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Title:	稅率和舉債影響初始報酬? 以臺灣初次上市股票為例 Do Tax Rate and Leverage Affect Initial Return? Evidence from IPOs in Taiwan
Authors:	林哲安 Lin, Che An
Contributors:	姜堯民 Chiang, Yao Min 林哲安 Lin, Che An
Keywords:	初次股票上市初始報酬稅率負債比率槓桿比率市場價值成立年數 Initial Public Offering Initial Return Tax Rate Debt Ratio Leverage Ratio Market Value Age
Date:	2012
Issue Date:	2013-07-01 17:43:58 (UTC+8)
Abstract:	企業初次股票上市(IPO，Initial Public Offering)儼然成為財務領域上炙手可熱的話題。由於前人未將稅率變數、槓桿比率變數、初始報酬變數之間的關係做出系統性的統整，所以本文藉由IPO的樣本，試圖驗證(1)稅率對槓桿比率和(2)稅率及槓桿比率對初始報酬(Initial Returns)的影響。本文採用Taiwan Economic Journal (TEJ)資料庫，於西元2005至西元2011共216檔首次上市櫃股票做為樣本。並以應變數(短期負債比、長期負債比、槓桿比率、初始報酬)、自變數(稅率、短期負債比、長期負債比、槓桿比率)、以及控制變數(成立年數、電子設備產業之虛擬變數、IPO發行年代之虛擬變數、上市櫃虛擬變數、新舊股比率、市場價值)作為解釋本文模型假設的變數。本文主要得證三項結果，(1)稅率和企業價值分別與槓桿比率呈現正相關。(2)上市櫃的虛擬變數和IPO年代的虛擬變數對企業舉債融資扮演重要的決定因素。(3)稅率、長期負債比率和上市櫃的虛擬變數分別與初始報酬呈現負相關。 So far initial public offering (IPO) has become one of well-known topics in finan-cial research. IPO draws researchers’ attentions to various sub-topics. By testing samples of firms with initial public offerings, we mainly attempt to prove the hypo-theses (1) that tax rate may affect leverage ratios (2) and that tax rate and multiple debt ratios may influence initial returns because they are the important variables that have not been systematically integrated in recent empirical research. The pur-pose of this paper is not to ignore any of these advances, but to integrate variables to shed new empirical light on an old theory. The data this paper use derive from Taiwan Economic Journal (TEJ) database of IPO firms going public in Taiwan Stock Exchange (TSE) or over-the-counter (OTC) markets. After we refine the raw data, there are 216 domestic IPOs data issued in TSE and OTC from 2005 to 2011 in our sample. This paper uses dependent variables (i.e., short-term debt ratio, long-term debt ratio, total debt ratio, and initial return), independent variables (i.e., tax rate, short-term debt ratio, long-term debt ratio, total debt ratio), and control variables (i.e., age, electronic equipment industry dummy, IPO year dummy, TSE or OTC dummy, ratios of new shares and old shares, and corporate market value) to examine our expectations and hypotheses. The results of this paper show that (1) the greater tax rates and corporate mar-ket value give rise to higher leverage ratios, that (2) dummy of TSE or OTC and dum-mies of IPO years play important parts in debt financing, and that (3) tax rate, long-term debt ratio, and dummy of TSE or OTC are negatively related to initial re-turns.
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Description:	碩士國立政治大學財務管理研究所 99357033 101
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0099357033
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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