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    Title: 以股權結構探討新上市公司競價拍賣投標者行為與上市折價發行之現象
    Authors: 張天立
    Contributors: 姜堯民
    張天立
    Date: 2002
    Issue Date: 2016-05-09 16:24:17 (UTC+8)
    Abstract: 　　我國證券承銷制度於民國八十四年三月八日修正公布之新版『證券商承銷或再行銷售有價證券處理辦法』中，引進競價拍賣及詢價圈購兩項國外行之有年的承銷配售制度；此二項配售制度的推行，即是希望過去由發行公司單方面決定之承銷價格，改進為藉由市場運作機制，由市場上的投資人共同訂出。然而，市場上公司資訊的多寡，將會直接影響投標者的投標行為，進而影響經由競價拍賣機制所得到的承銷價格。因此，在這樣的機制下，公司資訊的流通與否將成為此制度是否成功的一項要件。
    　　本文以代理問題與資訊傳遞效果的角度為基礎，希望藉由新上市、上櫃公司股權結構的集中程度，說明公司股權集中在不同類型的投資人手中，其資訊意涵如何影響競價拍賣時投標者的投標行為，並最後影響到上市後折價發行的程度。
    　　本文之實證結果如下：
    　　1.法人董監事、大股東持股比例與競價拍賣得標價之間皆呈現顯著之負向關係；
    　　2.自然人董監事、大股東持股比例與競價拍賣得標價之間皆呈現顯著之正向關係；
    　　3.法人董監事、大股東持股比例與上市折價幅度之間皆呈現負向關係，然僅有法人董監事部份為顯著；
    　　4.自然人董監事、大股東持股比例與上市折價幅度之間皆呈現正向關係，然皆不顯著。
    Reference: 一、國內文獻
    1.王恕，臺灣新上市公司股票安定操作行為之研究，中山大學企業管理研究所未出版碩士論文，民國89年6月。
    2.石美娟，舊股東參與現金增資之可能策略分析，政治大學財務管理研究所未出版碩士論文，民國89年6月。
    3.李文瑞，影響股票公開申購總合格件數之因素探討，中正大學財務金融研究所未出版碩士論文，民國89年6月。
    4.李青娟，公司新股上市時配售方式之選擇與影響，中正大學財務金融研究所未出版碩士論文，民國89年6月。
    5.呂建樺，證券承銷配售方式之選擇，中山大學財務管理研究所未出版碩士論文，民國88年6月。
    6.呂彥慧，股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係─以台灣新上市公司為例，中山大學財管研究所未出版碩士論文，民國89年6月。
    7.汪志勇，新上櫃公司承銷價格對股權結構變動的影響，中山大學企業管理研究所，民國89年6月。
    8.林育雅，我國上市公司董事會特性與盈餘操縱現象之研究，台灣大學會計研究所未出版碩士論文，民國83年6月。
    9.林宗源，從代理問題與公司控制的角度來探討新上市公司股票股價的折價程度，中山大學企業管理研究所未出版碩士論文，民國87年6月。
    10.林明謙，股權結構、董事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所未出版碩士論文，民國90年6月。
    11.施聖乾，承銷商聲譽、新上市公司風險特性與承銷價格低估之研究，東華大學國際企業管理研究所未出版碩士論文，民國90年6月。
    12.高惠娟，新上市股票折價、股權結構與市場流動性之相關研究，中正大學財務金融研究所未出版碩士論文，民國88年6月。
    13.翁淑育，台灣上市公司股權結構.核心代理問題及公司價值之研究，輔仁大學金融研究所未出版碩士論文，民國89年6月。
    14.張明峰，股權結構對公司績效影響之研究，政治大學企業管理研究所未出版碩士論文，民國80年6月。
    15.陳碧滋，我國上市公司股價行為與董監因素關連性之探討，台灣大學會計研究所未出版碩士論文，民國90年6月。
    16.曾麗評，台灣新上市公司股票長期報酬與法人持股之關係，中山大學企管研究所未出版碩士論文，民國90年6月。
    17.楊俊中，股權結構與經營績效相關性之研究，台灣大學會計研究所未出版碩士論文，民國87年6月。
    18.楊慧玲，董事會結構及其變動對股東財富與經營績效影響之研究，朝陽大學企管研究所未出版碩士論文，民國89年6月。
    19.楊琮琪，國內新上櫃公司異常報酬之實證研究，朝陽科技大學財務金融研究所未出版碩士論文，民國90年6月。
    20.廖國興，會計師聲譽與蜜月期關聯性之探討，成功大學會計研究所未出版碩士論文，民國88年6月。
    21.劉宴辰，從代理理論觀點探究股權結構、董事會組成對企業財務績效影響之研究，淡江大學管理科學研究所未出版碩士論文，民國82年6月。
    22.劉立詩，新上市公司股權結構與股票長期績效之研究，中山大學企業管理研究所未出版碩士論文，民國89年6月。
    23.鄭筱凡，全球股權結構與經營績效之研究，東吳大學企管研究所未出版碩士論文，民國90年6月。
    二、國外文獻
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    Description: 碩士
    國立政治大學
    財務管理研究所
    89357018
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000274
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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