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研究生:鄭佑宣
研究生(外文):Cheng, Yu-Hsuan
論文名稱:創業板對於企業成長資源配置效率之比較研究
論文名稱(外文):Comparative Analysis of Growth Enterprise Market’s Efficiency of Allocating Capital
指導教授:鄭至甫鄭至甫引用關係
指導教授(外文):Jeng, Jyh-Fu
口試委員:張紹基陳嬿如
口試委員(外文):Chang, Shao-ChiChen, Yenn-Ru
口試日期:2019-07-25
學位類別:碩士
校院名稱:國立政治大學
系所名稱:科技管理與智慧財產研究所
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:中文
論文頁數:66
中文關鍵詞:創業板市場興櫃市場資源配置效率新創公司資本市場分層
外文關鍵詞:Resource allocation efficiencyGEMStartupEmerging stock marketCapital market stratification
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對於新創事業體來說獲取資源是重要的成長動力,本論文研究以相對主板市場(Main Board)寬鬆的標準允許公司上市,針對新創企業、中小企業所設置的創業板市場(Second Board Market),以Jeffrey Wurgler(2000)所提出的資源配置效率模型作為衡量創業板市場的資源配置效率,探討營業收入成長、獲利成長、研發資源投入與市場成交金額的變化關係。
本論文以台灣興櫃市場作為研究對象,目的在於探討台灣興櫃市場對市場上公司的資源配置效率,加上香港創業板以及韓國KOSDAQ市場作為對比研究,並對比不同時間區段、產業分類、市場之間的資源配置效率差異,解釋可能造成資源配置效率差異的原因與不同創業板市場間的特徵差異。
根據本研究的實證結果,一、營收成長資源配置效率以半年度最高,顯示以半年來觀察中小新創事業體有更顯著結果,而整年度獲利呈現更明顯的配置效率,但增加投入創新資源的資源配置效率不明顯。
二、產業方面,在三個市場高科技產業與傳統產業都有呈現出顯著正效率配置結果,並沒有呈現高科技產業吸引更多資源投入的狀況。
三、市場中具顯著正效率配置結果來說台灣相較平均分佈在數個產業上,香港較平均配置資源在各產業,而韓國最為集中,對比之下我國興櫃市場資源配置效率在產業上較香港高,但分佈較不平均,相較韓國有更多元的資源配置在不同產業,屬於著重多個產業並行的發展形式。
For new ventures, access to resources is an important growth driver. This paper studies the company's listing on the basis of the loose standard of the Main Board, and sets up the GEM for new ventures and SMEs (Second Board Market). Using the resource allocation efficiency model proposed by Jeffrey Wurgler (2000) to measure the resource allocation efficiency of the GEM market, and to explore the relationship between operating income growth, profit growth, R&D expense and market turnover.
This thesis takes emerging stock market of Taiwan as the research object. The purpose of this paper is to explore the resource allocation efficiency of the company in the market in emerging stock market, compared to Hong Kong GEM and the Korean KOSDAQ market as a comparative study, and compare different time segments, industry classifications.
The difference in resource allocation efficiency between markets explains the differences between the reasons that may cause differences in resource allocation efficiency and the characteristics of different GEM markets.
According to the empirical results of this study, first, the efficiency of resource allocation per half year of revenue growth is higher than per year, and the efficiency of resource allocation for net profit growth is higher throughout the year. However, investing in innovative resources is not obvious. Second, there are no differences between high-tech and traditional industries since some of them both demonstrate high efficiency in allocating resources. Third, GEM allocates resources more evenly in various industries. Emerging stock market distribute severally in different industries, and South KOSDAQ is the most concentrated. In contrast, the resource allocation efficiency of Emerging stock market is higher in some industries than in GEM, and the distribution is relatively uneven. Compared with KOSDAQ, there are more diverse resources allocated in different industries. The result demonstrate different type of allocating resources in each market.
目錄
第一章 緒論……………………………………………………………………………9
第一節 研究動機………………………………………………………………………9
第二節 研究目的………………………………………………………………………10
第三節 研究問題………………………………………………………………………12
第四節 研究架構………………………………………………………………………13
第五節 研究流程………………………………………………………………………14
第二章 文獻回顧………………………………………………………………………15
第一節 金融效率市場…………………………………………………………………15
第二節 多層次資本市場………………………………………………………………16
第三節 研究假說………………………………………………………………………20
第三章 研究方法………………………………………………………………………21
第一節 研究設計………………………………………………………………………21
第二節 定義變數………………………………………………………………………22
第三節 研究資料來源…………………………………………………………………24
第四章 實證結果………………………………………………………………………27
第一節 統計結果………………………………………………………………………27
第二節 遞延效應………………………………………………………………………47
第三節 綜合分析………………………………………………………………………51
第五章 結論與建議……………………………………………………………………57
第一節 結論……………………………………………………………………………57
第二節 研究貢獻………………………………………………………………………59
第三節 研究限制………………………………………………………………………60
第四節 未來研究建議…………………………………………………………………61
參考文獻 ………………………………………………………………………………62
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網站
1.JPX日本交易所集團https://www.jpx.co.jp/chinese/ (擷取日期6/23/2019)
2.美國NASDAQ交易所https://new.nasdaq.com/(擷取日期6/23/2019)
3.中華民國櫃檯買賣中心https://www.tpex.org.tw/web/(擷取日期6/23/2019)
4.台灣證券交易所https://www.twse.com.tw/zh/(擷取日期6/23/2019)
5.英國倫敦證券交易所https://www.londonstockexchange.com/home/homepage.htm(擷取日期6/23/2019)
6.韓國證券交易所http://www.krx.co.kr/main/main.jsp(擷取日期6/23/2019)
7.香港證券交易所https://www.hkex.com.hk/?sc_lang=zh-HK(擷取日期6/23/2019)
8.中國深圳交易所http://www.szse.cn/(擷取日期6/23/2019)
9.新加坡證券交易所https://www2.sgx.com/(擷取日期6/23/2019
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