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研究生:鍾世明
研究生(外文):Shih-Ming Chung
論文名稱:創業投資與承銷商聲譽對新上市股票長期績效之影響
論文名稱(外文):Venture Capital and Underwriter Reputation Effects on Long-Term Performance of Initial Public Offerings
指導教授:陳振遠陳振遠引用關係
指導教授(外文):Cheng-Yuan Chen
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:財務管理所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:51
中文關鍵詞:承銷商聲譽創業投資新上市股票長期績效
外文關鍵詞:Initial Public OfferingsVenture CapitalistsUnderwriter ReputationLong-Term Performance
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  • 被引用被引用:8
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在新上市股票長期績效的研究中,大部份的學者確認IPOs長期異常報酬的來源可能為承銷商聲譽與有無創業投資的介入。在忽略創投的角色下,研究發現由具聲譽的承銷商所承銷的IPOs,其三年期的績效平均而言是較少為負,這是因為承銷商的聲譽具有減緩長期績效低落的效果;另一方面,在忽略承銷商信譽下,大部份的研究證實有創投介入的公司,其長期績效勝過無創投介入的公司。此外,在沒有控制創投的角色下,亦可能誇大承銷商聲譽對於減緩長期績效低落的效果。
本研究將在同時考慮創業投資與承銷商聲譽角色的架構下,重新探討承銷商聲譽與新上市股票長期績效的關係,同時,進一步瞭解在沒有控制創投的角色下,檢視是否有誇大承銷商信譽對於減緩長期績效低落的效果。
實證結果發現,創投對新上市股票長期績效並無影響力,而承銷商的聲譽與新上市股票長期績效則具有相關性,故我們可以推論承銷商聲譽對新上市股票長期績效的影響效果較創業投資為重。
In the study of the long-term performance of Initial Public Offerings (IPOs), most recent research identifies independently two possible sources for the anomalous long-term performance of IPOs, the reputation of underwriters and the absence of venture capital. Ignoring the role of venture capital, the evidence indicates that IPOs underwritten by more prestigious underwriters experience on average less negative performance over the three-year period as underwriters’ reputation provides the mitigating effects on the long-term underperformance of IPOs. On the other hand, ignoring the role of underwriters’ reputation, most research shows venture-backed IPO firms have a superior long-term performance relative to non-venture-backed IPO firms. Furthermore, without controlling for the role of venture capital may overstate the mitigating effects of underwriters’ reputation on the long-term underperformance of IPOs.
This study reexamines the relation between underwriters’ reputation and the long-term performance of IPOs in a framework that simultaneously controls for the influence of venture capital. Moreover, without controlling for the role of venture capital, we’ll realize further whether overstate the mitigating effects of underwriters’ reputation on the long-term underperformance of IPOs.
The evidence indicates venture capital doesn’t have distinct impact on the long-term performance of IPOs, but underwriters’ reputation does. Therefore, we conclude that underwriters’ reputation have a stronger influence on the long-term performance of IPOs than venture capital.
目錄
中文摘要...................................................................i
英文摘要..................................................................ii
誌謝.....................................................................iii
目錄......................................................................iv
表目錄....................................................................vi
第一章 緒論
第一節 研究動機與目的......................................................1
第二節 章節架構............................................................3
第二章 文獻探討
第一節 創投參與對新上市股票績效之影響......................................4
第二節 承銷商與對新上市股票績效之影響......................................7
第三節 新上市股票長期績效相關研究.........................................10
第四節 承銷商聲譽與創投之聯合效果.........................................14
第三章 研究方法
第一節 研究樣本與資料來源.................................................17
第二節 營運績效的衡量.....................................................19
第三節 實證模型...........................................................20
第四節 研究設計與假說.....................................................22
第四章 實證結果
第一節 新上市股票長期績效-創投V.S 承銷商聲譽..............................24
第二節 創投與承銷商聲譽對IPOs長期績效之聯合效果...........................31
第三節 橫斷面迴歸分析.....................................................36
第四節 Fama-French三因子迴歸分析..........................................38
第五章 結論
第一節 結論...............................................................40
第二節 研究限制...........................................................41
參考文獻........................................................................48
附錄一 有創業投資介入公司名稱.............................................42
附錄二 無創業投資介入公司名稱.............................................43
附錄三 84年承銷商聲譽等級.................................................44
附錄四 85年承銷商聲譽等級.................................................45
附錄五 86年承銷商聲譽級...................................................46
附錄六 87年承銷商聲譽等級.................................................47

表目錄
表4-1-1樣本公司敘述統計量.................................................27
表4-1-2不同群組之新上市股票的未調整與已調整一年期報酬.....................28
表4-1-3不同群組之新上市股票的未調整與已調整二年期報酬.....................29
表4-1-4不同群組之新上市股票的未調整與已調整三年期報酬.....................30
表4-2-1新上市股票之未調整與已調整報酬差異-未調整報酬......................33
表4-2-2新上市股票之未調整與已調整報酬差異-市場加權指數報酬率..............34
表4-2-3新上市股票之未調整與已調整報酬差異-市場等權指數報酬率..............35
表4-3-1三年期已調整報酬之橫斷面迴歸分析結果...............................37
表4-4-1 Fama-French三因子迴歸分析結果.....................................39
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Gompers(1997), ’ Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies’, Journal of Finance, 52, pp.1791-1821.8.Brav, A., C. Geczy, and P. A Gompers (2000), ‘ Is the Abnormal Return Following Equity Issuance Anomalous?’, Journal of Financial Economics, 56, pp.209-249.9.Carter, R. and S. Manaster(1990), ‘Initial Public Offerings and Underwriter Reputation’, The Journal of Finance, pp.1045-1067.10.Carter, R. B., F. H. Dark, and A. K. Singh(1998),’ Underwriter Reputation, Initial Returns and the long-run performance of IPO stocks’, Journal of Finance, 53, pp.285-311.11.Chen, Hsuan-Chi and Jay R. Ritter(2000), ‘The Seven Percent Solution’, Journal of Finance , Vol. 55, No. 3, pp. 1105-1131.12.Fama, E. and K. French(1993), ‘ Common Risk Factors in the Returns on Stock and Bonds’, Journal of Financial Economics, 33, pp.3-56.13.Fama, E. and K. French(1996), ‘ Multifactor Explanations of Asset Pricing Anomalies’, Journal of Finance, 51, pp.55-84.14.Fama, E.(1998a), ‘ Market Efficiency, Long-Term Returns, and Behavioral Finance’, Journal of Financial Economics, 49, pp.283-306.15.Fama, E.(1998b), ‘ Determining the Number of Priced State Variables in the ICAPM’, Journal of Financial and Quantitative Analysis, 33, pp.217-231.16.Firth, M.(1997), ‘An Analysis of the Stock Market Performance of New Issues in New Zealand’, Pacific-Basin Finance Journal , 5, pp.63-85.17.Gompers, Paul A.(1996), ‘Grandstanding in the Venture Capital Industry’, Journal of Financial Economics, 44, pp.133-156.18.Halit Gonene and John A. Doukas(2000), ‘Long-term Performance of New Equity Issuers, Venture Capital and Reputation of Investment Bankers’, Working paper, Old Dominion University and Hacettepe University.19.Johnson, J. and R. 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