Publications-Theses
Article View/Open
Publication Export
-
Google ScholarTM
NCCU Library
Citation Infomation
Related Publications in TAIR
題名 訊號因子與上市時機對新上市公司價值影響之研究
Signaling Factor,Hot Market and the Valuation of the Unseasoned New Issues作者 張恆勤
Chang, Hang Ching貢獻者 陳隆麒<br>謝劍平
Joseph C.<br>Shieh
張恆勤
Chang,Hang Ching關鍵詞 訊號因子
上市時機
新上市公司
Signaling Factor
Hot Market
Unseasoned New Issues日期 1993 上傳時間 29-Apr-2016 16:40:46 (UTC+8) 摘要 近年來，股票市場已成為企業籌資的主要管道，然而，投資人與企業之間 參考文獻 參考文獻一、中文部份林博泰「股票新上市超額報酬持外性之研究」民國八十年，國立台灣大學商學研究所求出版之碩士論文。吳崇權，論內部人交易，財政部證券管理委員會，民國七十九年七月李庸三，經濟計量方法，初版，中央研究院經濟研究所，民國六十二年九月李廣進「台灣地區新上市股票短期投資報酬率之研究」民國六十八年，台灣大學商學研究所求出版之碩士論文。洪日爛「台灣股票市場新上帝股票投資報酬率與市場效卒性之研究」民國六十八年，國立政治大學企業管理研究所求出版之碩士論文。許永聲，「新上市股票異常價格績效之驗證與探討」民國七十八年，東海大學企業管理研究所求出版之碩士論文。陳正澄，計量經濟學，初版， 雙葉書廊，民國六十三年一月陳秀亮「新上市股票價格行為探討」民國七十六年，國立中央大學產業經濟研究所求出版之碩士論文。陳隆麒，現代財務管理-理論與應用，初版，台北，華泰當局，民國八十一年二月陳隆麒，財務規劃理論、實際與應用，初版，台北，華泰書局，民國七十九年二月陳隆麒，現代財務管理，四版，台北，華泰書局，民國八十年八月黃俊英，多變量分析，第四版，台北，中華經濟企業研究所，民國八十年彭日召英， SAS與統計分析，儒林出版社，民國八十一年。Damodar Gujarati著，葉在秋南譯，簡易計量經濟學，台灣銀行經濟研究室，民國七十七年Pindyck and Rubinfeld著，葉秋南譯，計量經濟模型之設計與應用，台灣銀行經濟研究室，民國六十九年賈武健「新上市股票價值之評價模式研究」民國八十年，國立台灣大學商學研究所求出版之碩士論文。楊泓文「新上市股票報酬之研究」民國七十六年，國立交通大學管理特學研究所求出版之碩士論文。顏月珠，商月統計學，第六版，台北，三民書局，民國七十九年八月賴英照，證券交易法逐條釋義-總則，實用稅務出版社，民國七十三年十一月證券交易法，財政部証券管理委員會，民國七十七年一月二、英文部份Allen, Frnaklin and Gerald R. Faulhaber,"Signaling by Underpricing in The IPO Market", Journal of Financial Economics, Vol 23,1989,pp.303-323Beatty, R. P and R.J. Ritter, `Investment Banking Reputations and Underpricing of Initial Public Offerings" ,Journal of Financial Economics, Vol 17,June 1986,pp.213-232Beatty ,Randolph P. "Auditor Reputation and the Pricing of Initial Public Offerings" ,The Accounting Review, October 1989,pp.693-709Block, Stanley and Marjorie Stanley ,"The Financial Characterisitics and Price Movement Patterns of companies Approaching the Unseasoned Securities Market in the Late 19705",Financial Managemnt, Winter 1980,pp.30-36Booth, James R. and Richard L. Smith ,"Capital Raising ,Underwriting and The Certification Hypothesis" ,Journal of Financial Economics 15,1986,pp.261 - 281Bower, Nancy L. "Firm Value and The Choice of Offering Method in Initial Public Offerings" ,The Journal of FInance, Vol 59, No 3,July 1989,pp.647-662Charles, Carpeter G. and Robert H. Strawser,"Displacement of Audtiors When Clients go Public" ,The Journal of Accountancy, June 1971,pp.55-58Chow, Gregoryc. ,"Tests of Equality Between Sets of Coefficients in Two Linear Regressions",Econometrica,July 1960,pp.591-605Copeland, Thomas E. and J. Fred Weston, Financial Theory and Corproate Policy, Third Edition, Addison-Wesley Publishing Company, 1988Dawson, S. M. ,"Initial Public Offer Underpricing: The Issuer`s View--A Note" ,Journal of Finance, Vol 42, March 1987,pp. 159-162Downes, David H. and Robert Heinkel, “Signaling and the Valuation of Unseasoned New Issuesu, The Journal of Fonance, Vol 37,No 1,March 1982,pp.1-10Grinblatt, Mark and Chuan Yang Hwang, “Signaling and the Pricing of New Issuesu, Journal of Finance ,Vo7 54,No 2,June 1989,pp.393-420Hegde, Shantaram P. and Robert E. Miller, ”Market Making in Initinl Public Offerings of Common Stocks: an Empirical Analysis`, Journal of Financial and Quantitative Analysis,Vo7 24,No 1, March 1989,pp.75-90Hughes, Patricia J. ,”Signalling by Direct Disclosure Under Asymmetric Information", Journal of Accounting and Economics, Vo7 8, June 1986,pp.119-142Ibbotson, Roger G. and Jeffery F. Jaffe," `Hot Issue` Markets “The Journal of Finance,Sep.1975,pp.1027-1042Ibbotson, R.G. “Price Performancd of Common Stock New Issues u, Journal of Financial Economics, Vo7 2,June 1975,pp.235-272Jog, Vijay M. and Allan L. Riding,"Underpricing in Canadian IPOs” ,Financial Analysts Jouranl, November-december 1987,pp .48-55Krinsky, I. and W. Rotenberg, “Signaling and the Valuaton ofUnseasoned New Issues Revisitedu, Journal of Financial andQuantitative Analysis, Vol 24,No 2,June 1989,pp.258-266Krinsky ,I. and w. Roteberg,”The Valuation of Initial PublicOfferings”,Contemproary Accountion Research, vol 5,no 2,pp. 501-515Leland, Hayne and David Pyle, ”Informational Asymmtries, Financial Structure and Financial Intermediationu, Journal of Finance, Vol 32 ,May 1977,pp.371-387Mcbain, Michael L. and David S. Krause, ”Going Public: The Impact of Insiders` Holdings on The Price of Initial Public Offeringsu, Journal of Business Venturing, Vol 4, Iss 6, Nov 1989,pp.419-428McDonald, J.G. and A. K. Fisher, ”New-Issue Stock Price Behavioru, Journal of Finance,1972,pp.97-102Miller, Robert E. and Frank K. Reilly, ”an Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings”, Financial Management, Summer 1987,pp.33-38Neter John, William Wasserman and Michael H. Kuntmer, Applied Linear Statistical Models, Boston, RICHARD D. IRWIN Inc,1990Neuberger, Brian M. and Chris A. La Chapelle,”Unseasoned New Issue Price Performance on Three Tiers:1975-1980 “Financial Management, Autumn 1983,pp.23-28Pugel, Thomas A. and Lawrence J. White, ”An Empirical Analysis of the Underwriting Spreads on Initial Public Offerings", Quarterly Review of Economics and Business, Winter 1988,pp. 6-20Reilly, Frank K. ,"New Issues Revisited" ,Financial Management ,Winter 1977,PP.28-44Ritter, Jay R. ,"The `Hot Issue` Market of 1980",Journal of Business, vol 57,no.2,1984,pp.215-240Ritter, Jay R. ,"Signaling and the Valuation of Unaeasoned New Issues: A Connemt",The Journal of Finance,Vo7 34,No 4, Sep.1984,pp.1231-1237Ritter, Jay R. ,"The Costs of Going Public" ,Journal of Financial Economics 19,1987,pp . 269-281Rock, Kevin ,"Why New Issues Are Underpriced" ,Journal of Financial Economics 15,1986,pp.187-212Ross, Stephen A. ,"The Determination of Financial Structure: The Incentive-Signalling Approach" ,Bell Journal of Economics, Spring 1977,pp.23-40Ross, Stephen A. ,Randolph W. Westerfield and Jeffrey F. Jaffe ,Corporate Finance Boston, RICHARD D. IRWIN Inc,1990Tinic, Seha M. ,"Anatomy of Initial Public Offerings of Common Stock" ,The Journal of Finance, September 1988,pp.789-822Titman, S. and B. Trueman ,"Information Quality and the Valuation of New Issues" ,Journal of Accounting and Economics, Vol 8,June 1986,pp.159-172Welch ,Ivo ,"Seasoned Offerings, Imitation Costs and the Under prining of Initial Public Offerings" ,Journal of Finance, Vol 54,No 2,June 1989,pp.421-449 描述 碩士
國立政治大學
企業管理學系
G80355003資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004055 資料類型 thesis dc.contributor.advisor 陳隆麒<br>謝劍平 zh_TW dc.contributor.advisor Joseph C.<br>Shieh en_US dc.contributor.author (Authors) 張恆勤 zh_TW dc.contributor.author (Authors) Chang,Hang Ching en_US dc.creator (作者) 張恆勤 zh_TW dc.creator (作者) Chang, Hang Ching en_US dc.date (日期) 1993 en_US dc.date.accessioned 29-Apr-2016 16:40:46 (UTC+8) - dc.date.available 29-Apr-2016 16:40:46 (UTC+8) - dc.date.issued (上傳時間) 29-Apr-2016 16:40:46 (UTC+8) - dc.identifier (Other Identifiers) B2002004055 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/88948 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理學系 zh_TW dc.description (描述) G80355003 zh_TW dc.description.abstract (摘要) 近年來，股票市場已成為企業籌資的主要管道，然而，投資人與企業之間 zh_TW dc.description.tableofcontents 第壹章緒論第一節研究動機與目的------------1第二節研究範圍與對象------------5第三節研究架構------------6第貳章文獻探討第一節IPO折價之理論探討------------9第二節訊號因子之文獻探討------------15第參章研究設計第一節理論架構------------42第二節研究假說------------44第三節實証模式------------46第四節研究變數的操作性定義------------47第五節研究方法------------52第六節資料來源與樣本------------55第七節研究限制------------58第四章實証結果分析第一節內部人士持股比率------------60第二節負債比率------------68第三節審計人員品質(會計師事務所品質)------------70第四節上市時機------------75第五章結論與建議第一節研究結論------------84第二節建議------------89參考文獻中文部份------------94英文部份------------96附錄新上市公司樣本基本資料------------101 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004055 en_US dc.subject (關鍵詞) 訊號因子 zh_TW dc.subject (關鍵詞) 上市時機 zh_TW dc.subject (關鍵詞) 新上市公司 zh_TW dc.subject (關鍵詞) Signaling Factor en_US dc.subject (關鍵詞) Hot Market en_US dc.subject (關鍵詞) Unseasoned New Issues en_US dc.title (題名) 訊號因子與上市時機對新上市公司價值影響之研究 zh_TW dc.title (題名) Signaling Factor,Hot Market and the Valuation of the Unseasoned New Issues en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 參考文獻一、中文部份林博泰「股票新上市超額報酬持外性之研究」民國八十年，國立台灣大學商學研究所求出版之碩士論文。吳崇權，論內部人交易，財政部證券管理委員會，民國七十九年七月李庸三，經濟計量方法，初版，中央研究院經濟研究所，民國六十二年九月李廣進「台灣地區新上市股票短期投資報酬率之研究」民國六十八年，台灣大學商學研究所求出版之碩士論文。洪日爛「台灣股票市場新上帝股票投資報酬率與市場效卒性之研究」民國六十八年，國立政治大學企業管理研究所求出版之碩士論文。許永聲，「新上市股票異常價格績效之驗證與探討」民國七十八年，東海大學企業管理研究所求出版之碩士論文。陳正澄，計量經濟學，初版， 雙葉書廊，民國六十三年一月陳秀亮「新上市股票價格行為探討」民國七十六年，國立中央大學產業經濟研究所求出版之碩士論文。陳隆麒，現代財務管理-理論與應用，初版，台北，華泰當局，民國八十一年二月陳隆麒，財務規劃理論、實際與應用，初版，台北，華泰書局，民國七十九年二月陳隆麒，現代財務管理，四版，台北，華泰書局，民國八十年八月黃俊英，多變量分析，第四版，台北，中華經濟企業研究所，民國八十年彭日召英， SAS與統計分析，儒林出版社，民國八十一年。Damodar Gujarati著，葉在秋南譯，簡易計量經濟學，台灣銀行經濟研究室，民國七十七年Pindyck and Rubinfeld著，葉秋南譯，計量經濟模型之設計與應用，台灣銀行經濟研究室，民國六十九年賈武健「新上市股票價值之評價模式研究」民國八十年，國立台灣大學商學研究所求出版之碩士論文。楊泓文「新上市股票報酬之研究」民國七十六年，國立交通大學管理特學研究所求出版之碩士論文。顏月珠，商月統計學，第六版，台北，三民書局，民國七十九年八月賴英照，證券交易法逐條釋義-總則，實用稅務出版社，民國七十三年十一月證券交易法，財政部証券管理委員會，民國七十七年一月二、英文部份Allen, Frnaklin and Gerald R. Faulhaber,"Signaling by Underpricing in The IPO Market", Journal of Financial Economics, Vol 23,1989,pp.303-323Beatty, R. P and R.J. Ritter, `Investment Banking Reputations and Underpricing of Initial Public Offerings" ,Journal of Financial Economics, Vol 17,June 1986,pp.213-232Beatty ,Randolph P. "Auditor Reputation and the Pricing of Initial Public Offerings" ,The Accounting Review, October 1989,pp.693-709Block, Stanley and Marjorie Stanley ,"The Financial Characterisitics and Price Movement Patterns of companies Approaching the Unseasoned Securities Market in the Late 19705",Financial Managemnt, Winter 1980,pp.30-36Booth, James R. and Richard L. Smith ,"Capital Raising ,Underwriting and The Certification Hypothesis" ,Journal of Financial Economics 15,1986,pp.261 - 281Bower, Nancy L. "Firm Value and The Choice of Offering Method in Initial Public Offerings" ,The Journal of FInance, Vol 59, No 3,July 1989,pp.647-662Charles, Carpeter G. and Robert H. Strawser,"Displacement of Audtiors When Clients go Public" ,The Journal of Accountancy, June 1971,pp.55-58Chow, Gregoryc. ,"Tests of Equality Between Sets of Coefficients in Two Linear Regressions",Econometrica,July 1960,pp.591-605Copeland, Thomas E. and J. Fred Weston, Financial Theory and Corproate Policy, Third Edition, Addison-Wesley Publishing Company, 1988Dawson, S. M. ,"Initial Public Offer Underpricing: The Issuer`s View--A Note" ,Journal of Finance, Vol 42, March 1987,pp. 159-162Downes, David H. and Robert Heinkel, “Signaling and the Valuation of Unseasoned New Issuesu, The Journal of Fonance, Vol 37,No 1,March 1982,pp.1-10Grinblatt, Mark and Chuan Yang Hwang, “Signaling and the Pricing of New Issuesu, Journal of Finance ,Vo7 54,No 2,June 1989,pp.393-420Hegde, Shantaram P. and Robert E. Miller, ”Market Making in Initinl Public Offerings of Common Stocks: an Empirical Analysis`, Journal of Financial and Quantitative Analysis,Vo7 24,No 1, March 1989,pp.75-90Hughes, Patricia J. ,”Signalling by Direct Disclosure Under Asymmetric Information", Journal of Accounting and Economics, Vo7 8, June 1986,pp.119-142Ibbotson, Roger G. and Jeffery F. Jaffe," `Hot Issue` Markets “The Journal of Finance,Sep.1975,pp.1027-1042Ibbotson, R.G. “Price Performancd of Common Stock New Issues u, Journal of Financial Economics, Vo7 2,June 1975,pp.235-272Jog, Vijay M. and Allan L. Riding,"Underpricing in Canadian IPOs” ,Financial Analysts Jouranl, November-december 1987,pp .48-55Krinsky, I. and W. Rotenberg, “Signaling and the Valuaton ofUnseasoned New Issues Revisitedu, Journal of Financial andQuantitative Analysis, Vol 24,No 2,June 1989,pp.258-266Krinsky ,I. and w. Roteberg,”The Valuation of Initial PublicOfferings”,Contemproary Accountion Research, vol 5,no 2,pp. 501-515Leland, Hayne and David Pyle, ”Informational Asymmtries, Financial Structure and Financial Intermediationu, Journal of Finance, Vol 32 ,May 1977,pp.371-387Mcbain, Michael L. and David S. Krause, ”Going Public: The Impact of Insiders` Holdings on The Price of Initial Public Offeringsu, Journal of Business Venturing, Vol 4, Iss 6, Nov 1989,pp.419-428McDonald, J.G. and A. K. Fisher, ”New-Issue Stock Price Behavioru, Journal of Finance,1972,pp.97-102Miller, Robert E. and Frank K. Reilly, ”an Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings”, Financial Management, Summer 1987,pp.33-38Neter John, William Wasserman and Michael H. Kuntmer, Applied Linear Statistical Models, Boston, RICHARD D. IRWIN Inc,1990Neuberger, Brian M. and Chris A. La Chapelle,”Unseasoned New Issue Price Performance on Three Tiers:1975-1980 “Financial Management, Autumn 1983,pp.23-28Pugel, Thomas A. and Lawrence J. White, ”An Empirical Analysis of the Underwriting Spreads on Initial Public Offerings", Quarterly Review of Economics and Business, Winter 1988,pp. 6-20Reilly, Frank K. ,"New Issues Revisited" ,Financial Management ,Winter 1977,PP.28-44Ritter, Jay R. ,"The `Hot Issue` Market of 1980",Journal of Business, vol 57,no.2,1984,pp.215-240Ritter, Jay R. ,"Signaling and the Valuation of Unaeasoned New Issues: A Connemt",The Journal of Finance,Vo7 34,No 4, Sep.1984,pp.1231-1237Ritter, Jay R. ,"The Costs of Going Public" ,Journal of Financial Economics 19,1987,pp . 269-281Rock, Kevin ,"Why New Issues Are Underpriced" ,Journal of Financial Economics 15,1986,pp.187-212Ross, Stephen A. ,"The Determination of Financial Structure: The Incentive-Signalling Approach" ,Bell Journal of Economics, Spring 1977,pp.23-40Ross, Stephen A. ,Randolph W. Westerfield and Jeffrey F. Jaffe ,Corporate Finance Boston, RICHARD D. IRWIN Inc,1990Tinic, Seha M. ,"Anatomy of Initial Public Offerings of Common Stock" ,The Journal of Finance, September 1988,pp.789-822Titman, S. and B. Trueman ,"Information Quality and the Valuation of New Issues" ,Journal of Accounting and Economics, Vol 8,June 1986,pp.159-172Welch ,Ivo ,"Seasoned Offerings, Imitation Costs and the Under prining of Initial Public Offerings" ,Journal of Finance, Vol 54,No 2,June 1989,pp.421-449 zh_TW
