臺灣博碩士論文加值系統

本研究以民國80年6月1日至民國89年12月31日於台灣證券交易所首次上市之公司，經篩選共取得樣本183家，探討上市前後之訊息管理及其長短期績效間之關係。過去文獻對新上市股票之資訊不對稱著重於財務預測、盈餘管理等會計資訊之探討，而少有以新聞訊息之角度作為出發點。本研究除分別計算折價、蜜月期異常報酬、長期價格績效及長期營運績效外，更整理新上市公司上市前一年至上市次年年底之新聞資料並分類編碼，再加以財務預測及盈餘管理之探討，以分組樣本之比較及多元迴歸二種方式檢測新上市公司是否存在訊息管理之現象，並探討其訊息管理及各長短期績效間之關係，主要之研究結果如下：
1.新上市公司存在折價發行與蜜月期異常報酬之現象，且因漲跌幅度之限制，折價需2~3天反應，蜜月期則約持續一週。
2.新上市公司之長期股價表現不顯著低於大盤，但其營運績效則低於產業投資組合，其中營運績效之表現低落可能肇因於新上市公司於上市期間之盈餘管理，以會計資訊之報導美化上市前一年之財務資訊，而上市後無法維持高盈餘之水準，致使上市後之營運績效不佳。
3.以財務預測與實際盈餘作比較，並將新聞資料切為蜜月期結束前、蜜月期結束後兩階段作比較可發現：新上市公司上市前的確存在高估財務預測及美化新聞訊息之現象，即上市前以較佳之財務預測及新聞訊息提高投資人對該公司之前景預期，以期提高公司之價值。另方面由於公司上市後受各項相關之法令規範較上市前多，因此上市後新聞訊息之報導重點亦有別於上市前。
4.分別以分組及迴歸兩種方法檢測訊息管理與長短期績效間之關係發現：新聞訊息管理程度愈高之公司其折價程度愈大、長期價格績效愈差；而盈餘管理程度愈高之公司其長期價格績效之表現亦愈差，且兩者對長期績效之解釋力不重疊。顯示新上市公司以訊息管理之方式提高投資人對該公司價值之判斷，使上市初期之股價表現良好，但公司上市後需更透明化公司之相關資訊，無法如上市前操控訊息，投資人對公司之價值判斷趨於平穩，導致上市後長期股價之表現產生低落之現象。

目　　錄
第一章 緒論
第一節 研究動機…………………………………………...……………1
第二節 研究目的……………………………………………...…………3
第三節 研究範圍……………………………………………...…………4
第四節 論文架構………………………………………………………...4
第二章 文獻探討
第一節 資訊不對稱…………………………………………………...…6
第二節 IPO長期績效……………………………………………….….. 9
第三節 新上市公司盈餘管理……………………………………….…10
第四節 財務預測…………………………………………………….…11
第三章 研究方法
第一節 異常報酬之衡量…………………………………………….…16
第二節 財務預測與新聞資料之整理……………………………….…21
第三節 多元迴歸……………………………….………………………27
第四節 樣本選取與資料來源……………………………………….…29
第四章 實證結果與分析
第一節 樣本之敘述性統計………………………………………….…35
第二節 單變量分析………………………………………………….…36
第三節 訊息管理與長短期績效關係之探討………………………….41
第五章 結論及建議
第一節 研究結論…………………………………………………….…45
第二節 研究建議…………………………………………………….…47
參考文獻……………………………………………..…………………….…48

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