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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/95935


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95935


    Title: 我國承銷制度變革與新上市公司股價績效關係之研究
    Authors: 林珍如
    Contributors: 康榮寶
    林珍如
    Date: 1998
    Issue Date: 2016-05-10 15:56:31 (UTC+8)
    Abstract: 　　本研究目的係比較採用不同承銷制度（競價拍賣與公開抽籤）之新上市上櫃公司，其上市上櫃後的股價績效，以評估競價拍賣這項革新性承銷制度是否能跳離傳統公開抽籤制度承銷價不具市場性的陰霾，進而建立合理的承銷價。根據理論及以往學者的實證研究，新上市上櫃公司確實存在上市價差的現象，但其原因不外乎資訊不對稱、發行公司與承銷商為顧及其聲譽、法律責任、動態策略或投資人過於樂觀預期之心理等因素所致。至於承銷制度對上市價差的影響，許多學者辨識兩者之間應無顯著相關，其主要理由乃認為資訊不對稱才是產生上市價差的主因。本研究以此為立論基礎，建立下列假說：
    　　假說1.1 新上市上櫃股票短期報酬與市場投資組合報酬無顯著差異。
    　　假說1.2 新上市上櫃股票長期報酬與市場投資組合報酬無顯著差異。
    　　假說2.1 採用競價拍賣制之新上市上櫃公司與採公開抽籤者，其短期超額報酬無顯著差異。
    　　假說2.2 採用競價拍賣制之新上市上櫃公司與採公開抽籤者，其長期超額報酬無顯著差異。
    　　實證結果發現，新上市上櫃股票在上市上櫃後的前10交易日有顯著超額報酬，但自第14個交易日起，市場業已調整完畢，甚略往下修正，產生負的超額報酬。至於長期超額報酬則不一定存在。且採競價拍賣之公司與採公開抽籤者，長短期平均超額報酬率並無顯著差異，其所隱喻承銷制度配售方式及價格決定方式對上市價差無顯著影響。
    　　為了解競價拍賣承銷價決定方式，是否會存在最高得標價大於等於底標1.5倍以利原始股東財富的現象。本研究蒐集採競價拍賣制之公司競價結果資料，分析後發現，大部分採用競價拍賣之公司都有最高得標價大於等於底標1.5倍的情形。另外本研究亦試圖了解選擇不同承銷配售制度的公司其性質有何不同，故假設：
    　　(1)內部人員持股比例高之公司，應傾向採用競價拍賣制。
    　　(2)公司規模小之公司，應傾向採用競價拍賣制。
    　　(3)非電子業之公司，應傾向採用競價拍賣制。
    　　(4)在OTC掛牌買賣之公司，應傾向採用競價拍賣制。
    　　實證結果發現，上述四點假設均不成立，其主因乃公司管理當局對資本市場所知有限，故選擇何種承銷制度，往往是承銷商建議的結果，和公司本身的特性並無關係。
    　　This study aims to examine whether the new competitive bidding distribution system would produce a different aftermarket performance from lottery distribution system. In order to resolve the problem of underpricing, the Taiwan SEC (Securities and Exchanges Commission) encourages BPO firm (Initial Public Offering) to adopt the competitive bidding system instead of lottery system. The SEC infers that the competitive bidding system would conclude a more reasonable level of underpricing. Referring to the related regulations, this study makes a contradictory inference. Therefore, the empirical investigation is used for checking which theory is on a more reasonable basis. This study selects samples from Taiwan Securities Exchange and Over-the-Counter between 1995 and 1997. The findings indicate that the first ten trading days subsequent to the IPO contain abnormal returns no matter which competitive bidding or lottery distribution system is adopted. In addition, fourteen days subsequent to the IPO has sufficiently adjusted all abnormal returns under both competitive bidding and lottery system. Finally, no evidence can support the long- term abnormal returns exist no matter which distribution system, competitive bidding or lottery system, is used. Therefore, the empirical results do partially confirm the hypotheses established in this study.
    Description: 碩士
    國立政治大學
    會計學系
    8535398
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000651
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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