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題名 中國實施新會計準則對新股上市價格影響之研究
The Effect of China Accounting Standards on the Price of Initial Public Offerings作者 楊子霆
Yang, Tzu Ting貢獻者 金成隆
Chin, Chen Lung
楊子霆
Yang, Tzu Ting關鍵詞 中國會計準則
新股折價
資訊不對稱
機制背景
China Accounting Standards
IPO underpricing
information asymmetry
institutional features日期 2013 上傳時間 2-May-2016 13:37:41 (UTC+8) 摘要 本論文探討2007年中國大陸實施以IFRS為基礎的中國會計準則後，是否因為會計準則要求更多資訊的公開，影響新上市公司股票發行折價的幅度。由於中國大陸資本市場有獨特的機制環境，本研究更進一步探討，中國大陸新上市公司在中國會計準則實施後，新上市公司股票發行折價的幅度，是否會因為各省份機制環境背景有不同的影響。實證結果發現，實施中國會計準則後，新股折價的幅度的確顯著降低，新股上市的蜜月期也會因為準則實施後，資訊不對稱的情形降低，有明顯的縮減。亦發現若中國大陸地方機制環境較進步且發達，該地區市場化的程度愈高，新股折價的幅度會也會因資訊更加公開而降低。
In 2007, China passed the IFRS-based Chinese Accounting Standards (therefore IFRS-based CAS) to converge with IFRS. This paper examines the effect of implementation of IFRS-based CAS on IPO uncerpricing. In addition, there are different institutional features of transition economy from other countries. This paper also examines the effect of the interaction between implementation of IFRS-based CAS and institutional features of transition economy on IPO uncerpricing. The empirical results show that post-2005 IPOs in China are significantly less underpriced, and IPO honeymoon periods have similar outcomes. Furthermore, the results also show that the magnitude of underpricing will be decreased in those provinces with higher degrees of marketization.參考文獻 林象山、霍熾榮、王郁雯，1998，銀行貸款與新股折價與公司價值的關係，管理學報，第十五卷，第二期，頁271-293。吳貞樺，2000，新上市公司上市前後盈餘管理與蜜月期異常報酬之探討，中正大學財務金融研究所，碩士論文。金人慶，2006，深入宣傳貫徹會計審計準則，完善社會主義市場經濟體制─中國會計審計準則體系發布會上的講話，會計研究，第二期，頁3-4。陳彩稚、李書行與蔡壁徽，2006，會計準則、資訊不對稱對中國大陸證券市場盈餘宣告之市場反應的影響，會計評論，第43 期：1-25。樓繼偉，2006，中國企業會計準則建設的可貴實踐和嶄新突破。會計研究，第二期，頁5-6。戴維‧泰迪，2006，中國會計審計準則建設的歷史豐碑─中國會計審計準則體系發布會上的發言摘要。會計研究，第二期，頁9-13。樊綱、王小魯、張立文、朱恒鵬，2003，中國各地區市場化相對進程報告，經濟研究，第三期，頁9-19。Aggarwal, R. K., L. Krigman, and K. L. Womack. 2002. Strategic IPO under-pricing, information momentum, and lockup expiration selling. Journal of Financial Economics 66: 105-137.Aggarwal, R. and P. Rivoli. 1990. Fads in the initial public offering market? Financial Management 19 (4): 45-57.Armstrong, C., M. E. Barth, A. D. Jagolinzer, and E. J. Riedl. 2010. Market reaction to the adoption of IFRS in Europe. 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Role of ownership in Chinese privatization: Empirical evidence from returns in IPOs of Chinese A-shares, 1990–1993. Advances in Financial Economics 4: 51-78.Che J. and Y. Qian. 1998. Institutional environment, community government, and corporate governance: Understanding China`s township-village enterprises. Journal of Law, Economics and Organization 14 (1): 1-23.Chemmanur, T. J. 1993. The pricing of initial public offerings: A Dynamic Model with Information Production. The Journal of Finance 48: 285-304.Chen, C. J. P., F. A. Gul, and X. Su. 1999. A comparison of reported earnings under Chinese GAAP vs. IAS: Evidence from the Shanghai stock exchange. Accounting Horizons 13: 91-111.Chen C., S. Chen, and X. Su. 2001. Profitability regulation, earnings management and modified audit opinions: Evidence from China. Auditing: A Journal of Practice & Theory 20 (2): 243-264.Chen, G. M., M. Firth, and J. B. Kim. 2000. 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國立政治大學
會計學系
99353022資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993530221 資料類型 thesis dc.contributor.advisor 金成隆 zh_TW dc.contributor.advisor Chin, Chen Lung en_US dc.contributor.author (Authors) 楊子霆 zh_TW dc.contributor.author (Authors) Yang, Tzu Ting en_US dc.creator (作者) 楊子霆 zh_TW dc.creator (作者) Yang, Tzu Ting en_US dc.date (日期) 2013 en_US dc.date.accessioned 2-May-2016 13:37:41 (UTC+8) - dc.date.available 2-May-2016 13:37:41 (UTC+8) - dc.date.issued (上傳時間) 2-May-2016 13:37:41 (UTC+8) - dc.identifier (Other Identifiers) G0993530221 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/89052 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 99353022 zh_TW dc.description.abstract (摘要) 本論文探討2007年中國大陸實施以IFRS為基礎的中國會計準則後，是否因為會計準則要求更多資訊的公開，影響新上市公司股票發行折價的幅度。由於中國大陸資本市場有獨特的機制環境，本研究更進一步探討，中國大陸新上市公司在中國會計準則實施後，新上市公司股票發行折價的幅度，是否會因為各省份機制環境背景有不同的影響。實證結果發現，實施中國會計準則後，新股折價的幅度的確顯著降低，新股上市的蜜月期也會因為準則實施後，資訊不對稱的情形降低，有明顯的縮減。亦發現若中國大陸地方機制環境較進步且發達，該地區市場化的程度愈高，新股折價的幅度會也會因資訊更加公開而降低。 zh_TW dc.description.abstract (摘要) In 2007, China passed the IFRS-based Chinese Accounting Standards (therefore IFRS-based CAS) to converge with IFRS. This paper examines the effect of implementation of IFRS-based CAS on IPO uncerpricing. In addition, there are different institutional features of transition economy from other countries. This paper also examines the effect of the interaction between implementation of IFRS-based CAS and institutional features of transition economy on IPO uncerpricing. The empirical results show that post-2005 IPOs in China are significantly less underpriced, and IPO honeymoon periods have similar outcomes. Furthermore, the results also show that the magnitude of underpricing will be decreased in those provinces with higher degrees of marketization. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究問題 2第三節 研究架構 2第二章 文獻探討 3第一節 財務會計準則與資訊品質相關文獻 3一、中國大陸會計準則相關文獻 3二、財務會計準則、會計資訊品質與資訊不對稱 3三、中國各地區機制環境特性 5第二節 新股發行折價相關文獻 6第三節 中國大陸新股發行折價 10第三章 研究方法 13第一節 研究假說 13第二節 樣本選取與資料來源 16第三節 實證模型與變數定義 17第四章 實證結果與分析 22第一節 敘述性統計分析 22第二節 相關係數分析 25第三節 實證結果分析 27第五章 研究結論 37參考文獻 39 zh_TW dc.format.extent 617227 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993530221 en_US dc.subject (關鍵詞) 中國會計準則 zh_TW dc.subject (關鍵詞) 新股折價 zh_TW dc.subject (關鍵詞) 資訊不對稱 zh_TW dc.subject (關鍵詞) 機制背景 zh_TW dc.subject (關鍵詞) China Accounting Standards en_US dc.subject (關鍵詞) IPO underpricing en_US dc.subject (關鍵詞) information asymmetry en_US dc.subject (關鍵詞) institutional features en_US dc.title (題名) 中國實施新會計準則對新股上市價格影響之研究 zh_TW dc.title (題名) The Effect of China Accounting Standards on the Price of Initial Public Offerings en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 林象山、霍熾榮、王郁雯，1998，銀行貸款與新股折價與公司價值的關係，管理學報，第十五卷，第二期，頁271-293。吳貞樺，2000，新上市公司上市前後盈餘管理與蜜月期異常報酬之探討，中正大學財務金融研究所，碩士論文。金人慶，2006，深入宣傳貫徹會計審計準則，完善社會主義市場經濟體制─中國會計審計準則體系發布會上的講話，會計研究，第二期，頁3-4。陳彩稚、李書行與蔡壁徽，2006，會計準則、資訊不對稱對中國大陸證券市場盈餘宣告之市場反應的影響，會計評論，第43 期：1-25。樓繼偉，2006，中國企業會計準則建設的可貴實踐和嶄新突破。會計研究，第二期，頁5-6。戴維‧泰迪，2006，中國會計審計準則建設的歷史豐碑─中國會計審計準則體系發布會上的發言摘要。會計研究，第二期，頁9-13。樊綱、王小魯、張立文、朱恒鵬，2003，中國各地區市場化相對進程報告，經濟研究，第三期，頁9-19。Aggarwal, R. K., L. Krigman, and K. L. Womack. 2002. Strategic IPO under-pricing, information momentum, and lockup expiration selling. Journal of Financial Economics 66: 105-137.Aggarwal, R. and P. Rivoli. 1990. Fads in the initial public offering market? Financial Management 19 (4): 45-57.Armstrong, C., M. E. Barth, A. D. Jagolinzer, and E. J. Riedl. 2010. Market reaction to the adoption of IFRS in Europe. The Accounting Review 85 (1): 31-61.Allen, F. and G. R. Faulhaber. 1989. Signaling by under-pricing in the IPO market., Journal of Financial Economics 23: 303-323.40Asquith, D., J. D. Jones, R. Kieschnick. 1998. Evidence on price stabilization and underpricing in early IPO returns. Journal of Finance 53: 1759-1773.Bao, B. H., and L. Chow. 1999. The usefulness of earnings and book value for equity valuation in emerging capital market: Evidence from listed companies in the People’s Republic of China. Journal of International Financial Management and Accounting 10: 85–104.Baron, D. P. 1982. A model of the demand for investment banking advisement and distribution service for new issues. Journal of Finance 37 (September): 955-976.Barth, M. E. and R. Kasznik. 1999. Share repurchase and intangible assets. Journal of Accounting and Economics 28 (December): 211-241.Barth, M. E., W. R. Landsman, and M. H. Lang. 2008. International accounting standards and accounting quality. Journal of Accounting Research 46 (June): 467-498.Beatty, R. P. 1989. Auditor reputation and the pricing of initial public offerings. The Accounting Review 64: 693-709.Beatty, R. P. and J. R. Ritter. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 15: 213-232.Booth, J. R. and L. Chua. 1996. Ownership dispersion, costly information, and IPO underpricing. Journal of Financial Economics 41: 291-310.Brandt, L. and H. Li. 2003. Bank discrimination in transition economics: ideology, information, or incentives? Journal of Comparative Economics 31 (3): 387-413.Carter, R. and S. Manaster. 1990. Initial public offerings and underwriter reputation. Journal of Finance 45: 1045-1067.Chan, K., J. Wang, and K. C. Wei. 2004. Underpricing and long-term performance of41IPOs in China. Journal of Corporate Finance 10: 409-430.Chau, C. T., C. S. Ciccotello, and C. T. Grant. 1999. Role of ownership in Chinese privatization: Empirical evidence from returns in IPOs of Chinese A-shares, 1990–1993. Advances in Financial Economics 4: 51-78.Che J. and Y. Qian. 1998. Institutional environment, community government, and corporate governance: Understanding China`s township-village enterprises. Journal of Law, Economics and Organization 14 (1): 1-23.Chemmanur, T. J. 1993. The pricing of initial public offerings: A Dynamic Model with Information Production. The Journal of Finance 48: 285-304.Chen, C. J. P., F. A. Gul, and X. Su. 1999. A comparison of reported earnings under Chinese GAAP vs. IAS: Evidence from the Shanghai stock exchange. Accounting Horizons 13: 91-111.Chen C., S. Chen, and X. Su. 2001. Profitability regulation, earnings management and modified audit opinions: Evidence from China. Auditing: A Journal of Practice & Theory 20 (2): 243-264.Chen, G. M., M. Firth, and J. B. Kim. 2000. The post-issue market performance of initial public offerings in China’s new stock markets. Review of Quantitative Finance and Accounting 14: 319-339.Chen, G. M., M. Firth, and J. B. Kim. 2004. IPO underpricing in China’s new stock market. Journal of Multinational Financial Management 14: 283-302.Chi, J. and C. Padgett. 2005. Short-run underpricing and its characteristics in Chinese initial public offering market. Research in International Business and Finance 19: 71-93.Chin, C. L., H. W. Lin, and Y. J. Syu. 2011. 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