臺灣博碩士論文加值系統

公司初次公開發行(initial public offerings, IPO)時往往會有折價之現象，本研究將探討公司治理、企業國際化與景氣循環對IPO折價幅度之影響，利用台灣2000年至2018年1145家初次上市(櫃)公司做為研究資料，其中申請上櫃公司為862家，申請上市公司為283家，實證結果發現：(1)在公司治理變數方面，經理人持股比例、十大股東持股比例愈高，對投資人而言為正向訊息，會使得IPO折價幅度降低。(2)在國際化程度變數方面，海外子公司數與海外子公司橫跨國家數愈高，代表企業愈往國際多角化發展，未來營運上可能有更高的成長機會，有足夠的誘因吸引投資人前來投資，不必仰賴訂定較低的承銷價格以獲取大眾的注資，因此會有較低的IPO折價幅度。(3)v會影響期初報酬率，當股票發行日為景氣擴張時，投資人受預期心理影響，會高估IPO股票價值，使IPO折價幅度上升。(4)不論發行日景氣環境如何，擴張期或者是收縮期，企業國際多角化對投資人皆為正向資訊，會使得IPO折價幅度下降。

When firms go initial public offerings (IPO), the equity they sell usually be underpricing. This paper will discuss how corporate governance, internationalization and business cycle make influence on IPO underpricing. We take 1145 initial public offerings companies in Taiwan from 2000 to 2018 as research data, of which 862 companies listed on OTC Market and 283 companies listed on Centralized Market. The empirical results found that: (1) A higher shareholding ratio of managers and top ten shareholders is a positive message for investors, which would lead to less IPO underpricing. (2)The higher number of foreign subsidiaries and foreign subsidiaries spanning countries imply that the company has been more internationally which making company has chance to get a higher growth in future operating. Company gets enough incentives to attract investing. It doesn;t need to lower underwriting price for public capital, so there is a lower underpricing。(3) The economic conditions will affect initial returns. When the issue date is in a boom period, investors will overestimate the value of the IPO stock due to the expectations, which will increase the IPO underpricing. (4) No matter the issue date is in a boom period or a contraction period, the international diversification of enterprises is positive information for investors, which will lower the IPO underpricing.

目錄
摘要 …………………………………………………i
Abstract …………………………………………………ii
目錄 …………………………………………………iii
表目錄 …………………………………………………iv
圖目錄 …………………………………………………v
第一章 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 …………………………………………………4
第二章 文獻探討與研究假說 …………………………………………………5
第一節 IPO折價因素 …………………………………………………5
第二節 企業國際化 …………………………………………………9
第三節 景氣循環、IPO與企業國際化 …………………………………………………14
第三章 研究方法 …………………………………………………18
第一節 變數定義 …………………………………………………18
第二節 實證模型 …………………………………………………26
第四章 實證結果 …………………………………………………28
第一節 樣本資料說明 …………………………………………………28
第二節 敘述性統計與相關係數 …………………………………………………32
第三節 實證結果 …………………………………………………36
第四節 敏感性分析 …………………………………………………42
第五章 結論與建議 …………………………………………………46
第一節 結論 …………………………………………………46
第二節 研究限制與建議 …………………………………………………47
參考文獻 …………………………………………………49

表目錄
表1 台灣歷次景氣循環峰谷表 …………………………………………………22
表2 變數定義表 …………………………………………………25
表3 樣本公司產業分配表 …………………………………………………29
表4 樣本公司年度分配表 …………………………………………………31
表5 敘述性統計表 …………………………………………………33
表6 Pearson相關係數表 …………………………………………………35
表7 公司治理變數迴歸實證結果 …………………………………………………37
表8 國際化程度變數與景氣循環迴歸實證結果 …………………………………………………39
表9 國際化程度變數做分類樣本迴歸實證結果 …………………………………………………41
表10 公司治理變數迴歸實證結果(敏感性分析) …………………………………………………43
表11 國際化程度變數與景氣循環迴歸實證結果(敏感性分析 …………………………………………………44
表12 國際化程度變數樣本分類後迴歸實證結果(敏感性分析) …………………………………………………45

圖目錄
圖1 研究架構之流程圖 …………………………………………………4

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