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    题名: 我國初次上櫃公司企業評價方法之研究： 與上市公司之比較
    On business valuation methods used for IPOs cases in the OTC market of Taiwan: Comparing with IPOs cases in the TWSE market
    作者: 吳家君
    贡献者: 蘇瓜藤
    Robert Su.
    吳家君
    关键词: 企業評價
    日期: 2013
    上传时间: 2014-07-01 12:04:43 (UTC+8)
    摘要: 本研究探討初次上櫃公司承銷商在資產法、收益法及市場法等主要企業評價方法之選用，對評定企業價值與承銷價格及上櫃後股票收盤價間之差距幅度間之關係。研究期間自民國94年起，至民國101年底止，共232家初次上櫃公司。本研究並將初次上櫃公司與初次上市公司之評價方法選用及影響作出比較。
    實證結果發現：
    1.承銷商傾向選用市場法作為初次上櫃公司的企業評價方法，而在初次上市公司部分也是選用市場法居多。
    2.企業評價方法之選用對評定價值與承銷價格及上櫃後收盤價間之差距幅度有顯著影響，此實證結果與上市公司得出之結果相符。
    3.選用市場法及收益法所計算出之企業價值與承銷價格及上櫃後收盤價間之差距幅度，較選用資產法所計算者小，此實證結果與上市公司得出之結果相符。
    4.在市場法下，選用股價淨值比作為價值乘數所計算出之企業價值與承銷價格及上櫃後股價存在的差距幅度，較選用本益比所計算者大。
    The research aims to examine whether the use of the three major business valuation methods, namely the asset approach, market approach and income approach, is associated with the gap between the calculated business value and the IPO price or post-IPO prices in the Over-The-Counter market. The sample consists of 232 IPO cases during the period of 2005 to 2012. The research also compares the results with those for the IPO cases in the Taiwan Stock Exchange.

    The empirical results are as follows.
    1.Underwriters tend to use the market approach to calculate the business value, in both the OTC and TWSE markets.
    2.The use of the three valuation methods is associated with the gap between the calculated business value and IPO price or post-IPO prices. The results are similar to those for IPOs in the TWSE market.
    3.The gap between the calculated business value and IPO price or post-IPO prices is larger when the asset approach is used than when the market approach or income approach is used. The results are also similar to those for IPOs in the TWSE market.
    4.Under the market approach, the use of the P/B ratio as the value multiple tends to result in a larger gap between the calculated business value and the offer price or stock prices than the P/E ratio.
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    二、 英文部分
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    Beatty, R., S. Riffe, and R. Thompson. 2000. IPO pricing with accounting information. Working paper, Southern Methodist University.
    Benveniste, L. M., and W. Y. Busaba. 1997. Bookbuilding vs. fixed price: an analysis of competing strategies for marketing IPOs. Journal of Financial and Quantitative Analysis 32(4): 383-403.
    Benveniste, L. M., A. Ljungqvist, W. J. Wilhelm Jr., and X. Yu. 2003. Evidence of information spillovers in the production of investment banking services. Journal of Finance 58(2): 577-608.
    Benveniste, L. M., and P. Spindt. 1989. How investment bankers determine the offer price and allocation of new issues? Journal of Financial Economics 24: 343-361.
    Block, F. E. 1995. A study of price to book relationship. Financial Analysts Journal 51(1): 63-73.
    Boatsman, J., and E. Bakin, 1981. Asset valuation with incomplete markets. The Accounting Review 56(1): 38–53.
    Bradley, D. J., and B. D. Jordan. 2002. Partial Adjustment to Public Information and IPO Underpricing. The Journal of Financial and Quantitative Analysis 37(4): 595-616.
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    三、 網路部分
    全國法規資料庫http://law.moj.gov.tw/
    中華民國證券商同業公會http://www.csa.org.tw/
    公開資訊觀測站http://mops.twse.com.tw/mops/web/index
    台灣證券交易所http://www.twse.com.tw/ch/index.php
    證券櫃檯買賣中心http://www.gretai.org.tw/ch/
    描述: 碩士
    國立政治大學
    會計研究所
    101353035
    102
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    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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