臺灣博碩士論文加值系統

本論文以美國首次公開發行上市(Initial Public Offering, IPO)公司為研究對象，探討投資者對於IPO公司在公開說明書中風險揭露之資訊對承銷價格的影響。基於風險受公司所選擇之經營方式影響，本論文同時亦探討風險對長期績效的影響。另外，IPO首日折價的幅度由許多因素所組成，本論文亦試圖探討折價幅度對長期績效之影響。

本論文實證研究結果，首先本論文支持風險與折價呈現正相關。其次，IPO資金使用在研發支出上與長期績效呈現正相關。最終本論文亦發現，IPO公司長期績效為負，但是折價幅度越大長期績效越好。

This thesis uses the American IPO (Initial Public Offering) companies as the sample and discusses the impact on underpricing and long-run performance by the revealed information in prospectus. In particular, this study emphasizes on the risks possibly influenced by the companies’ management strategy.
The main findings are as follows. Firstly, IPO underpricing is affected by many factors. There is positive correlation between risks and underpricing. Secondly, there is a positive correlation between R & D expenditures and long run performance. Finally, the average long run performance is negative, but the larger the underpricing is, the better the long run performance would be.

目錄
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構 6
第二章 文獻回顧 7
第一節 產業競爭策略 7
第二節 公開說明書資訊揭露與IPO市場 9
第三節 IPO之長期績效 12
第三章 研究設計 14
第一節 研究假說 14
第二節 資料來源與樣本選取 16
第三節 變數的定義與實證模型建立 18
第四章 實證結果 24
第五章 結論與建議 33
參考文獻 46

表目錄
表一 敘述統計(刪除極端值樣本結果) 35
表二 訴訟風險檢定結果 36
表三 研發風險檢定結果 37
表四 IPO資金用途使用在研發檢定結果 38
表五 有研發風險且資金使用在研發檢定結果 39
表六 折價與風險因子迴歸分析之結果 (刪除極端值樣本結果) 40
表七 長期績效與風險因子迴歸分析之結果 (刪除極端值樣本結果) 41
表八 敘述統計(全部樣本結果) 42
表九 折價與風險因子迴歸分析之結果 (全部樣本結果) 43
表十 長期績效與風險因子迴歸分析之結果 (全部樣本結果) 44
表十一 各年度美國初次上市公司之公開說明書樣本數 (967筆) 45

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