臺灣博碩士論文加值系統

本研究探討台灣IPO市場主要配售方式從詢價圈購轉變為競價拍賣後，承銷商穩定價格購回行為是否存在差異。研究結果顯示，在競價拍賣下IPO掛牌後承銷商執行穩定價格購回的強度較詢價圈購低。此外發現影響穩定價格購回的因素在不同配售方式下存在差異。在詢價圈購案件中，承銷商聲譽越好，執行穩定價格購回的強度越強；在全樣本和詢價圈購樣本中，如果IPO公司為第一上市櫃公司，承銷商執行穩定價格購回的強度也較強。本研究同時也檢測穩定價格購回強度之影響因子，在不同配售方式下是否存在差異。實證結果顯示，強度影響因子不存在配售方式差異。

This article investigates how the main auction method in Taiwan's IPO market has shifted from book building to auction. The research finds that the intensity of short covering under auction method after IPO listing is lower. This article also finds that factors previously believed to influence short covering have different effects under different methods. For instance, in book building cases, the better the reputation of the underwriters, the stronger the intensity of short covering. In both the entire sample and the book building sample, it is found that if the IPO company is a foreign company, the intensity of short covering is stronger.

中文摘要 ............................................................ I
英文摘要 ........................................................... II
圖目錄 ............................................................. IV
表目錄 .............................................................. 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 .................................................... 2
第三節 研究架構 .................................................... 4
第二章 文獻回顧 ..................................................... 6
第一節 過額配售制度 ................................................ 6
第二節 穩定價格購回之行為 .......................................... 7
第三節 穩定價格購回之強度 .......................................... 7
第四節 穩定價格購回之決定因素 ...................................... 8
第五節 詢價圈購與競價拍賣 ......................................... 11
第三章 樣本資料與研究方法 .......................................... 13
第一節 樣本說明與資料來源 ......................................... 13
第二節 研究假說 ................................................... 15
第三節 研究模型 ................................................... 17
第四章 研究結果 .................................................... 21
第一節 樣本敘述性統計 ............................................. 21
第二節 實證結果 ................................................... 29
第五章 結論 ........................................................ 37
第一節 研究結果與意涵 ............................................. 37
第二節 研究限制與建議 ............................................. 38
參考文獻 ........................................................... 40

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