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研究生:黃得綱
研究生(外文):De-Gang Huang
論文名稱:海外投資、內部稽核與新股折價
論文名稱(外文):Foreign Investment 、Internal Auditing and Underpricing of IPOs
指導教授:蔡學章蔡學章引用關係陳俞如陳俞如引用關係
指導教授(外文):Hsueh-Chang TsaiYu-Ju Chen
口試委員:林卓民蔡學章陳俞如
口試日期:2011-05-17
學位類別:碩士
校院名稱:靜宜大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:53
中文關鍵詞:海外投資資訊不對稱內部稽核新股折價
相關次數:
  • 被引用被引用:2
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本研究主要目的在探討新上市上櫃公司進行海外投資對新股折價的影響。因為跨國的海外投資會導致企業經營複雜化,公司當局和外部投資人的資訊不對稱會更加嚴重,進而影響到新股折價的幅度。同時本研究也探討新上市上櫃公司在法規制度、會計和揭露規範較嚴謹的國家以及設有內部稽核的情形下,對新股折價的影響。本研究以台灣2001到2007新上市上櫃公司為研究對象,分別以企業的海外資產比例和海外投資的公司數衡量公司的海外投資,以普通法源國家作為法規制度、會計和揭露規範較嚴謹的國家的代理變數,並以內部稽核衡量該公司的公司治理。實證結果發現,新上市上櫃公司海外投資程度越大,則該公司與外界投資人的資訊不對稱會較嚴重,導致該公司在初次發行新股時折價幅度會較大。本研究發現投資在法規較嚴謹的地區時,新股折價幅度會下降但未獲得顯著支持同時也發現若該公司設有內部稽核時,公司受到較嚴謹的監督,可以降緩新股折價的幅度。
The purpose of this paper aims to investigate the impacts of corporate foreign investments on initial public offering (hereafter IPO) under-pricing. This paper asserts that foreign investment complicate the company. Managers and investors have serious information asymmetry that will affect the IPO under-pricing.This study also explore initial public offering companies in the laws and regulations, more stringent accounting and disclosure norms of the country and has an internal audit, the impact of IPO under-pricing. We obtain sample companies from 2001 to 2007 and use the ratio of foreign assets to total firm assets and the number of foreign investees to proxy for foreign investments. We also use civil law countries to proxy for leagal origins, accounting and better disclosure regulation and use internal audit to examine the Information Disclosure. Our findings suggest that higher degree of IPOs foreign investments will increase information asymmetry and IPOs under-pricing . The study found that investment in areas with more stringent regulations, underpricing of new shares to decline significantly but did not receive support was also found if the company has an internal audit, the company subject to more stringent supervision, can slow down the rate of discount shares.
目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究步驟與流程 5
第四節 研究貢獻 7
第二章 文獻探討與假說推論 8
第一節 文獻探討 8
第二節 假說推論 23
第三章 研究設計 26
第一節 資料來源 26
第二節 實證模型 28
第四章 實證結果 33
第一節 敘述性統計 33
第二節 假說檢測 38
第三節 討論 41
第五章 結論 43
參考文獻 46
中文部分 46
英文部分 47
表目錄
表3-1 樣本及產業年度分配表 27
表4-1敘述性統計 34
表4-2 各變數相關係數矩陣 36
表4-3 OLS迴歸模型檢測 40
圖目錄
圖 1-1新股折價與海外投資研究流程圖 6



中文部分
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