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研究生:林亮吟
研究生(外文):LIN,LIANG-YIN
論文名稱:承銷商與簽證會計師事務所對IPO公司財務績效之影響
論文名稱(外文):The Impact of Underwriters and CPA Firms on the Financial Performance of IPO Companies
指導教授:詹場詹場引用關係
指導教授(外文):CHAN,CHANG
口試委員:陳業寧詹場柯文乾
口試委員(外文):CHEN,YE-NINGCHAN,CHANGKE,WEN-QIAN
口試日期:2018-06-20
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:金融與合作經營學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2018
畢業學年度:106
語文別:中文
論文頁數:88
中文關鍵詞:初次公開發行承銷商市佔率會計師事務所監督能力盈餘管理承銷制度
外文關鍵詞:Initial Public OfferingsUnderwriter MarketsharesSupervisory quality of CPA FirmsEarnings ManagementUnderwriting Methods
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本研究以台灣在2000至2017年共18年間共421家初次上市及上櫃轉上市公司為研究對象。以資產報酬率(ROA)與淨值報酬率(ROE)作為探討被承銷公司財務績效來研究初次上市公司和上轉上市公司上市前後一年及前後兩年資產報酬率與淨值報酬率的差異來比較是否上市前後有財務報表粉飾的情況。本文研究發現台灣IPO市場存在粉飾行為使被承銷公司上市後產生財務績效有顯著的衰退現象,而初次上市比上櫃轉上市對於被承銷公司掛牌後財務績效衰退情形更加嚴重,其原因與公司的管理階層與投資者之間存在資訊不對稱。本研究也發現承銷商市佔率越高其被承銷公司上市後財務績效衰退更嚴重,而四大會計師事務所監督能力好,其承銷公司掛牌後財務績效衰退減緩但不顯著。
This study is consisted of the observation about 421 companies, which are TSE and exchange listing companies in Taiwan from 2000 to 2017.This study would show that the existence of window dressing in the Taiwan IPO market makes ROA and ROE significantly lower than the ones before listing.We analyzed the financial performance of the underwritten companies by comparing the difference of ROA and ROE of the 2 years before and after listing to check whether they were trying window dressing.This study would also show that the higher Underwriter Marketshares would be with the worse financial performance after the listing of the underwriters.However, the slowdown in financial performance of the underwriting companies with better Supervisory quality like CPA Firms is not significant after the listing.
第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 3

第貳章 文獻探討 5
第一節 IPO制度之探討 5
第二節 影響上市前後財務績效差異之公司因素探討 15
第三節 影響上市前後財務績效差異之承銷商因素 19
第四節 影響上市前後財務績效差異之簽證事務所因素 20
第五節 影響上市前後財務績效差異之資訊不對稱因素 21

第參章 研究設計 22
第一節 假說發展 22
第二節 資料描述與樣本準則 26
第三節 變數衡量 26
第四節 研究方法 31

第肆章 實證結果與分析 41
第一節 樣本敘述統計分析 41
第二節 迴歸分析 57

第伍章 結論與建議 84
第一節 研究結論與討論 84
第二節 研究限制與建議 88

參考文獻 89

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