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題名 媒體報導對興櫃轉上櫃公司股票績效的影響 作者 陳怡文 貢獻者 姜堯民
陳怡文關鍵詞 媒體報導
興櫃轉上櫃日期 2008 上傳時間 14-Sep-2009 09:02:42 (UTC+8) 摘要 本研究以民國93 年至民國97 年10 月間於台灣地區之興櫃轉上櫃公司，篩選140間符合條件的公司為樣本，探討興櫃期間媒體報導的關注效果對初次上櫃發行折價之影響。結果發現媒體報導數量及內容對初次上櫃發行折價的確有顯著影響。 媒體報導數量方面，本研究發現樣本公司於興櫃轉上櫃期間，媒體報導數量密度對原始初次上櫃折價較有影響，而非媒體報導總數量。公司平均每月新聞數量越多，初次上櫃折價會越大，符合關注效果之假說，即投資人將買入最近吸引其注意力的公司股票。 媒體報導內容方面，發現正面新聞佔總新聞之比例不顯著影響上櫃折價，然而負面新聞佔總新聞之比例，以及中立新聞佔總新聞之比例則十分顯著。上述結果的發生，可能是當媒體記者報導正面消息時，投資人認為是公司購買媒體版面所作的廣告文案，所以投資人不會特別購買正面消息佔總新聞數越高的公司；然而，一旦媒體記者報導負面消息，對上櫃折價造成顯著影響，表示投資人會避免購買有負面新聞報導的公司；若報導僅帶有中立態度時，也反而釋放出負面訊息。 參考文獻 Allen, F., and G. R. Faulhaber. (1989). Signaling by Underpricing in the IPO Market, Journal of Financial Economics 23, 303-323.
Barber, Brad M. and Terrance Odean, 2006, The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, Oxford Journals, 21, 785-818.
Baron, D. P., 1982, A model of demand for investment banking advising and distribution, Journal of Financial Economics, 37, 955-976.
Bhattacharya, U., Galpin, N., Ray, R. and Yu, X., 2005, The Role of the Media in the Internet IPO Bubble, Journal of Financial and Quantitative Analysis, forthcoming.
Cook, D., Kieschnick, R., & Van Ness, R.A., 2006, On the Marketing of IPOs, Journal of Financial Economics, 82 (1), 35-61
Fama, E. F. and K. R. French, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 131-115.
Grinblatt, M. and C. Hwang, 1989, Signaling and the pricing of new issues, Journal of Finance ,44, 393-420.
Helwege, J. and Liang, N., 2004, Initial public offerings in hot and cold markets, Journal of Financial and Quantitative Analysis, 39,541-569.
Houge, T., Loughran, T., Suchanek, G., Yan, X., (2001) Divergence of opinions, uncertainty, and the quality of initial public offerings, financial management, 5-23.
How, J., Izan, H.Y. and Monroe, G.S., 1995, Differential information and the underpricing of initial public offerings: Australia evidence, Accounting and Finance ,5 (1), 87-105.
Ibbotson, R.G., Sindelar, J.L. and Ritter, J.R., 1994, Initial public offerings, Journal of Applied Corporate Finance, 1, 37-45.
Jens, P., Robert B., Gina N. and Roslyn. R, 2006, Media coverage and biotechnology IPOs: Some Australian evidence, Journal of Commercial Biotechnology, 13, 43 – 47.
Ljungqvist, A., Vikram , N. and Rajdeep, S., 2006, Hot Markets, Investor Sentiment, and IPO Pricing, The Journal of Business, 79, 4
Loughran, T. and Ritter, J.R., 1995, The new issues puzzle, Journal of Finance, 50 (1), 23-51.
Loughran, T. and Ritter, J.R., 2002, Why Don`t Issuers Get Upset About Leaving Money on the Table in IPOs?, Oxford Journals, 15, 413-444.
Loughran, T., Ritter, J.R. and Rydqvisy, K., 1994, Initial public offerings: international insights, Pacific basin Finance Journal, 2,165-199.
Liu, L. X., Zhang, Y., 2006. Media coverage and IPO underpricing. Unpublished working paper, Hong Kong University of Science and Technology.
Mitchell, Mark and J. Harold Mulherin, 1994, The Impact of Public Information on the Stock Market, Journal of Finance, 49, 923-950.
Pollock, T.G. & Rindova, V.P., 2003, Media Legitimation Effects in theMarket for Initial Public Offerings, Academy of Management Journal,46(5), 631-642.
Ritter, Jay R. (1984). Signaling and the Valuation of Unseasoned New Issues: A Comment, Journal of Finance 39: pp.1231-1237.
Ritter, Jay R., 1991, The Long-run Performance of Initial Public Offerings, Journal of Finance, v.46, pp.3-27.
Ritter, J.R., and Welch, I., 2002, A review of IPO activity, pricing, and allocation,Journal of Finance, 57, 1795-1828.
Rock, K.R., 1986, Why issues are underpriced, Journal of Financial Economics, 15, 187-212.
Sherman, A.E. and S. Titman (2002), Building the IPO order book: underpricing and participation limits with costly information, Journal of Financial Economics, 65, 3-29.
Shiller, R., 2000, Irrational Exuberance
Titman, S. and B. Trueman, 1986, Information quality and the valuation of new issues, Journal of aqccounting and economics, 8, 159-172
Welch, I., 1989, Seasoned offerings, imitation costs, and the underpricing of initial public offerings, Journal of Finance, 44,421-449.描述 碩士
國立政治大學
財務管理研究所
95357014
97資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095357014 資料類型 thesis dc.contributor.advisor 姜堯民 zh_TW dc.contributor.author (Authors) 陳怡文 zh_TW dc.creator (作者) 陳怡文 zh_TW dc.date (日期) 2008 en_US dc.date.accessioned 14-Sep-2009 09:02:42 (UTC+8) - dc.date.available 14-Sep-2009 09:02:42 (UTC+8) - dc.date.issued (上傳時間) 14-Sep-2009 09:02:42 (UTC+8) - dc.identifier (Other Identifiers) G0095357014 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/31004 - 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) 95357014 zh_TW dc.description (描述) 97 zh_TW dc.description.abstract (摘要) 本研究以民國93 年至民國97 年10 月間於台灣地區之興櫃轉上櫃公司，篩選140間符合條件的公司為樣本，探討興櫃期間媒體報導的關注效果對初次上櫃發行折價之影響。結果發現媒體報導數量及內容對初次上櫃發行折價的確有顯著影響。 媒體報導數量方面，本研究發現樣本公司於興櫃轉上櫃期間，媒體報導數量密度對原始初次上櫃折價較有影響，而非媒體報導總數量。公司平均每月新聞數量越多，初次上櫃折價會越大，符合關注效果之假說，即投資人將買入最近吸引其注意力的公司股票。 媒體報導內容方面，發現正面新聞佔總新聞之比例不顯著影響上櫃折價，然而負面新聞佔總新聞之比例，以及中立新聞佔總新聞之比例則十分顯著。上述結果的發生，可能是當媒體記者報導正面消息時，投資人認為是公司購買媒體版面所作的廣告文案，所以投資人不會特別購買正面消息佔總新聞數越高的公司；然而，一旦媒體記者報導負面消息，對上櫃折價造成顯著影響，表示投資人會避免購買有負面新聞報導的公司；若報導僅帶有中立態度時，也反而釋放出負面訊息。 zh_TW dc.description.tableofcontents 摘要 I Abstract II 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 研究架構 4 圖1–2 研究流程圖 5 第二章 文獻探討 6 第一節 媒體報導與IPO 折價之各種假說 6 第二節 假說建立 12 第三章 研究設計 14 第一節 資料來源及處理 14 第二節 研究變數與定義 14 第三節 研究方法 18 第四章 實證分析與研究發現 21 第一節 敘述統計分析 21 第二節 興櫃轉上櫃公司之媒體報導與原始初次上櫃折價的關係 24 第三節 興櫃轉上櫃公司之媒體報導與超額初次上櫃折價的關係 36 第四節 興櫃轉上櫃之媒體報導與公司長期績效的影響 39 第五章 結論與建議 43 第一節 結論 43 第二節 建議 44 附錄 45 附錄一：企業列表與詳細上櫃資訊 45 附錄二、新聞分類準則 51 參考文獻 57 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095357014 en_US dc.subject (關鍵詞) 媒體報導 zh_TW dc.subject (關鍵詞) 興櫃轉上櫃 zh_TW dc.title (題名) 媒體報導對興櫃轉上櫃公司股票績效的影響 zh_TW dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Allen, F., and G. R. Faulhaber. (1989). Signaling by Underpricing in the IPO Market, Journal of Financial Economics 23, 303-323. zh_TW dc.relation.reference (參考文獻) Barber, Brad M. and Terrance Odean, 2006, The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, Oxford Journals, 21, 785-818. zh_TW dc.relation.reference (參考文獻) Baron, D. P., 1982, A model of demand for investment banking advising and distribution, Journal of Financial Economics, 37, 955-976. zh_TW dc.relation.reference (參考文獻) Bhattacharya, U., Galpin, N., Ray, R. and Yu, X., 2005, The Role of the Media in the Internet IPO Bubble, Journal of Financial and Quantitative Analysis, forthcoming. zh_TW dc.relation.reference (參考文獻) Cook, D., Kieschnick, R., & Van Ness, R.A., 2006, On the Marketing of IPOs, Journal of Financial Economics, 82 (1), 35-61 zh_TW dc.relation.reference (參考文獻) Fama, E. F. and K. R. French, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 131-115. zh_TW dc.relation.reference (參考文獻) Grinblatt, M. and C. Hwang, 1989, Signaling and the pricing of new issues, Journal of Finance ,44, 393-420. zh_TW dc.relation.reference (參考文獻) Helwege, J. and Liang, N., 2004, Initial public offerings in hot and cold markets, Journal of Financial and Quantitative Analysis, 39,541-569. zh_TW dc.relation.reference (參考文獻) Houge, T., Loughran, T., Suchanek, G., Yan, X., (2001) Divergence of opinions, uncertainty, and the quality of initial public offerings, financial management, 5-23. zh_TW dc.relation.reference (參考文獻) How, J., Izan, H.Y. and Monroe, G.S., 1995, Differential information and the underpricing of initial public offerings: Australia evidence, Accounting and Finance ,5 (1), 87-105. zh_TW dc.relation.reference (參考文獻) Ibbotson, R.G., Sindelar, J.L. and Ritter, J.R., 1994, Initial public offerings, Journal of Applied Corporate Finance, 1, 37-45. zh_TW dc.relation.reference (參考文獻) Jens, P., Robert B., Gina N. and Roslyn. R, 2006, Media coverage and biotechnology IPOs: Some Australian evidence, Journal of Commercial Biotechnology, 13, 43 – 47. zh_TW dc.relation.reference (參考文獻) Ljungqvist, A., Vikram , N. and Rajdeep, S., 2006, Hot Markets, Investor Sentiment, and IPO Pricing, The Journal of Business, 79, 4 zh_TW dc.relation.reference (參考文獻) Loughran, T. and Ritter, J.R., 1995, The new issues puzzle, Journal of Finance, 50 (1), 23-51. zh_TW dc.relation.reference (參考文獻) Loughran, T. and Ritter, J.R., 2002, Why Don`t Issuers Get Upset About Leaving Money on the Table in IPOs?, Oxford Journals, 15, 413-444. zh_TW dc.relation.reference (參考文獻) Loughran, T., Ritter, J.R. and Rydqvisy, K., 1994, Initial public offerings: international insights, Pacific basin Finance Journal, 2,165-199. zh_TW dc.relation.reference (參考文獻) Liu, L. X., Zhang, Y., 2006. Media coverage and IPO underpricing. Unpublished working paper, Hong Kong University of Science and Technology. zh_TW dc.relation.reference (參考文獻) Mitchell, Mark and J. Harold Mulherin, 1994, The Impact of Public Information on the Stock Market, Journal of Finance, 49, 923-950. zh_TW dc.relation.reference (參考文獻) Pollock, T.G. & Rindova, V.P., 2003, Media Legitimation Effects in theMarket for Initial Public Offerings, Academy of Management Journal,46(5), 631-642. zh_TW dc.relation.reference (參考文獻) Ritter, Jay R. (1984). Signaling and the Valuation of Unseasoned New Issues: A Comment, Journal of Finance 39: pp.1231-1237. zh_TW dc.relation.reference (參考文獻) Ritter, Jay R., 1991, The Long-run Performance of Initial Public Offerings, Journal of Finance, v.46, pp.3-27. zh_TW dc.relation.reference (參考文獻) Ritter, J.R., and Welch, I., 2002, A review of IPO activity, pricing, and allocation,Journal of Finance, 57, 1795-1828. zh_TW dc.relation.reference (參考文獻) Rock, K.R., 1986, Why issues are underpriced, Journal of Financial Economics, 15, 187-212. zh_TW dc.relation.reference (參考文獻) Sherman, A.E. and S. Titman (2002), Building the IPO order book: underpricing and participation limits with costly information, Journal of Financial Economics, 65, 3-29. zh_TW dc.relation.reference (參考文獻) Shiller, R., 2000, Irrational Exuberance zh_TW dc.relation.reference (參考文獻) Titman, S. and B. Trueman, 1986, Information quality and the valuation of new issues, Journal of aqccounting and economics, 8, 159-172 zh_TW dc.relation.reference (參考文獻) Welch, I., 1989, Seasoned offerings, imitation costs, and the underpricing of initial public offerings, Journal of Finance, 44,421-449. zh_TW
