| dc.contributor.advisor | 徐燕山 | zh_TW |
| dc.contributor.author (作者) | 伍思吟 | zh_TW |
| dc.contributor.author (作者) | Wu, Szu Yin | en_US |
| dc.creator (作者) | 伍思吟 | zh_TW |
| dc.creator (作者) | Wu, Szu Yin | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 17-九月-2009 19:20:32 (UTC+8) | - |
| dc.date.available | 17-九月-2009 19:20:32 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-九月-2009 19:20:32 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0094357013 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34068 | - |
| 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) | 94357013 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 美國初級市場採用詢價圈購做為訂價與配售方式已趨成熟，而非美國地區也有八成採用詢價圈購。在過去幾年中，我國IPO案件仍以全面公開申購作為主要承銷方式，近年主管機關透過制度改革與承銷應與國際接軌聲浪中，我國IPO市場已出現詢價圈購取代全面公開申購之趨勢。為了解詢價圈購的定價效率性，本文以94年承銷改制後採用詢價圈購為訂價方式的初次上市(櫃)公司為例，探討IPO承銷價格的決定因素以及IPO的折價幅度。結果發現承銷商商譽、初始價格區間幅度以及定價日前一個月的興櫃市場價格與IPO價格調整具有顯著關聯，掛牌前一日的興櫃成交均價、掛牌前一個月的大盤與同產業報酬率則與IPO期初報酬率具有顯著正向關連，而掛牌前一日興櫃交易成交均價應可預測掛牌日之收盤價。 | zh_TW |
| dc.description.abstract (摘要) | Bookbuilding has traditionally dominated the primary market in terms of pricing and allocation in the US as well as in the worldwide.While in Taiwan, open offer is the major IPO underwriting method. After several rounds of reformation, bookbuilding has gradually replaced open offer.To examine the efficiency of bookbuilding, we study how underwriters set their offering prices, and the consequent initial returns. We find that underwriter reputation, initial price range, and OTC price are related to the range of price adjustment, while the lagged market return, the lagged industry return and the OTC price of the IPO issue preceeding the offer date are positively related to initial return. | en_US |
| dc.description.tableofcontents | 第壹章 緒論 I第一節 研究背景與動機 1第二節 研究目的 3第三節 研究架構與流程 4第貳章 文獻回顧 6第一節 我國承銷制度介紹 6第二節 文獻回顧 15一、詢價圈購理論探討 15二、承銷價格調整理論 16三、影響IPO期初報酬率因素理論探討 19第叁章 研究方法 23第一節 資料來源與樣本蒐集 23第二節 影響承銷價格調整因素之模型設計 25第三節 影響IPO期初報酬率因素之模型設計 31第肆章 實證結果與分析 39第一節 敘述統計 39第二節 實證結果與分析 51一、承銷價調整幅度之因素探討 51二、影響期初報酬率之因素探討 55三、分組資料分析 60第伍章 結論與建議 66第一節 研究結果 67第二節 研究限制 70第三節 研究建議 71參考文獻 72 | zh_TW |
| dc.format.extent | 49691 bytes | - |
| dc.format.extent | 88662 bytes | - |
| dc.format.extent | 62209 bytes | - |
| dc.format.extent | 121811 bytes | - |
| dc.format.extent | 131362 bytes | - |
| dc.format.extent | 327197 bytes | - |
| dc.format.extent | 209654 bytes | - |
| dc.format.extent | 402672 bytes | - |
| dc.format.extent | 103362 bytes | - |
| dc.format.extent | 132020 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0094357013 | en_US |
| dc.subject (關鍵詞) | 詢價圈購 | zh_TW |
| dc.subject (關鍵詞) | 折價 | zh_TW |
| dc.subject (關鍵詞) | bookbuilding | en_US |
| dc.subject (關鍵詞) | underpricing | en_US |
| dc.subject (關鍵詞) | IPO | en_US |
| dc.title (題名) | IPO承銷價格決定因素與IPO折價因素之探討-以詢價圈購案件為例 | zh_TW |
| dc.title (題名) | Exploration of Factors on IPO Pricing and Underpricing | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 1.王方伶，2005，「淺談上市(櫃)制度及上市(櫃)後管理制度改革方案」，證券暨期貨管理月刊，第23卷，第1期，頁62-74。 | zh_TW |
| dc.relation.reference (參考文獻) | 2.王方伶、楊慧敏，「淺談承銷制度改進措施」，證券暨期貨管理月刊，第23卷，第6期，頁26-33。 | zh_TW |
| dc.relation.reference (參考文獻) | 3.黃蘭霙，2005，「承銷新制對資本市場的影響」，證券暨期貨管理月刊，第23卷，第6期，頁4-14。 | zh_TW |
| dc.relation.reference (參考文獻) | 4.劉玉珍、陳薇如，2004，「為何詢價圈購方式逐漸取代競價拍賣？」證券暨期貨管理月刊，第22卷，第5期，頁16-32。 | zh_TW |
| dc.relation.reference (參考文獻) | 5.林坤宏，2006，「承銷制度變革對新上市櫃股票短期報酬績效之影響」，台灣大學財務金融學系碩士未出版論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 6.張翠玲，2003，「初次公開發行蜜月行情之探討─興櫃股票設立前後」，逢甲大學財務金融學系碩士未出版論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 7.姜堯民、戴維芯，2007，「興櫃交易對於初次上櫃績效的影響」，證券櫃檯月刊，第129期，頁17-32。 | zh_TW |
| dc.relation.reference (參考文獻) | 8.金成隆、林修葳、洪郁珊，2003，「無形資產、新股折價與內部人持股關係之研究」，會計評論，第36期，頁23-53。 | zh_TW |
| dc.relation.reference (參考文獻) | 9.馬黛、胡德中，2003，「承銷配售機制之決定及其對IPO折價之影響─競價拍賣、詢價圈購與公開申購」財務金融學刊，第11卷，第1期，頁1-40。 | zh_TW |
| dc.relation.reference (參考文獻) | 10.施光訓、蔡明春、陸仲華，2005，「IPO議價因素之探討─承銷商觀點」，會計與公司治理，第二卷，第二期，頁79-108。 | zh_TW |
| dc.relation.reference (參考文獻) | 11.許石睦，2004，「我國新上市櫃股票訂價效率性之研究─以興櫃制度實施後為例」，國立台北大學企業管理系碩士在職專班未出版論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 12.楊雅婷，2003，「興櫃交易與上市（櫃）股票之蜜月效果」，國立台北大學經濟學系碩士未出版論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 【英文】 | zh_TW |
| dc.relation.reference (參考文獻) | 1.Baron,D. P., 1982,”A model of the Demand for Investment Banking Advising and Distribution Services for New Issues.” Journal of Finance ,Vol. 37, pp.955–976. | zh_TW |
| dc.relation.reference (參考文獻) | 2.Barry,C.S.Brown,1985,”Differential Information and Security Market Equilibrium.” Journal of Financial and Quantitative Analysis,Vol.20, No.4, pp.407-422. | zh_TW |
| dc.relation.reference (參考文獻) | 3.Barzel,Y., Habib,M.A. and Johnsen,D.B.,2000,” IPO Syndicates, Private Foreknowledge, and the Economics of Excess Search.” Working paper, George Mason University School of Law. | zh_TW |
| dc.relation.reference (參考文獻) | 4.Beatty,Randolph P., and Jay R.Ritter, 1986,” Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.” Journal of Financial Economics, Vol.15, pp.213-232. | zh_TW |
| dc.relation.reference (參考文獻) | 5.Benveniste, Lawrence M., and P.Spindt, 1989,” How Investment Bankers Determine the Offer Price and Allocation of New Issues?” Journal of Financial Economics, Vol.24, pp.343-361. | zh_TW |
| dc.relation.reference (參考文獻) | 6.Benveniste, L. M., and Wilhelm, Wilhelm J., 1990, “ A Comparative Analysis of IPO Proceeds under Alternative Regulatory Environments.” Journal of Financial Economics, Vol. 28, pp.173–208. | zh_TW |
| dc.relation.reference (參考文獻) | 7.Benveniste, Lawrence M., Busaba,Walid Y. and Wilhelm, Wilhelm J., 2002, ” Information Externalities and the Role of Underwriters in Primary Equity Markets.” Journal of Financial Intermediation, Vol.11,No.1, pp.61-86. | zh_TW |
| dc.relation.reference (參考文獻) | 8.Benveniste, Lawrence M., A. Ljungqvist, Wilhelm,William J. and Xiaoyun Yu, 2003,” Evidence of Information Spillovers in the Production of Investment Banking Services.” Journal of Finance, Vol.58, Issue 2, pp.577-608. | zh_TW |
| dc.relation.reference (參考文獻) | 9. Bradley, Daniel J.,and Jordan, Bradford D., 2002,” Partial Adjustment to Public Information and IPO Underpricing.” Journal of Financial and Quantitative Analysis, Vol.37, No.4, pp.595-616. | zh_TW |
| dc.relation.reference (參考文獻) | 10.Carter, R.B. and Manaster,S.,1990, “Initial Public Offerings and Underwriter Reputation.”Journal of Finance,Vol.45,Issue 4,pp.1045-1067 | zh_TW |
| dc.relation.reference (參考文獻) | 11.Carter, R.B., Dark, F., and Singh, A, 1998, “ Underwriter Reputation, Initial Returns and the Long-run Performance of IPO Stocks” Journal of Finance, Vol.53, Issue.1, pp. 285-311. | zh_TW |
| dc.relation.reference (參考文獻) | 12.Chen, Hsuan-Chi and Ritter, J., 2000, “The Seven Percent Solution” Journal of Finance, Vol. 55, Issue 3, pp.1105-1131. | zh_TW |
| dc.relation.reference (參考文獻) | 13.Chen, Sheng-Syan,Ho, Kim-Wai, Lee, Cheng-few and Yeo, Gillian H. H., 2002,” Investment Opportunities, Free Cash Flow and Market Reaction to International Joint Ventures” Journal of Banking and Finance, Vol.24, Issue.11, pp.1747-1765. | zh_TW |
| dc.relation.reference (參考文獻) | 14.Cornelli, Francesca, and Goldreich, David, 2003,”Bookbuilding: How Informative is the Order Book?” Journal of Finance, Vol.58, Issue 4, pp.1415-1443. | zh_TW |
| dc.relation.reference (參考文獻) | 15.Corwin,Shane A.,and Shultz,Paul,2005,”The Role of IPO Underwriting Syndicates:Pricing, Information Production, and Underwriter Competition.”Journal of Finance,Vol.60,pp.443-486. | zh_TW |
| dc.relation.reference (參考文獻) | 16.Davidson III,Wallace N., Xie, Biao and Xu, Weihong, 2006,” IPO Placement Risk and the Number of Co-Managers.” The Financial Review, Vol.41, Issue 3, pp. 405-418. | zh_TW |
| dc.relation.reference (參考文獻) | 17.Derrien, F., 2003,” IPO Pricing in HOT Market Conditions: Who Leaves Money on the Table?” Working paper, University of Toronto, Toronto, Ontario, Canada. | zh_TW |
| dc.relation.reference (參考文獻) | 18.Derrien,F.,and Kent L. Womack,2003,”Auctions vs.Bookbuilding and the Control of Underpricing in HOT IPO Markets.” Review of Financial Studies,Vol.16,pp.31-61. | zh_TW |
| dc.relation.reference (參考文獻) | 19. Draho,Jason,2001, ” The Effect of Uncertainty on the Underpricing of IPOs.” Working paper, Morgan Stanley. | zh_TW |
| dc.relation.reference (參考文獻) | 20.Dunbar,C.,1998,” The Choice between Firm-commitment and Best-Effort Offering Methods in IPOs: The Effect of Unsuccessful Offerings.” Journal of Financial Intermediation, Vol.7, pp.60-90. | zh_TW |
| dc.relation.reference (參考文獻) | 21.Edelen,Roger M., and Kadlec, Gregory B.,2005, ”Issuer Surplus and the Partial Adjustment of IPO prices to Public Information.” Journal of Financial Economics, Vol.77, Issue 2,pp.347-373. | zh_TW |
| dc.relation.reference (參考文獻) | 22.Garfinkel, Jon A., 1993,” IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?” Financial Management, Vol.22, No.1, pp.84-83. | zh_TW |
| dc.relation.reference (參考文獻) | 23.Hanley,K.W, 1993,” The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenonf.” Journal of Financial Economics, Vol.34, pp.231-250. | zh_TW |
| dc.relation.reference (參考文獻) | 24.Hoffman-Burchardi, Ulrike, 2001,” Clustering of Initial Public Offerings, Information Revelation and Underpricing.” European Economics Review, Vol.45,Issue 2, pp.353-383. | zh_TW |
| dc.relation.reference (參考文獻) | 25.Jenkinson,T.,and Ljungqvist,A.,2001,”Going Public:The Theory and Evidence on How Companies Raise Equity Finance.” Clarendon Press, University of Oxford. | zh_TW |
| dc.relation.reference (參考文獻) | 26.Jenkinson,T., Morrison, A. and Wilhelm, W., 2006,” Why are European IPOs so Rarely Priced Outside the Indicative Price Range?” Journal of Financial Economics, Vol.80, Issue 1, pp.185-209. | zh_TW |
| dc.relation.reference (參考文獻) | 27.Kaserer, Christoph and Kraft,Marcus, 2003, “ How Issue Size, Risk, and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective.“ Journal of Business Finance and Accounting, Vol.30, Issue 3-4, pp.479-512. | zh_TW |
| dc.relation.reference (參考文獻) | 28.Krigman,L.,Sherman,W.H.,Womack,K.L.,2001,” Why do Firms Switch Underwriters?” Journal of Financial Economics, Vol.60, pp.245-284. | zh_TW |
| dc.relation.reference (參考文獻) | 29.Ljungqvist, A.and Wilhelm, William J.,2002,”IPO Allocations:Discriminatory or Discretionary?” Journal of Financial Economics,Vol.65,Issue.2,pp.67- 201. | zh_TW |
| dc.relation.reference (參考文獻) | 30.Ljungqvist, A. and Wilhelm, William J.,2003,“ What Makes Issuers Happy? Testing the Prospect Theory of IPO Underpricing.” Unpublished working paper. New York University, New York, N.Y. | zh_TW |
| dc.relation.reference (參考文獻) | 31.Logue, D. E, 1973,“On the Pricing of Unseasoned Equity Issues: 1965-1969.” Journal of Financial and Quantitative Analysis, Vol.8, Issue 1, pp. 91-103. | zh_TW |
| dc.relation.reference (參考文獻) | 32.Loughran,T., Ritter J.,2002, ”Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?” Review of Financial Studies, Vol.15, pp.413-444. | zh_TW |
| dc.relation.reference (參考文獻) | 33.Loughran,T.,Ritter, J.,2004, ”Why Has IPO Underpricing Changed Over Time?” Financial Management, Vol. 33, Issue 3, pp.5-37. | zh_TW |
| dc.relation.reference (參考文獻) | 34.Loughran,T.,Ritter,J.,Rydqvist,K.,2007,”Initial Public Offering:International Insights.” available at http://bear.cba.ufl.edu/ritter/Int2007.pdf [access on 27/12/2007]. | zh_TW |
| dc.relation.reference (參考文獻) | 35.Lowry, Michelle, and G. William Schwert, 2001,”Biases in the IPO Pricing Process.” Working paper, No. 8586, University of Rochester. | zh_TW |
| dc.relation.reference (參考文獻) | 36.Lowry, Michelle, and G. William Schwert, 2002,” IPO Market Cycles: Bubbles or Sequential Learning?” Journal of Finance, Vol.57, Issue.3, pp.1171-1200. | zh_TW |
| dc.relation.reference (參考文獻) | 37.Nimalendran, M., Jay R. Ritter, Donghang Zhang, 2007,” Do Today ’s Trades Affect Tomorrow ’s IPO Allocations?” Journal of Financial Economics,Vol.84 pp.87–109 | zh_TW |
| dc.relation.reference (參考文獻) | 38.Persons, John C.,and Vincent A. Warther, 1997, ” Boom and Bust Patterns in the Adoption of Financial Innovations.” Review of Financial Studies, Vol.10, pp.939-968. | zh_TW |
| dc.relation.reference (參考文獻) | 39.Plaksen,E.,2006,”Information Revelation Efficiency in IPO: How Early Do Stock Prices Incorporate the Empire Building Problem?” working paper, University of Zürich. | zh_TW |
| dc.relation.reference (參考文獻) | 40.Rock, K., 1986, “ Why new issues are Underpriced? ” Journal of Financial Economics, Vol.15, pp.187–212. | zh_TW |
| dc.relation.reference (參考文獻) | 41.Rahman, H., and Yung, K, 1999, “Insurance IPOs:A Test of the Underpricing Theories.” Journal of Insurance Issues, Vol.22, No.1, pp.61-77. | zh_TW |
| dc.relation.reference (參考文獻) | 42.Reuter, J., 2006. “ Are IPO Allocations for Sale? Evidence from the Mutual Fund Industry. “ Journal of Finance, Vol. 61, pp.2289–2324. | zh_TW |
| dc.relation.reference (參考文獻) | 43.Schultz, P.,1993,“Unit Initial Public Offerings” Journal of Financial Economics, Vol.34, pp.199-229. | zh_TW |
| dc.relation.reference (參考文獻) | 44.Schultz, P. and Shane, A.,2003,”The Role of IPO UnderwritingSyndicates:Pricing, Information Production, and Underwriter Competition.” Journal of Finance Vol.60, No.1, pp.443-486. | zh_TW |
| dc.relation.reference (參考文獻) | 45.Sherman, Ann E., 2003,”Global Trends in IPO Methods:Bookbuilding vs.Acution.” Working paper, University of Notre Dame. | zh_TW |
| dc.relation.reference (參考文獻) | 46.Stoughton, Neal M., Wong,Kit Pong and Zechner,Josef,2001, ”IPOs and Product Quality”, Journal of Business, Vol.74,Issue 3,pp.375-408. | zh_TW |
| dc.relation.reference (參考文獻) | 47. Sun,Chuanli, 2005,” The Partial Adjustment of IPO prices: Information or Speculation?” working papers,School of Business, Queen’s University. | zh_TW |
| dc.relation.reference (參考文獻) | 48.Tinic, S. M, 1988,” Anatomy of Initial Public Offerings of Common Stock.” The Journal of Finance, Vol.43, Issue 4, pp.789-822. | zh_TW |
