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研究生:許嘉淇
研究生(外文):Hsu, Chiachi
論文名稱:新上市公司承銷價下調之決定因素實證研究
論文名稱(外文):The Determinants Of The Price Reduction In Initial Public Offerings
指導教授:黃志仁黃志仁引用關係
指導教授(外文):Huang, Chihjen
口試委員:何淑熏李君屏
口試委員(外文):Ho, ShuhsunLee, Jinping
口試日期:2012-05-25
學位類別:碩士
校院名稱:靜宜大學
系所名稱:管理碩士在職專班
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:2012
畢業學年度:100
語文別:中文
論文頁數:52
中文關鍵詞:IPO承銷價資訊不對稱初次上市櫃承銷價下調
外文關鍵詞:IPO offer priceinformation asymmetryoffer price reductionIPO
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關於首次上市公司承銷價的訂定,調降承銷價已成為普遍的一種現象,關於其主要原因卻是眾說紛紜,國內外學者致力於找出折價發生之原因,本研究根據過去文獻,從承銷商方面、公司基本面、發行面與市場面探討上市(櫃)公司,上市前公開說明書公佈的承銷價格,與到發行公司最後議定承銷價,分析影響定價過程之因素,探討其影響因素是否影響承銷價的下調。研究試收集新上市櫃公司影響承銷價訂定的事前資料,為市場訊息傳遞的代理變數,以台灣證券交易所公佈上市櫃公司為研究樣本,驗證2006 年10月到2010 年12 月間,共165 件台灣上市櫃公司,運用Logistic 迴歸模型,透過產生承銷價格下調的因素,驗證影響承銷價下調的可能因素。得到以下結論:
1.在影響IPO 價格議定的準則構面,承銷商會傾向低估承銷價,減少投資人因為股票價格下跌而興訟的機會。新股如以溢價發行或是折價幅度過大,均對承銷商公司價值有負面的影響,適度的折價則有正面影響。
2.在空頭市場時,承銷商為了保障自身名譽,且更擔心會對投資人潛在損害賠償責任而降低承銷價;另外其發行規模愈大,特別是在空頭市場所承受的發行風險會愈大,為降低其承銷風險,承銷商會傾向壓低承銷價,以期能順利發行。
3. 公司規模為公開資訊程度的指標,公司規模愈大,大眾了解程度愈高,降低與投資人間資訊不對稱的程度,台灣IPO電子產業因公司規模大,其資本額大,公司體質健全,與承銷商的談判能力較強,承銷價被低估的程度就相對較小,其折價幅度可能較小。
Regarding the fixing of an IPO firm’s offer price, offer price reduction has been a kind of widespread phenomenon; however, people’s opinions about its major causes are widely divided, and domestic and foreign scholars all endeavor to find out the causes of occurrence of underpricing. According to the literature in the past, the research probed into the IPO firm’s offer price announced in the prospectus before IPO and an issuing company’s final offer price after negotiation from the underwriter aspect, the company’s basic aspect, issuing aspect, and market aspect, analyzed the factors that affected the process of price fixing, and explored whether the influencing factors affected offer price reduction. The research tried to collect IPO firms’ pre-IPO data that influenced the fixing of offer price as the proxy variables of market information transmission, and took IPO firms announced by Taiwan Stock Exchange Corporation (TWSE) as the research samples to verify 165 IPO firms between October 2006 and December 2010, and made use of Logistic Regression Model to verify the possible factors that influenced offer price reduction via the factors that produced offer price reduction. The conclusions were obtained as follows:
1. On the principle dimension that affected negotiation and determination of IPO price, an underwriter would be inclined to underestimate the offer price to decrease investors’ possibilities of filing a lawsuit because of stock price drop. If a new stock was issued at premium or the range of underpricing was too large, there would be negative influence on the underwriter’s company value; on the contrary, the appropriate underpricing would have a positive influence.
2. When it’s in a bear market, the underwriter would reduce the offer price for protecting his own reputation and owing to worrying to bear the potential liability of damage compensation for investors; besides, the larger was the issuing scale, the greater was the endured issue risk, especially in the bear market; in order to lower the undertaking risk, the underwriter would be inclined to bring down the offer price, expecting smooth issue.
3. Company scale was the index of extent of open information; the larger was the company scale, the higher was the people’s degree of understanding, and the extent of information asymmetry between the company and the investors could be decreased. Because IPO firms of electronics industry in Taiwan had large company scale, it had great capital, wholesome company constitution, and stronger negotiation ability to deal with the underwriter, thus relatively, the offer price’s degree of being underestimated was lower, and the range of underpricing might be smaller.
第一章 緒論
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與架構 5
第二章 文獻探討
第一節 新股票之定義 6
第二節 承銷價格訂定改革-合理化 7
第三節 影響承銷價訂定的原因-期初報酬 8
第四節 折價幅度的決定因素 16
第三章 研究模型與實證探討
第一節 研究假說 21
第二節 研究模型與變數定義 24
第三節 研究期間、選樣標準與資料來源 33
第四章 實證結果與分析
第一節 敘述統計量與相關係數 35
第二節 實證分析結果 37
一、影響承銷價下調因素探討 37
二、分組資料分析 41
第五章 結論與建議
第一節 研究結果 46
第二節 研究建議 48
中文參考文獻 49
英文參考文獻 50
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