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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/95147
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95147


    Title: 台灣市場上市(櫃)撤件因素之探討
    Evidence on Taiwan`s withdrawn IPOs
    Authors: 鄭如君
    Cheng, Ju Chun
    Contributors: 姜堯民
    Jiang,Yao-Ming
    鄭如君
    Cheng, Ju Chun
    Keywords: 上市櫃撤件
    Withdrawn IPOs
    Date: 2010
    Issue Date: 2016-05-09 15:16:23 (UTC+8)
    Abstract: 本研究在探討申請上市(櫃)公司撤件的原因,分別從公司特性、承銷商特性、市場狀況及承銷案特性等面向,就初次申請上市(櫃)申請案及上櫃轉上市申請案,探討影響其申請上市(櫃)後發生撤件的原因。
    研究對象是以民國95年至98年8月向台灣證券交易所或證券櫃檯買賣中心申請掛牌的公司為樣本,包括:初次申請上市(櫃)共計樣本153家公司,其中成功上市(櫃)案129家,撤件或退件案24家;上櫃轉上市共計42家,其中成功上櫃轉上市計35家,自行撤件7家。
    在各項因素中,實證結果發現初次申請上市(櫃)的案件中,電子產業企業發生IPO撤件的機率較小。另外,創投公司持股的影響也在初次申請上市(櫃)的情形中顯著,說明有創投持股的公司發生IPO撤件的機率較小。
    負債比率也被證實是區分成功案與失敗案的重大指標。在初次申請上市(櫃)案的迴歸模型中,正的迴歸係數也指出較高的負債比率發生撤件的機率較高。而成功案與失敗案在其餘財務特性,如:資產規模、銷貨收入、稅前息前折舊前淨利並無顯著差異。
    在承銷商商譽及市場榮枯的代理變數方面,在初次申請上市(櫃)的情形下,實證結果顯示,成功案的承銷商商譽的確較失敗案為佳,申請後的市場報酬也較高。但對於申請上櫃轉上市的成功與否,承銷商商譽及市場榮枯兩面向的代理變數無證據顯示其有顯著影響。
    Reference: 一.中文部分
    伍思吟,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,民國96年
    李安祺 ,我國股票上櫃轉上市前後之價格行為比較,中國文化大學會計研究所碩士論文,民國89年
    林盈志,台灣公司股票上市原因之研究,國立台灣大學財務金融學系研究所碩士論文,民國86年
    婁明賢,創業投資公司與上市公司經營績效關聯性之研究,國立政治大學企業管理研究所碩士論文,民國89年

    二.西文部分
    Brau, J. and S. Fawcett. 2006. “Initial Public Offerings: An Analysis of Theory and Practice.”Journal of Finance 61, 399–436
    Brau, J.C., M. Li, and J. Shi, 2005. Do secondary shares in the IPO process have a negative effect on aftermarket performance? Working paper, Brigham Young University.
    Busaba, W., 1999. Bookbuilding, the option to withdraw, and the timing of IPOs. Working paper, University of Arizona.
    Busaba, W., Benveniste, L., Guo, R.-J., 2001. The option to withdraw IPOs during the premarket: empirical analysis. Journal of Financial Economics 60, 73–102.
    Carter, R., Dark, F., Singh, A., 1998. Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 53, 285–312.
    Dhillon, U., K. Raman, and G.G. Ramirez, 1999. Does it matter who sells at the offering: IPO pricing and secondary share sales? Working paper, University at Binghamton.
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    Gompers, P. A., 1996, "Grandstanding in The Venture Capital Industry," Journal of Financial Economics 42, 133–156.
    Lian, Qin and Wang, Qiming, 2009, Does the Market Incorporate Previous IPO Withdrawals When Pricing Second-Time IPOs?. Financial Management 38(2), 357–380
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    Mello, A.S. and J.E. Parsons, 1998. Going public and the ownership structure of the firm, Journal of Financial Economics 49(1), 70–109.
    Modigliani, F., and M. Miller, 1963, Corporate income taxes and the cost of capital: A correction, American Economic Review 53, 433–443.
    Myers, S. C., 1984, The capital structure puzzle, Journal of Finance 39, 575–592.
    Pagano, M., F. Panetta, and L. Zingales. 1998. “Why Do Companies Go Public? An Empirical Analysis.” Journal of Finance 53, 27–64.
    Ritter, J.R. and I.Welch, 2002. A review of IPO activity, pricing, and allocations, Journal of Finance 57(4), 1795–1828.
    Schenone, Carola, 2004. The Effect of Banking Relationships on the Firm`s IPO Underpricing. Journal of Finance 59, 2903–2958.
    Shen, Yang-Pin and Peihwang Wei, 2007, Why do companies choose to go IPOs? New results using data from Taiwan. Journal of Economics and Finance 31, 359–367.
    Titman, S., Wessels, R., 1988. The determinants of capital structure choice. Journal of Finance 53, 1935–1974.
    Description: 碩士
    國立政治大學
    財務管理研究所
    96357025
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096357025
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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