(3.238.96.184) 您好!臺灣時間:2021/05/10 10:23
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:周林毅
研究生(外文):Lin-Yhi Chou
論文名稱:公司為何要上市?以台灣銀行與保險產業為例
論文名稱(外文):Why do companies go public? An empirical study of Taiwan'' s banking and insurance industries
指導教授:朱心蘅朱心蘅引用關係
指導教授(外文):Shin-Herng Michelle Chu
學位類別:博士
校院名稱:逢甲大學
系所名稱:商學研究所
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:68
中文關鍵詞:銀行業風險分散保險業公開化收購最低營運資本
外文關鍵詞:requirement operating capital regulationsdiversification and risk sharingacquisitiongoing publicbanking industryinsurance industry
相關次數:
  • 被引用被引用:1
  • 點閱點閱:315
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本文使用1981至2007的台灣銀行業與保險業的股票之資料分析公開化的主要動機。銀行與保險業的上市動機皆包括是取得新資金、成立金融控股公司及符合增加最低營運資本的法令。除此之外,銀行業面臨高財務槓桿時其會選擇上市的機率較高,因此風險移轉的動機出現於銀行業。至於保險業則必須加入增加公司形象與收入的動機。
Data from Taiwan’s banks and insurance companies over the period from 1981 to 2007 were used to understand bank and insurance company motives for going public. Obtaining new cash, establishing financial shareholding companies and conforming to required operating capital regulations are motives for listing for both banks and insurance companies. In addition, high financial leverage banks have a high probability of listing, which supports the risk diversification motive. For insurance companies, the motive for listing includes enhancing company image and revenue.
序言 i
中文摘要 ii
Abstract iii
Contents iv
1 Introduction 1
2 Related regulations and environment 4
2.1 Related regulations 4
2.2 Listing environment 6
3 Literature review 8
3.1 Theory 8
3.2 Empirical evidence 11
4 Data 16
4.1 Sources and sample 16
4.2 Summary statistics 17
5 Variable definitions and modeling 21
5.1 Variable Definitions 21
A. Obtaining new financing 21
B. Enhancing company image and revenues 25
C. Exploiting mispricing 27
D. Regulations 27
5.2 Model 28
6 Empirical results 34
6.1 Determinants of the decision to go public 34
6.2 Do companies go public to sell out to an acquirer? 37
6.3 The consequences of the decision to go public 38
7 Discussion and conclusion 41
References 45
Albornoz and Pope (2004). The determinates of the going public decision: Evidence from the U.K. IVIE working paper.
Allen, F., and Gale, D. (1999). Diversity of opinion and the financing of new technologies, Journal of Financial Intermediation 8, 68-89.
Amihud, Y. and H. Mendelson, (1986). Asset pricing and the bid-ask spread, Jounal of Financial Economics 17, 223-250.
Benninga, S., M. Helmantel, and O. Sarig, (2003). The Timing of Initial Public Offerings, Journal of Financial Economics 75, 115-132.
Bhuyan, R., and S. D. Williams, (2006). Operating performance of the U.S. commercial banks after IPOs: An empirical investigation, Journal of Commercial Banking and Finance 5, 69-95.
Boehmer E.and A. Ljungqvist, (2004). On the decision to go public: Evidence from privately-held firms. Deutsche Bundesbank discussion paper.
Brennan, M.J. and J. Franks, 1995, Underpricing, ownership and control in initial public offerings of equity securities in the U.K., Unpublished (London Business School, London).
Breuer, W. (1993). Financial intermediation in capital market gleichgewicht (Wiesbaden).
Chemmanur, Thomas, and Paolo Fulghieri, 1995, Information production, private equity financing, and the going public decision, Working paper, Columbia University.
Chemmanur T. J. and P. Fulghieri (1999). A theory of the going-public decision. The review of financial studies 12(2), 249-279.
Degeorge, François, and Richard Zeckhauser. (1993). The reverse LBO decision and firm performance: Theory and evidence, Journal of Finance 48, 1323–1348
Dewatripont, M. and J. Tirole, (1994). A theory of debt and equity: diversity of securities and manager-shareholder congruence, The Quarterly Journal of Economics 109, 1027-1054.
Ellingsen, T. and K. Rydqvist, (1997). The stock market as a screening device and the decision to go public, working paper.
Fischer C. (2000). Why do companies go public? Empirical evidence from Germany’s neuer market. Working paper, Institute for capital market research and finance, Ludwig-Maximilians University.
Gavish, Bezalel, and Kalay, Avner, 1983, On the asset substitution problem, Journal of Financial and Quantitative Analysis 18, 21-30.
Helwege, J., and F. Packer (2001). The decision to go public: evidence from corporate bond issuers. Working paper Ohio University, August.
Helwege J, C. Pirinsky, and R. M. Stulz. (2007). Why do firm become widely held? An analysis of the dynamics of corporate ownership. The Journal of Finance 62(3), 995-1028.
Hogue, T., and Loughran, T., 1999, Growth fixation and the performance of bank initial public offerings, 1983-1991, Journal of Banking and Finance, 23, 1277-1301.
Holmstriim, B. and J. Tirole (1993). Market liquidity and performance monitoring, Journal of Political Economy 101, 678-709.
Jain, Bharat A., and Omesh Kini. (1994). The post-issue operating performance of IPO firms, Journal of Finance 49, 1699–1726.
Jenkinson, T. and S. Espenlaub. (1991). Costs of capital raising on the USM, Stock Exchange Quarterly, Autumn, 7- 11.
Mikkelson, Wayne H., Megan Partch, and Ken Shah, (1997). Ownership and operating performance of companies that go public, Journal of Financial Economics 44, 281–308
Myers, Stewart, and Majluf, Nicholas, 1984, Corporate financing and investment decisions when firms have information that investors do not have, The Journal of Financial Economics 13, 187-221.
Pagano, M. (1993). The flotation of companies on the stock market - a coordination failure model, European Economic Review 37, 1101-1125.
Pagano, M., F. Panetta and L. Zingales, (1995). The stock market as a source of capital: Some lessons from initial public offerings in Italy, European Economic Review. 40, 1057-1069.
Pagano, M. and A. Röell, (1995). The choice of stock ownership structure: Agency costs, monitoring and liquidity, Unpublished
Pagano, M. and A. Röell, (1998). The choice of stock ownership structure: Agency costs, monitoring, and the decision to go public, The Quarterly Journal of Economics 113, 187-225.
Pagno M., F. Panetta, and L. Zingles (1998). Why do companies go public? An empirical analysis. The Journal of Finance 72 (1), 27-64.
Pastor, L., and P. Veronesi, (2003). IPO Waves and Stock Prices. Unpublished working paper, University of Chicago.
Perevozchikov, V., 2007. Which companies go public in Ukraine, working paper, National University “Kyiv-Mohyla Academy” Economics Education and Research Consortium, Master’s Program in Economics.
Pickens, T. Boone Jr., 1987. Boone (Houghton Mifflin, Boston, MA).
Ransley, R.D.(1984). A research project into the operation and development of the unlisted securities market 1980- 1984, Unpublished (London Business School, London).
Rydqvist, K. and K. Hiigholm. (1995). Going public in the 1980s: Evidence from Sweden, Unpublished (Department of Finance, Stockholm School of Economics, Stockholm).
Ritter, Jay R., 1991, The long-run performance of initial public offerings, Journal of Finance 46, 3–27.
Röell A. (1996). The decision to go public: an overview. European economic review 40,1071-1081.
Rosen R.J., S. B. Smart, and C. J. Zutter (2005). Why do firms go public? Evidence from the banking industry. Working paper. Federal Reserve System.
Sah, R. and Stiglitz, J. (1986). The architecture of economic systems: hierarchies and polyarchies, American Economic Review 76, 716-727.
Shen, Y. P. and Wei P. (2007). Why do companies choose to go IPOs? New results using data from Taiwan. Journal of economics and finance 31(3), 359-367.
Stoughton, N. and Zechner, J.(1998). IPO-mechanisms, monitoring, and ownership structure, Journal of Financial Economics 49, 45-77.
Subrahmanyam A. and Titman S, (1999). The going-public decision and the development of financial markets. The Journal of Finance 54, 1045-1082.
Yosha, Oved, 1995, Information disclosure costs and the choice of financing source, Journal of Financial Intermediation 4, 3-20.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
無相關期刊
 
系統版面圖檔 系統版面圖檔