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研究生:許慧婷
研究生(外文):Huei-Ting, Hsu
論文名稱:IPO 超募對公司績效、投資現流量敏感度、投資 效率之影響-以中國上市公司為例
論文名稱(外文):The Influence of IPO Over-Financing to Initial Return, Long-Term Performance, InvestmentCash Flow Sensitivity and Investment Efficiency-The Cases of the Listed Firms in China
指導教授:江淑貞江淑貞引用關係
指導教授(外文):Chiang, Su-Zhen
口試委員:許培基孫梅瑞
口試委員(外文):Pei-Gi,HsuMei-Ruei, Sun
口試日期:2016-06-17
學位類別:碩士
校院名稱:輔仁大學
系所名稱:企業管理學系管理學碩士班
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:2016
畢業學年度:104
語文別:中文
論文頁數:65
中文關鍵詞:IPO 超募初始報酬投資現金流量敏感度長期績效投資效率
外文關鍵詞:IPO over-financingInitial returnLong-term performanceInvestment-Cash flow sensitivityinvestment efficiency
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中國CSRC 在廢除「限制發行價格」之規章後,開始出現發行公司實際募集到的資金多於其在招股說明書中所載明的預計募集資金,也就是超募現象。過去學者認為,超募為公司帶來預期外的資金,會造成企業資金使用無效率及盲目投資。也有學者認為超募可以緩解財務限制,讓企業有機會進行有價值的投資。

而在中國這個高度財務限制的國家,超募對非國有的企業帶來很大的影響,本研究針對IPO超募的程度所分別造成的影響進行探討,如:IPO高度超募及低度超募對初始報酬、長期績效的影響,投資現金流量敏感度、投資效率。選定1992至2015年中國上市公司資料資,其中包含上海、深圳證券交易所A股及創業板的IPO上市公司,共計樣本1834家IPO企業。本研究最後發現,國有企業因為較沒有財務限制的疑慮,因此超募對國有企業沒有顯著的影響。而非國有企業面臨嚴重的財務限制問題,受超募的影響較大。自營企業公司的績效會因為超募的程度不同而不同,高度超募短期會改善初始報酬偏高的問題,然而過多的資金沒有相對應的投資計畫使公司造成資金的浪費,出現高投資現⾦金流量敏感度的現象進而使長期績效降低。而低度超募雖然短期無法改善初始報酬偏高的問題,超募所帶來的適度的資金卻能使企業進行有利的投資,降低了投資現金流量敏感度,進而提升長期績效。
After CSRC abolished the regular of “Limited issuing price”, China has encounter the situation that newly listed Chinese firms raise funds in excess of what is originally planed in IPOs, which call over-financing. In the past, scholars believe that over-financing brings unpredictable money make firms using them inefficiently, however, some scholars still believe that over-financing can ameliorate the situation of “financial constraint”, which let companies grasp the valuable investment opportunity.

As a country which face severe financial constraint situation, over-financing
brings huge impact to NSOE firms, this study investigate how different degree
of over-financing affects the initial return, long-term performance, investment-cash flow sensitivity and investment efficiency in sampling period
of 1990-2015, including 1834 IPO firms of A shares in Shanghai and Shenzhen
Stock Exchange and Growth Enterprise Market. The result indicates that without the conscious of financial constraint, over-financing has insignificant impact on the SOEs. However, for private IPO firms, the performance will be varies because of the different level of over-financing. The high initial return will be ameliorated by high degree of over-financing, however, unpredictable money that without a moderate plane make company using it inefficiently, therefore accentuated the investment-cash flow sensitivity and brings bad performance. In contrast, low degree of over-financing can’t improve the high initial return but attenuated the sensitivity, help ameliorate the adverse impact of the information asymmetry between issuing firms and outsiders and bring better long-term performance.
第壹章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 3
第三節、研究架構 3

第貳章、文獻探討 5
第一節、中國IPO市場的超募現象 5
壹、超募的定義 5
貳、超募的起因 6
參、超募的後續影響 7
第二節、IPO超募的異常現象 9
壹、短期初始報酬 9
貳、投資現金流量敏感度 10
參、過度投資 12

第參章、研究方法 13
第一節、研究假說 13
壹、探討IPO超募對短期初始報酬的影響 13
貳、探討IPO超募對投資現金流量敏感度的影響 14
參、探討IPO 超募對過度投資的影響 15
肆、探討IPO 超募對⾧長期績效的影響 16
第二節、變數定義 17
壹、應變數 17
貳、自變數 19
參、影響公司績效的控制變數 20
肆、影響投資之控制變數 21
第三節、資料來源與樣本期間 24
第四節、研究設計 27

第肆章、實證結果與分析 29
第一節、敘述統計 29
第二節、超募對長期、短期績效之單變量檢定 33
第三節、公司績效之迴歸分析 38
第四節、投資效率之迴歸分析 49

第伍章、結論與建議 57
第一節、研究結論 57
壹、短期績效 57
貳、長期績效 57
參、投資現金流量敏感度 58
肆、投資效率 58

圖目錄
圖 1-3-1 研究架構圖 4

圖目錄
表 3-2-1 超募及國有公司於各產業別之分布 25
表 3-3-2 超募及國有公司於各年度分佈 26
表 4-1-1 長期、短期績效之敘述統計 29
表 4-1-2 超募之敘述統計 30
表 4-1-3 影響長、短期績效相關變數之敘述統計 31
表 4-1-4 影響投資效率相關變數之敘述統計 32
表 4-2-1 高度超募與非高超募對長短期績效的比較 34
表 4-2-2 以國有分割高度超募與非高度超募對長短績效的比較 35
表 4-2-3 低度超募與非低度超募對長短績效的比較 36
表 4-2-4 以國有分割低度超募與非低度超募對長短績效的比較 37
表 4-3-1 低度超募對短期績效之迴歸分析 39
表 4-3-2 以國有切割低度超募對短期績效之迴歸分析 40
表 4-3-3 高度超募對短期績效之迴歸分析 42
表 4-3-4 以國有切割高度超募對短期績效之迴歸分析 43
表 4-3-5 高度超募對長期績效之迴歸分析 45
表 4-3-6 以國有切割高度超募對長期績效之迴歸分析 46
表 4-3-7 低度超募對長期績效之迴歸分析 48
表 4-3-8 以國有切割低度超募對長期績效之迴歸分析 49
表 4-4-1 高度(低度)超募對投資現金流量敏感度之迴歸分析 52
表 4-4-2 非國有企業的高度(低度)超募對投資現金流量敏感度之迴 53
表 4-4-3 國有企業的高度(低度)超募對投資現金流量敏感度之歸 54
表 4-4-4 預期公司投資水準之迴歸結果 55
表 4-4-5 以國有切割IPO當年超募對投資效率影響之迴歸結果 56
表 4-4-6 以國有切割IPO後三年超募對投資效率影響之迴歸結果 57
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