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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/95504
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95504


    Title: 承銷配售方式對IPOs後市長短期績效之影響
    Authors: 蔡慧珊
    Contributors: 姜堯民
    蔡慧珊
    Date: 2002
    Issue Date: 2016-05-09 16:24:19 (UTC+8)
    Abstract:   我國證券商業同業公會於民國八十四年三月引入「競價拍賣」與「詢價圈購」兩種承銷配售方式,自此,國內股票上市承銷(不含現金增資)配售方式為公開申購與競價拍賣並存制。由於不同的承銷配售方式其承銷價格決定機制各異,公開申購之承銷價係由發行公司與承銷商共同議定,競價拍賣則引入價格競爭機制,藉由市場供需決定其承銷價,因此,兩者之承銷價資訊內涵將有所不同,進而導致以不同方式配售之IPOs其後市股價修正行為差異。
      故本研究引入資訊代理變數,先探討承銷新制施行前後的股價修正行為變化,再探討採不同配售方式承銷之發行公司,其後市長短期績效差異,所得的實證結果顯示:一、在蜜月期報酬方面,承銷新制施行前後並未有顯著差異,且承銷新制施行後,公開申購與競價拍賣的蜜月期報酬亦未有顯著不同,顯示競價拍賣的引入,仍無法顯著降低IPOs的蜜月期報酬;二、承銷新制之施行降低了IPOs的股價波動度,而承銷新制施行之後,不同的配售方式其股價波動度亦有顯著差異,以競價拍賣配售上市者其股價波動度較低,顯示競價拍賣的引入,的確降低了IPOs的股價波動度;三、長期之下,以競價拍賣配售上市的IPOs,其長期績效顯著較差,其可能原因係由於投資人的過度樂觀所導致。
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    Description: 碩士
    國立政治大學
    財務管理研究所
    89357008
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000287
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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