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政大典藏 > College of Commerce > Department of Finance > NSC Projects > Item 140.119/4149

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/4149

Title:	股票需求彈性對公司財務決策的影響(2/2)
Other Titles:	Price Elasticity and Corporate Financial Decision (II)
Authors:	劉玉珍
Keywords:	股票;需求彈性;財務決策 Common stock;Demand elasticity;Financial decision making
Date:	2001
Issue Date:	2007-04-18 16:41:54 (UTC+8)
Publisher:	臺北市：國立政治大學財務管理學系
Abstract:	本研究檢驗價格彈性是否會影響公司IPO 時承銷方式的選擇，我們使用一個台灣股票市場獨特的資料庫進行研究，結果顯示公司面對越大的股票價格彈性，在IPO時越趨向選擇以競價拍賣方式而非公開申購方式進行公開承銷，實證結果支持當財務性資產的需求曲線非完全彈性時，股票價格彈性會影響公司IPO 時承銷方式的選擇，本研究補充了Hodrick (1999年)研究中對庫藏股方式的選擇。 This study examines whether stock price elasticity affects a firm`s choice of IPO method. Using the unique data from the Taiwanese stock market, the results indicate that firms that face greater expected stock price elasticity choose the auction method instead of the fixed price open offer method to conduct initial public offerings. The empirical evidence generally supports the notion that when the demand curves for financial assets are not perfectly elastic, stock price elasticity may affect the corporate decision on the choice of IPO method. This paper complements the analysis on the choice of tender offer method by Hodrick (1999).
Description:	核定金額：667100元
Data Type:	report
Appears in Collections:	[Department of Finance] NSC Projects

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