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題名 企業上市目的與長期報酬相關性之研究
The motivation and long-term performance of firm IPO作者 陳正諭
Chen, Cheng Yu貢獻者 盧秋玲
Lu, Chiu Ling
陳正諭
Chen, Cheng Yu關鍵詞 初次上市
上市動機
股票發行種類
閉鎖期
IPO
Motivation
Type of shares offering
Lockup period日期 2009 上傳時間 9-五月-2016 15:16:25 (UTC+8) 摘要 企業上市的目的有很多種，我們認為一家公司若是為了替未來的投資機會融資而上市，其長期報酬應顯著較其他非為了投資機會籌資的公司為佳。結果我們發現，在一般認為可作為「籌資」的代理變數─「賣新股」的公司中，這些公司的長期負報酬程度比其他公司更嚴重。在發行股票種類的選擇上，選擇賣老股的公司相較之下有上市前公司獲利較佳、成立時間更久的特性；另一方面，訂較長閉鎖期的公司長期報酬也顯著比較差，這些公司募資的規模則較小、並且通常無創投參與。我們認為有兩種可能：(1) 以股票發行種類為上市目的的代理變數可能不盡理想；(2) 上市的成本超過欲上市籌資的公司經理人所估計。導致這些公司長期負報酬更加的嚴重。
There are many reasons why companies go public. We suppose that companies going public to finance future investment should have better long-term performance than others. As a result, we find strong evidence that the long-term underperformance among primary-share only offering companies which are considered having motivation to finance future investment, are more severe than other companies. In the determinants of choosing which type of shares offering, a company which is old or have better return of equity before listing would have higher probability offering secondary shares. On the other hand, companies setting longer lockup period perform worse. These companies are usually small and have no venture capital backed. We propose two possible explanations to these situations: one is that using type of shares offering as a proxy of motivation of a firm going public is inappropriate; the other is that the cost of a firm going public is beyond a manager’s estimation, resulting the more poor long-term performance of these companies.參考文獻 Bartlett, Joseph W., 1995, Equity finance: Venture capital, buyouts, restructurings, and reorganizations, John Wiley, New York. Bradley, Daniel J., Bradford D. Jordan, Ivan C. Roten, and Ha-Chin Yi, 2001, Venture capital and IPO lockup expiration: an empirical analysis. Journal of Financial Research 24, 465-492. Brau, James C. and Stanley E. Fawcett, 2006, Initial public offerings: An analysis of theory and practice. Journal of Finance 61, 399-436. Brav, Alon and Paul A. Gompers, 2003, The role of lockups in initial public offerings. The Review of Financial Studies 16, 1-29. Chen, Hsuan-Chi and Chiuling Lu, 2006, How much do REITS pay for their IPOs? Journal of Real Estate Finance and Economics 33, 105-125. Carter, Richard B., Frederick H. Dark, and Ajai K. Singh, 1998, Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 53, 285-311. Field, Laura C. and Gordon Hanka, 2001, The expiration of IPO share lockups. Journal of Finance 56, 471-500. Huyghebaert N. and C. V. Hulle, 2006, Structuring the IPO: Empirical evidence on the portions of primary and secondary shares. Journal of Corporate Finance 12, 296-320. Kim, Woojin and Michael S. Weisbach, 2008, Motivations for public equity offers: An international perspective. Journal of Financial Economics 87, 281-307. Kim, Jaemin, Kuntara Pukthuanthong-Le, and Thomas Walker, 2008, Leverage and IPO under-pricing: High-tech versus low-tech IPOs. Management Decision 46, 106-130. La porta, Rafael, Florenzo Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 1997, Legal determinants of external finance, Journal of Finance 52, 1131-1150. Loughran, Tim and Jay R. Ritter, 1995, The new issues puzzle. Journal of Finance 50, 23-51. Loughran, Tim and Jay R. Ritter, 2004, Why has IPO underpricing changed over time? Financial Management 33, 5-37. Nachman, David C. and Thomas H. Noe, 1994, Optimal design of securities under Asymmetric information. Review of Financial Studies 7, 1-44. Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, Why do companies go public? An empirical analysis. Journal of Finance 53, 27-64. Pukthuanthong-Le, Kuntara and Nikhil Varaiya, 2007, IPO pricing, block Sales, and long-term performance. Financial Review 42, 319-348. Röell, Ailsa, 1996, The decision to go public: An overview. European Economic Review 40, 1071-1081. Ritter, Jay R., 1991, The long-run performance of initial public offerings. Journal of finance 46, 3-27. Schenone, Carola, 2004, The effect of banking relationships on the firm’s IPO underpricing. Journal of Finance 59, 2903-2958. Shen, Yang-Pin and Peihwang Wei, 2007, Why do companies choose to go IPOs? New results using data from Taiwan. Journal of Economics and Finance 31, 359-367. Stewart C. Myers and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221. 描述 碩士
國立政治大學
財務管理研究所
96357027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096357027 資料類型 thesis dc.contributor.advisor 盧秋玲 zh_TW dc.contributor.advisor Lu, Chiu Ling en_US dc.contributor.author (作者) 陳正諭 zh_TW dc.contributor.author (作者) Chen, Cheng Yu en_US dc.creator (作者) 陳正諭 zh_TW dc.creator (作者) Chen, Cheng Yu en_US dc.date (日期) 2009 en_US dc.date.accessioned 9-五月-2016 15:16:25 (UTC+8) - dc.date.available 9-五月-2016 15:16:25 (UTC+8) - dc.date.issued (上傳時間) 9-五月-2016 15:16:25 (UTC+8) - dc.identifier (其他 識別碼) G0096357027 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95148 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 96357027 zh_TW dc.description.abstract (摘要) 企業上市的目的有很多種，我們認為一家公司若是為了替未來的投資機會融資而上市，其長期報酬應顯著較其他非為了投資機會籌資的公司為佳。結果我們發現，在一般認為可作為「籌資」的代理變數─「賣新股」的公司中，這些公司的長期負報酬程度比其他公司更嚴重。在發行股票種類的選擇上，選擇賣老股的公司相較之下有上市前公司獲利較佳、成立時間更久的特性；另一方面，訂較長閉鎖期的公司長期報酬也顯著比較差，這些公司募資的規模則較小、並且通常無創投參與。我們認為有兩種可能：(1) 以股票發行種類為上市目的的代理變數可能不盡理想；(2) 上市的成本超過欲上市籌資的公司經理人所估計。導致這些公司長期負報酬更加的嚴重。 zh_TW dc.description.abstract (摘要) There are many reasons why companies go public. We suppose that companies going public to finance future investment should have better long-term performance than others. As a result, we find strong evidence that the long-term underperformance among primary-share only offering companies which are considered having motivation to finance future investment, are more severe than other companies. In the determinants of choosing which type of shares offering, a company which is old or have better return of equity before listing would have higher probability offering secondary shares. On the other hand, companies setting longer lockup period perform worse. These companies are usually small and have no venture capital backed. We propose two possible explanations to these situations: one is that using type of shares offering as a proxy of motivation of a firm going public is inappropriate; the other is that the cost of a firm going public is beyond a manager’s estimation, resulting the more poor long-term performance of these companies. en_US dc.description.tableofcontents 第壹章：緒論 1 第一節：研究動機 1 第二節：研究目的與假說 2 第貳章：文獻回顧 3 第一節：上市目的 3 第二節：訊號效果 4 第三節：股票發行種類 5 第四節：閉鎖期限制 6 第五節：長期報酬 6 第參章：樣本與研究方法 7 第一節：資料來源 7 第二節：長期報酬計算 8 第三節：公司上市目的 10 第四節：其他變數 12 第五節：Kruskal-Wallis法 13 第六節：Jonckheere-Terpstra檢定法 14 第七節：Multinomial Logit Model 15 第肆章：實證結果 16 第一節：長期報酬 16 第二節：影響股票發行種類的決定性因素 18 第三節：影響閉鎖期的決定性因素 19 第四節：不同產業的差異 20 第五節：年份差異 22 第伍章：結論與建議 23 第一節：總結 23 第二節：建議 24 參考文獻 25 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096357027 en_US dc.subject (關鍵詞) 初次上市 zh_TW dc.subject (關鍵詞) 上市動機 zh_TW dc.subject (關鍵詞) 股票發行種類 zh_TW dc.subject (關鍵詞) 閉鎖期 zh_TW dc.subject (關鍵詞) IPO en_US dc.subject (關鍵詞) Motivation en_US dc.subject (關鍵詞) Type of shares offering en_US dc.subject (關鍵詞) Lockup period en_US dc.title (題名) 企業上市目的與長期報酬相關性之研究 zh_TW dc.title (題名) The motivation and long-term performance of firm IPO en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Bartlett, Joseph W., 1995, Equity finance: Venture capital, buyouts, restructurings, and reorganizations, John Wiley, New York. Bradley, Daniel J., Bradford D. Jordan, Ivan C. Roten, and Ha-Chin Yi, 2001, Venture capital and IPO lockup expiration: an empirical analysis. Journal of Financial Research 24, 465-492. Brau, James C. and Stanley E. Fawcett, 2006, Initial public offerings: An analysis of theory and practice. Journal of Finance 61, 399-436. Brav, Alon and Paul A. Gompers, 2003, The role of lockups in initial public offerings. The Review of Financial Studies 16, 1-29. Chen, Hsuan-Chi and Chiuling Lu, 2006, How much do REITS pay for their IPOs? Journal of Real Estate Finance and Economics 33, 105-125. Carter, Richard B., Frederick H. Dark, and Ajai K. Singh, 1998, Underwriter reputation, initial returns, and the long-run performance of IPO stocks. Journal of Finance 53, 285-311. Field, Laura C. and Gordon Hanka, 2001, The expiration of IPO share lockups. Journal of Finance 56, 471-500. Huyghebaert N. and C. V. Hulle, 2006, Structuring the IPO: Empirical evidence on the portions of primary and secondary shares. Journal of Corporate Finance 12, 296-320. Kim, Woojin and Michael S. Weisbach, 2008, Motivations for public equity offers: An international perspective. Journal of Financial Economics 87, 281-307. Kim, Jaemin, Kuntara Pukthuanthong-Le, and Thomas Walker, 2008, Leverage and IPO under-pricing: High-tech versus low-tech IPOs. Management Decision 46, 106-130. La porta, Rafael, Florenzo Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 1997, Legal determinants of external finance, Journal of Finance 52, 1131-1150. Loughran, Tim and Jay R. Ritter, 1995, The new issues puzzle. Journal of Finance 50, 23-51. Loughran, Tim and Jay R. Ritter, 2004, Why has IPO underpricing changed over time? Financial Management 33, 5-37. Nachman, David C. and Thomas H. Noe, 1994, Optimal design of securities under Asymmetric information. Review of Financial Studies 7, 1-44. Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, Why do companies go public? An empirical analysis. Journal of Finance 53, 27-64. Pukthuanthong-Le, Kuntara and Nikhil Varaiya, 2007, IPO pricing, block Sales, and long-term performance. Financial Review 42, 319-348. Röell, Ailsa, 1996, The decision to go public: An overview. European Economic Review 40, 1071-1081. Ritter, Jay R., 1991, The long-run performance of initial public offerings. Journal of finance 46, 3-27. Schenone, Carola, 2004, The effect of banking relationships on the firm’s IPO underpricing. Journal of Finance 59, 2903-2958. Shen, Yang-Pin and Peihwang Wei, 2007, Why do companies choose to go IPOs? New results using data from Taiwan. Journal of Economics and Finance 31, 359-367. Stewart C. Myers and Nicholas S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-221. zh_TW
