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研究生:蕭惠如
研究生(外文):Hui-Ju Hsiao
論文名稱:新上市櫃公司股權結構與投資決策之研究
論文名稱(外文):The analysis of relationship IPO’s shareholding structure and market information feedback between investment decision
指導教授:施光訓施光訓引用關係
指導教授(外文):Kuang-Hsun Shih
學位類別:碩士
校院名稱:中國文化大學
系所名稱:國際企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2010
畢業學年度:98
語文別:中文
論文頁數:103
中文關鍵詞:市場訊息回饋假說初次公開發行股權結構期初報酬資本支出股權投資
外文關鍵詞:Market Feedback HypothesisIPOOwnership StructureInitial ReturnsCapital ExpenditureEquity Investments
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  • 被引用被引用:1
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全球化時代,公司為維持競爭優勢與永續發展,管理階層如何有效地籌措資金、運用、分配公司的資源以達到公司價值極大化?而公司取得長期資金的方式,除了向金融機構借貸外,最常見的作法就是初次公開發行IPO(Initial Public Office)發行證券,向社會大眾募集資金。而台灣家族公司集團化經營型態佔相當高比例及公司的投資決策可被視為未來競爭優勢與成長幅度的先行指標,初次公開發行對公司的股權結構與投資決策是重大事件。
本研究主要目的探討市場訊息回饋假說對於管理階層投資決策的影響。次要目的是資本市場交易結果隱含投資大眾可掌握相對更多關於公司成長與經營環境變化之訊息。隱含的訊息亦可提供原始股東及證券公開交易市場投資者判斷,降低代理問題、日後公司不斷成長而衍生出利益衝突的問題。透過「公司財務決策構面」的分析,針對IPO前股權結構、期初報酬的高低與IPO前後投資決策(固定資產資本支出、權益法認列長期股權投資)進行完整的因果關係檢定。
Facing globalization, how do the management levels raise capital, operate and dis-tribute company assets effectively to maximize company value in order to maintain competitive and sustainable? Besides applying loans from the financial institution, more often we see issue of IPO to raise funds from the public. There is a high tendency for family business in Taiwan and the enterprises investment activities can be consid-ered as future competition advantage and indicator of growth range. It is critical for IPO of the company to make decision on ownership structure and investments strategies.
The major purpose of this research mainly addresses market information that may impact on the investment strategies made by the management levels. Secondly, the capital market transactions result implies the investing public can grasp the relatively more information about the company's growth and changes in the operating environ-ment. Implicit message can also provide the original shareholders and investors to judge, to reduce agency problems, as well as the conflicts that may rise when the company continues to grow. Through the analysis of “company's financial affairs make policy and construct the surface”, an assay has been done in regards to the investment decision before IPO, the behavior of the Ownership Structure, and initial remuneration and in-vestment decision performance display intact causality.
中文摘要.......................... iii
英文摘要.......................... iv
誌謝辭........................... v
內容目錄.......................... vi
表目錄........................... viii
圖目錄........................... ix
第一章 緒論........................ 1
  第一節 研究背景與動機................. 1
  第二節 研究目的與問題................. 4
  第三節 研究流程與論文架構............... 5
第二章 文獻探討...................... 7
  第一節 代理理論與股權結構............... 7
  第二節 影響IPO上市櫃公司期初報酬因素......... 14
  第三節 投資決策理論.................. 24
  第四節 股權結構與期初報酬之關聯性........... 29
第五節 股權結構與投資決策之關聯性............. 31
第六節 期初報酬與投資決策之關聯性........... 33
第三章 研究方法...................... 35
  第一節 研究範圍及架構................. 35
  第二節 研究假說.................... 37
  第三節 研究設計.................... 41
  第四節 研究變數之操作型定義與衡量........... 48
第四章 實證結果與分析................... 55
第一節 敘述統計分析.................. 55
第二節 相關系數分析.................. 59
第三節 結構方程模式.................. 62
第五章 結論與建議..................... 80
第一節 研究結論.................... 80
第二節 研究建議.................... 86
第三節 研究限制.................... 87
參考文獻.......................... 88
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