| dc.contributor.advisor | 姜堯民 | zh_TW |
| dc.contributor.author (Authors) | 吳國鴻 | zh_TW |
| dc.contributor.author (Authors) | Wu, Kuo Hung | en_US |
| dc.creator (作者) | 吳國鴻 | zh_TW |
| dc.creator (作者) | Wu, Kuo Hung | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 14-Sep-2009 09:02:47 (UTC+8) | - |
| dc.date.available | 14-Sep-2009 09:02:47 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-Sep-2009 09:02:47 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0095357015 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31005 | - |
| 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) | 95357015 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 台資企業赴港上市是否有折價發行現象？影響折價幅度的因素為何？赴港上市的台資企業三個月、六個月、九個月以及一年報酬又受到哪些因素影響？本研究以2001年至2007年為止赴香港上市的台資企業為研究對象，得出31家樣本公司初次公開發行之平均原始報酬率（raw return）為7.228%，經香港恆生指數調整後的平均折價幅度(adjusted return)為7.276%，顯示台資企業赴港上市的確存在著折價發行的現象。迴歸分析之研究結果與Ejara and Ghosh（2004）結論一致，有在台上市櫃母公司的台資企業，折價幅度顯著低於無在台上市櫃母公司之台資企業。此外，香港股市景氣以及前一檔台資企業的首日超額報酬皆為影響下一檔台資企業折價幅度的顯著因子。實證結果也指出選擇台灣承銷商之台資企業，折價幅度顯著大於選擇其他承銷商之公司。 樣本經香港恆生指數調整後之三個月、六個月、九個月以及一年報酬率方面，全體樣本超額報酬之中位數於發行後三個月、六個月，一年以及發行後兩年與三年分別為-1.03%、-8.66%、4.88%、-2.28%以及-24.88%，顯示整體台資企業表現落後香港恆生指數。迴歸結果則顯示，發行規模較大的台資企業三個月、六個月、九個月以及一年報酬率顯著較高。 | zh_TW |
| dc.description.tableofcontents | 謝辭 I 摘要 II Abstract III 目錄 IV 表目錄 VII 圖目錄 VIIII 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 第二章 文獻探討 6 第一節 初次公開發行折價因素研究 6 第二節 香港股市初次公開發行研究與台資企業赴香港上市相關研究 9 第三節 研究假設 12 第三章 研究設計 15 第一節 研究對象與範圍 15 第二節 研究變數與定義 16 第三節 研究方法 19 第四章 實證分析與研究發現 21 第一節 敘述統計分析與T-檢定 21 第二節 初次公開發行折價之影響因素 30 第三節 三個月、六個月、九個月以及一年超額報酬率之影響因素 36 第五章 結論 41 第一節 研究結論 41 第二節 研究建議 43 參考文獻 44 一、中文部份 44 二、英文部分 45 附錄 48 附錄一 樣本公司基本資料 48 附錄二 樣本公司上市首日原始報酬率與超額報酬率 49 附錄三 樣本公司三個月、六個月、九個月以及一年超額報酬率 50 附錄四 樣本公司台灣上市櫃母公司資料 51 附錄五 樣本公司主要承銷商 52 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0095357015 | en_US |
| dc.subject (關鍵詞) | 台資企業香港上市 | zh_TW |
| dc.subject (關鍵詞) | 上市折價現象 | zh_TW |
| dc.subject (關鍵詞) | 股價報酬 | zh_TW |
| dc.title (題名) | 台資企業香港上市折價現象與報酬研究 | zh_TW |
| dc.title (題名) | IPO UNDERPRICING AND RETURN STUDY OF HONG KONG LISTED TAIWANESE COMPANIES | en_US |
| dc.type (資料類型) | thesis | en |
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