦(2004)，台灣初次上市公司股權結構、董事會組成與公司經營績效關係之研究，中正大學財金所。
    10. 謝尚倫(2008)，媒體報導對初次上市股票績效之影響，國立政治大學財務管理研究所碩士論文。
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    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    97351028
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0097351028
    Data Type: thesis
    Appears in Collections:[Department of International Business] Theses

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