政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/89052
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 50955997      Online Users : 966
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/89052


    Title: 中國實施新會計準則對新股上市價格影響之研究
    The Effect of China Accounting Standards on the Price of Initial Public Offerings
    Authors: 楊子霆
    Yang, Tzu Ting
    Contributors: 金成隆
    Chin, Chen Lung
    楊子霆
    Yang, Tzu Ting
    Keywords: 中國會計準則
    新股折價
    資訊不對稱
    機制背景
    China Accounting Standards
    IPO underpricing
    information asymmetry
    institutional features
    Date: 2013
    Issue Date: 2016-05-02 13:37:41 (UTC+8)
    Abstract: 本論文探討2007年中國大陸實施以IFRS為基礎的中國會計準則後，是否因為會計準則要求更多資訊的公開，影響新上市公司股票發行折價的幅度。由於中國大陸資本市場有獨特的機制環境，本研究更進一步探討，中國大陸新上市公司在中國會計準則實施後，新上市公司股票發行折價的幅度，是否會因為各省份機制環境背景有不同的影響。實證結果發現，實施中國會計準則後，新股折價的幅度的確顯著降低，新股上市的蜜月期也會因為準則實施後，資訊不對稱的情形降低，有明顯的縮減。亦發現若中國大陸地方機制環境較進步且發達，該地區市場化的程度愈高，新股折價的幅度會也會因資訊更加公開而降低。
    In 2007, China passed the IFRS-based Chinese Accounting Standards (therefore IFRS-based CAS) to converge with IFRS. This paper examines the effect of implementation of IFRS-based CAS on IPO uncerpricing. In addition, there are different institutional features of transition economy from other countries. This paper also examines the effect of the interaction between implementation of IFRS-based CAS and institutional features of transition economy on IPO uncerpricing. The empirical results show that post-2005 IPOs in China are significantly less underpriced, and IPO honeymoon periods have similar outcomes. Furthermore, the results also show that the magnitude of underpricing will be decreased in those provinces with higher degrees of marketization.
    Reference: 林象山、霍熾榮、王郁雯，1998，銀行貸款與新股折價與公司價值的關係，管理學報，第十五卷，第二期，頁271-293。
    吳貞樺，2000，新上市公司上市前後盈餘管理與蜜月期異常報酬之探討，中正大學財務金融研究所，碩士論文。
    金人慶，2006，深入宣傳貫徹會計審計準則，完善社會主義市場經濟體制─中國會計審計準則體系發布會上的講話，會計研究，第二期，頁3-4。
    陳彩稚、李書行與蔡壁徽，2006，會計準則、資訊不對稱對中國大陸證券市場盈餘宣告之市場反應的影響，會計評論，第43 期：1-25。
    樓繼偉，2006，中國企業會計準則建設的可貴實踐和嶄新突破。會計研究，第二期，頁5-6。
    戴維‧泰迪，2006，中國會計審計準則建設的歷史豐碑─中國會計審計準則體系發布會上的發言摘要。會計研究，第二期，頁9-13。
    樊綱、王小魯、張立文、朱恒鵬，2003，中國各地區市場化相對進程報告，經濟研究，第三期，頁9-19。
    Aggarwal, R. K., L. Krigman, and K. L. Womack. 2002. Strategic IPO under-pricing, information momentum, and lockup expiration selling. Journal of Financial Economics 66: 105-137.
    Aggarwal, R. and P. Rivoli. 1990. Fads in the initial public offering market? Financial Management 19 (4): 45-57.
    Armstrong, C., M. E. Barth, A. D. Jagolinzer, and E. J. Riedl. 2010. Market reaction to the adoption of IFRS in Europe. The Accounting Review 85 (1): 31-61.
    Allen, F. and G. R. Faulhaber. 1989. Signaling by under-pricing in the IPO market., Journal of Financial Economics 23: 303-323.
    40
    Asquith, D., J. D. Jones, R. Kieschnick. 1998. Evidence on price stabilization and underpricing in early IPO returns. Journal of Finance 53: 1759-1773.
    Bao, B. H., and L. Chow. 1999. The usefulness of earnings and book value for equity valuation in emerging capital market: Evidence from listed companies in the People’s Republic of China. Journal of International Financial Management and Accounting 10: 85–104.
    Baron, D. P. 1982. A model of the demand for investment banking advisement and distribution service for new issues. Journal of Finance 37 (September): 955-976.
    Barth, M. E. and R. Kasznik. 1999. Share repurchase and intangible assets. Journal of Accounting and Economics 28 (December): 211-241.
    Barth, M. E., W. R. Landsman, and M. H. Lang. 2008. International accounting standards and accounting quality. Journal of Accounting Research 46 (June): 467-498.
    Beatty, R. P. 1989. Auditor reputation and the pricing of initial public offerings. The Accounting Review 64: 693-709.
    Beatty, R. P. and J. R. Ritter. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 15: 213-232.
    Booth, J. R. and L. Chua. 1996. Ownership dispersion, costly information, and IPO underpricing. Journal of Financial Economics 41: 291-310.
    Brandt, L. and H. Li. 2003. Bank discrimination in transition economics: ideology, information, or incentives? Journal of Comparative Economics 31 (3): 387-413.
    Carter, R. and S. Manaster. 1990. Initial public offerings and underwriter reputation. Journal of Finance 45: 1045-1067.
    Chan, K., J. Wang, and K. C. Wei. 2004. Underpricing and long-term performance of
    41
    IPOs in China. Journal of Corporate Finance 10: 409-430.
    Chau, C. T., C. S. Ciccotello, and C. T. Grant. 1999. Role of ownership in Chinese privatization: Empirical evidence from returns in IPOs of Chinese A-shares, 1990–1993. Advances in Financial Economics 4: 51-78.
    Che J. and Y. Qian. 1998. Institutional environment, community government, and corporate governance: Understanding China`s township-village enterprises. Journal of Law, Economics and Organization 14 (1): 1-23.
    Chemmanur, T. J. 1993. The pricing of initial public offerings: A Dynamic Model with Information Production. The Journal of Finance 48: 285-304.
    Chen, C. J. P., F. A. Gul, and X. Su. 1999. A comparison of reported earnings under Chinese GAAP vs. IAS: Evidence from the Shanghai stock exchange. Accounting Horizons 13: 91-111.
    Chen C., S. Chen, and X. Su. 2001. Profitability regulation, earnings management and modified audit opinions: Evidence from China. Auditing: A Journal of Practice & Theory 20 (2): 243-264.
    Chen, G. M., M. Firth, and J. B. Kim. 2000. The post-issue market performance of initial public offerings in China’s new stock markets. Review of Quantitative Finance and Accounting 14: 319-339.
    Chen, G. M., M. Firth, and J. B. Kim. 2004. IPO underpricing in China’s new stock market. Journal of Multinational Financial Management 14: 283-302.
    Chi, J. and C. Padgett. 2005. Short-run underpricing and its characteristics in Chinese initial public offering market. Research in International Business and Finance 19: 71-93.
    Chin, C. L., H. W. Lin, and Y. J. Syu. 2011. On the association between IPO underprcing and reversal and Taiwan’s regulatory reforms for mandatory
    42
    forecasts. Journal of Forecasting 30: 225-248.
    Chowdhry, B. and A. Sherman. 1996. International difference in oversubscription and underpricing of IPOs. Journal of Corporate Finance 2:359-381.
    Clarke, D.. 1996. The creation of a legal structure for market institutions in China. Reforming Asian Socialism: The Growth of Market Institutions, edited by John McMillan and Barry Naughton. Ann Arbor: University of Michigan Press, 39-59.
    Daske, J., L. Hail, C. Leuz, and R. S. Verdi. 2008. Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research 46 (5): 1085-1142.
    Datar, S. M., G. A. Feltham, and J. S. Hughes. 1991. The role of audits and audit quality in valuing new issues. Journal of Accounting and Economics 14 (March): 3-49.
    DeAngelo, L. E. 1981. Auditor independence, low balling, and disclosure regulation. Journal of Accounting and Economics 3 (August): 113-127.
    Downes, D. H. and R. Heinkel. 1982. Signaling and the valuation of unseasoned new issues. Journal of Finance 37 (March): 1-10.
    Eccher, E. A., and P. M. Healy. 2000. The role of International Accounting Standards in transitional economics: a study of the People’s Republic of China. Working paper. MIT Sloan School of Management and Harvard Business School.
    Grinblatt, M. and C. Y. Hwang. 1989. Signaling and the pricing of new issues. Journal of Finance 44 (June): 393-420.
    Gu, Y. X. 2003. Privatization, firm size, and IPO performance: Evidence from Chinese A share issues. American Business Review 21(2): 101-108.
    Hanley, K. W. 1993. The underpricing of initial public offerings and the partial adjustment phenomenon. Journal of Financial Economics 34: 231-250.
    43
    Hunton, J. E., R. Libby and C. L. Mazza. 2006. Financial reporting transparency and earnings management. The Accounting Review 81(1): 135-157.
    Ibbotson, R. G. 1975. Price performance of common stock new issues. Journal of Financial Economics (2): 235-272.
    Jermakowicz, E. K. 2004. Effects of adoption of International Financial Reporting Standard in Belgium: The evidence from BEL-20 companies. Accounting in Europe(1): 50-70.
    Jin, H. and Y. Qian. 1998. Public vs. private ownership of firms: Evidence from rural China. Quarterly Journal of Economics 113 (3): 773-808.
    Karamanou, I. and N. Vafeas. 2005. The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting Research 43 (2): 453-486.
    Kunza, R. M. and R. Aggarwal. 1994. Why initial public offerings are underpriced: Evidence from Switzerland. Journal of Banking & Finance 18 (4): 705-723.
    Lee, P. J., S. L. Taylor, and T. S. Walter. 1996. Australian IPO pricing in the short and long run. Journal of Banking and Finance 20: 1189-1210.
    Leland, H. E. and D. H. Pyle. 1977. Information asymmetries, financial structure, and financial intermediation. Journal of Finance 32 (May): 371-388.
    Leuz, C. and R. E. Verrechia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38(Suppl.): 91-124.
    Li, H., L. Meng, and J. Zhang. 2006. Why do entrepreneurs enter politics? Evidence from China. Economic Inquiry 44: 559-578.
    Li, S. 2010. Does mandatory adoption of Internal Financial Reporting Standards in the European Union reduce the cost of equity capital? The Accounting Review 85(2): 607-636.
    44
    Lin, T. H. and R. C. W. Fok. 1997. The information content of IPO price adjustment. International Journal of Finance 52: 650-667.
    Lin, T. H. and R. L. Smith. 1998. Insider reputation and selling decision: The unwilling of venture capital investments during equity IPO. Journal of Corporate Finance 4: 241-263.
    Logue, D. E. 1973. On the pricing of unseasoned equity issues: 1965-1969. Journal of Financial and Quantitative Analysis 8 (1): 91-103.
    Liu, T. 2003. Investment without risk: An investigation into IPO underpricing in China. RIIA The China Project Report 2003-08, RIIA, Cambridge University, UK.
    Maines, L. A. and L. S. McDaniel. 2000. Effects of comprehensive–income characteristics on nonprofessional investors` judgments: The role of financial-statement presentation format. The Accounting Review 75(2): 179-207.
    McMillan, J. 1997. Markets in transition. Advances in Economics and Econometrics: Theory and Applications 2, edited by D. M. Kreps and K. F. Wallis. Cambridge University Press: 210-239.
    McMillan, J. and C. Woodruff. 1999. Interfirm relationships and informal credit in Vietnam. Quarterly Journal of Economics 114 (4): 1285-1320.
    Menon, K. and D. D. Williams. 1991. Auditor credibility and initial public offerings. The Accounting Review 66: 313-332.
    Miller, R. E. and F. K. Reilly. 1987. An examination of mispricing, returns, and uncertainty for initial public offering. Financial Management 16: 33-38.
    Muscarella, C. J. and M. R. Vetsuypens. 1989. A simple test of Baron’s model of IPO underpricing. Journal of Financial Economics 24 (September): 125-135.
    Nanda, V. and Y. Yun. 1997. Reputation and financial intermediation: An empirical
    45
    investigate of the impact of IPO mispricing on underwriter market value. Journal of Financial Intermediation 6: 39-63.
    Odean, T. 1998. Volume, volatility, price, and profit - When all traders are above average. The Journal of Finance 53: 1887-1990.
    Ritter, J. R. 1984. Signaling and the valuation of unseasoned new issues: A comment. Journal of Finance 39 (September): 1231-1237.
    Ritter, J. R. 1984. The hot issue market of 1980. Journal of Business 32: 215-240.
    Ritter, J. R. 1991. The long-run performance of initial public offerings. The Journal of Finance 46: 3-27.
    Rock, K. 1986. Why new issues are underpriced? Journal of Financial Economics 15: 187-212.
    Su, D. 2004. Adverse-selection versus signaling: evidence from the pricing of Chinese IPOs. Journal of Economics and Business 56: 1-19.
    Su, D. and B. M. Fleisher. 1999. An empirical investigation of underpricing in Chinese IPOs. Pacific-Basin Finance Journal 7: 173-202.
    Teoh, S. H., I. Welch, and T. J. Wong. 1998. Earnings management and the long-run market performance of initial public offerings. The Journal of Finance 53: 1935-1974 .
    Ting, Y. U. and Y. K. Tse. 2006. An empirical examination of IPO underpricing in the Chinese A-share market. China Economic Review 17: 363-382.
    Tinic, S. M. 1988. Anatomy of initial public offerings of common stock. Journal of Finance 43 (September): 789-822.
    Titman, S. and B. Trueman. 1986. Information quality and the valuation of new issues. Journal of Accounting and Economics 8 (June): 159-172.
    Wang, Q., T. J. Wong, and L. Xia. 2008. State ownership, the institutional
    46
    environment, and auditor choice: Evidence from China. Journal of Accounting and Economics 46 (September): 112-134.
    Welch, I. 1989. Seasoned offerings, imitation costs, and the underpricing of initial public offerings. Journal of Finance 44 (June): 421-449.
    Description: 碩士
    國立政治大學
    會計學系
    99353022
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0993530221
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

    Files in This Item:

    File SizeFormat
    022101.pdf602KbAdobe PDF278View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback