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    政大機構典藏 > 商學院 > 企業管理學系 > 學位論文 >  Item 140.119/38355
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/38355


    Title: 承銷價低估的訊號模型實證研究
    Authors: 陳芳宇
    Chen ,Fang-Yu
    Contributors: 李志宏
    陳芳宇
    Chen ,Fang-Yu
    Keywords: 承銷價低估
    訊號模型
    訊息不對稱
    Date: 2004
    Issue Date: 2010-04-08 15:26:00 (UTC+8)
    Abstract: 從八十年代開始,台灣的新上市公司即呈現快速成長趨勢,然而當公司希望透過直接金融的方式在市場上融資時,投資人可能會因為不了解新上市公司的營運狀況而裹足不前,對體質佳的公司募集資本的過程造成阻礙。本文的研究目的即在探討是否能夠透過一些訊號機制來傳遞出公司體質較佳的訊號,以提供投資人在選擇投資標的時的一個參考依據。
    根據本文所蒐集民國85年至92年間123家新上市公司的實證資料顯示的結論如下:
    1、在123個實證樣本中,有81.3%的公司有超額報酬的現象,平均的承銷價低估程度為4.61%,明顯呈現大於零的情況,可以看出在台灣新上市股票市場的確有承銷價低估的狀況存在,並且情況相當的普遍。
    2、當多個公司未來的現金流量變動程度均相同下,承銷價折價幅度越大的公司,其公司的體質越好。
    3、當多個公司的內部持股比例均相同下,公司的價值越高者,其未來的現金流量變動程度也越高。
    4、當多個公司的內部持股比例均相同之下,承銷價折價幅度越高的公司,其未來的現金流量的變動程度也越高。
    5、當多個公司內部持股比例均相同之下,承銷價折價幅度越高的公司,其公司的價值也越高。
    另外,就整體的迴歸分析判斷,公司內部持股與承銷價低估程度對公司價值有正向的相關性,與Grinblatt & Hwang的理論不謀而合。
    Reference: 國內文獻:
    1.鍾雅芳 (民92) 『新上市折價程度、公司財務績效與上市後流動性』 輔仁大學管理學研究所 碩士論文
    2.林淑娟 (民91) 『新上市股票逆選擇問題之研究』 政治大學財務管理學系 碩士論文
    3.吳振生 (民91) 『不同交易制度對新上市股票承銷價低估影響之研究』 東吳大學企業管理研究所 碩士論文
    4.吳貞樺 (民89) 『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
    5.高惠娟 (民87) 『新上市股票折價、股權結構與市場流動性之相關研究』 中正大學財務金融所 碩士論文
    6.廖國興 (民87) 『會計師聲譽與蜜月期關聯性之探討』 成功大學會計研究所 碩士論文
    7.程文萱 (民86) 『我國承銷制度與新上市(櫃)公司股價行為關聯性之研究』 政治大學會計研究所 碩士論文
    8.江建政 (民86) 『新上市股票承銷價故意低估與期初異常報酬之研究』 朝陽大學財務金融所 碩士論文
    9.吳惠雯 (民90) 『公司治理對IPOs承銷價與上市後股價表現影響之研究』 輔仁大學金融研究所 碩士論文
    10.夏侯欣容 (民82) 『台灣地區新上市普通股票承銷價格之研究』 政大企業管理研究所 博士論文
    11.胡德中、馬黛 『由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO折價』 經濟論文 民93.03 32:1 pp.227-272
    12.顧廣平 『臺灣新上市股票短期與長期績效之再探討』 證券市場發展 民92.04 15:1 pp.1-39
    13.康榮寶、陳文彬 『論新上市股票承銷價的制定』 證券金融 民83.01 40 pp.1-16
    14.黃仁甫、劉玉珍 『台灣股市交易資訊不對稱之實證研究』 中國財物學刊 民84 第三卷 pp.95-117
    15.俞海琴、洪方筑 『我國新上市公司會計師聲譽、承銷商聲譽與成交量關係之實證研究』 Proceedings of the National Science Council(Part C) 民86.07 7:3 pp.400-419
    16.朱立倫 『臺灣股市新上市股票蜜月現象之研究』 證券市場發展 民86.01 9:1=33 pp.1-29
    17.曹耀鈞 『初之公開發行訂價之策略研究』 證券公會季刊 民93.03 3:1 pp.16-25
    18.林象山 『承銷商信譽對新上市股票之影響』 中國財務學刊 民84.07 3:1 pp.119-140
    國外文獻:
    1.Aggrawal, R. and P. Rivoli, (1990), "Fads in the Initial Public Offering Market?", Financial Management, Vol. 19, pp. 45-57.
    2.Allen, F. and G. Faulhaber, (1989), "Signaling by Underpricing in the IPO Market", Journal of Financial Economics, Vol. 9, pp. 3-18.
    3.Amihud, Y., S. Hauser, and A. Kirsh. (2003) "Allocations, Adverse Selection and Cascades in IPOs: Evidence from the Tel Aviv Stock Exchange", Journal of Financial Economics, Vol. 68, pp. 137-158.
    4.Baron, David P, (1982), "A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues", Journal of Finance, Vol. 37, pp. 955-976.
    5.Beatty, R. and J. Ritter, (1986), "Investment Banking, Reputation and the Underpricing of Initial Public Offerings", Journal of Financial Economics, Vol. 15, pp. 261-281.
    6.Booth JR, Smith RL, (1986), "Capital Raising, Underwriting and the Certification Hypothesis", Journal of Financial Economics, Vol. 15: pp. 261-281.
    7.Brennan MJ, Franks J, (1997), "Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the U.K.", Journal of Financial Economics, Vol. 45, pp. 391-413.
    8.Grinblatt, M. and C.Y. Hwang, (1989), "Signalling and the Pricing of New Issues", Journal of Finance, Vol. 44, pp. 393-420.
    19.Hanley, K. W., Kumar, and P. Seguin, (1993) "Price Stabilization in the Market of New Issues", Journal of Financial Economics, Vol. 34, pp. 177-197.
    20.Ibbotson, R.G., (1975), "Price Performance of Common Stock New Issues", Journal of Financial Economics, Vol. 2, pp. 235-272.
    21.Ibbotson, R.B., and J.F. Jaffe, (1975), "Hot Issue Markets", Journal of Finance, Vol. 30,pp. 1027-1042
    22.Ibbotson, R.G., J.L. Sindelar, and J.R. Ritter, (1994), "Initial Public Offerings", Journal of Applied Corporate Finance, Vol. 7, pp. 6-14.
    23.Jegadeesh, N., M. Weinstein, and I. Welch, (1993), "An Empirical Investigation of IPO Returns and Subsequent Equity Offerings", Journal of Financial Economics, Vol. 34, pp. 153-175.
    24.Leland, H., and D. Pyle, (1997), "Information Asymmetries, Financial Structure, and Financial Intermediation", Journal of Finance, Vol. 32, pp. 371-387.
    25.Logue, D., (1973), "On the Pricing of Unseasoned Equity Offerings", Journal of Financial and Quantitative Analysis, Vol. 8, pp. 91-103.
    26.Loughran, T., andj. Ritter, (1995) "The New Issues Puzzle", Journal of Finance, Vol. 50, No.1, pp. 23-51.
    27.Parsons, J. E., and A. Raviv, (1985), "Underpricing of Seasoned Issues", Journal of Financial Economics, Vol. 14, pp. 377-397.
    28.Ritter, J., (1984), "The `Hot` Issue Market of 1980", Journal of Business, Vol. 57, pp. 215-241.
    29.Ritter, J.R., (1991), "The Long-Run Performance of Initial Public Offerings", Journal of Finance, Vol. 46, pp. 3-27.
    30.Rock, Kevin, (1986), "Why New Issues are Underpriced", Journal of Financial Economics, Vol. 15, pp. 187-212.
    31.Ruud, J.R, (1993), "Underwriter Price Support and the IPO underpricing puzzle", Journal of Financial Economics, Vol. 34, pp. 135-51.
    32.Tinic, S.M., (1988), "Anatomy of Initial Public Offerings of Common Stock," Journal of Finance, Vol. 43, pp. 789-822
    33.Titman, S., and B. Trueman, (1986), "Information Quality and the Valuation of new Issues ", Journal of Accounting and Economics, Vol. 8, pp. 159-172
    34.Welch, L., (1989), "Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings", Journal of Finance, Vol 44, pp 421-449.
    Description: 碩士
    國立政治大學
    企業管理研究所
    90355013
    93
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0090355013
    Data Type: thesis
    Appears in Collections:[企業管理學系] 學位論文

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