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題名 媒體報導對初次上市股票績效之影響
THE IMPACT OF MEDIA COVERAGE ON IPO UNDERPRICING作者 謝尚倫 貢獻者 姜堯民
謝尚倫關鍵詞 初次上市
媒體報導日期 2007 上傳時間 17-Sep-2009 19:22:12 (UTC+8) 摘要 本研究以民國90年至97年3月間於台灣證券交易所掛牌之新上市公司為樣本，並扣除由上櫃轉上市公司的部份，共計119間公司。由於投資人在此類公司上市前難以取得公司相關資訊、或是取得資訊成本極高，因此大部分資訊來自新聞媒體的報導。因此本研究目的在於檢驗媒體報導是否可以有效減輕投資人與公司間的資訊不對稱，進而影響初次公開發行折價幅度。根據本實驗結果，在控制產業因素、公司規模、漲跌幅新舊制、上市前資本市場榮枯等變數下，新聞總數、正負面新聞報導之絕對數量，對折價幅度沒有顯著影響；此外，上市申請日、上市審議委員會通過日、交易所通過日以及證期局核准日四個時間區間的新聞數對發行折價之解釋能力亦無顯著差異。然而，當我們將新聞數量之變數轉為各性質新聞數量佔總新聞數量的比例後，卻得到正面新聞報導佔總新聞數的比例越高，初次公開發行折價幅度越低的結果。在119家樣本中，正面新聞佔總新聞數之平均比例為64%，且平均正面新聞多1%的比例會使該公司短期績效降低1.16%。 參考文獻 Allen, F. and Faulhaber, G.R., 1989, “Signalling and 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 QuantitativeAnalysis, 39, 541-569.
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 the Market for Initial Public Offerings,” Academy of Management Journal, 46(5), 631-642.
Ritter, J.R., 1998, “Initial public offerings,” Contemporary Finance Digest, 2, 5-30.
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
95357010
96資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095357010 資料類型 thesis dc.contributor.advisor 姜堯民 zh_TW dc.contributor.author (Authors) 謝尚倫 zh_TW dc.creator (作者) 謝尚倫 zh_TW dc.date (日期) 2007 en_US dc.date.accessioned 17-Sep-2009 19:22:12 (UTC+8) - dc.date.available 17-Sep-2009 19:22:12 (UTC+8) - dc.date.issued (上傳時間) 17-Sep-2009 19:22:12 (UTC+8) - dc.identifier (Other Identifiers) G0095357010 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34074 - 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) 95357010 zh_TW dc.description (描述) 96 zh_TW dc.description.abstract (摘要) 本研究以民國90年至97年3月間於台灣證券交易所掛牌之新上市公司為樣本，並扣除由上櫃轉上市公司的部份，共計119間公司。由於投資人在此類公司上市前難以取得公司相關資訊、或是取得資訊成本極高，因此大部分資訊來自新聞媒體的報導。因此本研究目的在於檢驗媒體報導是否可以有效減輕投資人與公司間的資訊不對稱，進而影響初次公開發行折價幅度。根據本實驗結果，在控制產業因素、公司規模、漲跌幅新舊制、上市前資本市場榮枯等變數下，新聞總數、正負面新聞報導之絕對數量，對折價幅度沒有顯著影響；此外，上市申請日、上市審議委員會通過日、交易所通過日以及證期局核准日四個時間區間的新聞數對發行折價之解釋能力亦無顯著差異。然而，當我們將新聞數量之變數轉為各性質新聞數量佔總新聞數量的比例後，卻得到正面新聞報導佔總新聞數的比例越高，初次公開發行折價幅度越低的結果。在119家樣本中，正面新聞佔總新聞數之平均比例為64%，且平均正面新聞多1%的比例會使該公司短期績效降低1.16%。 zh_TW dc.description.tableofcontents 摘要………………………………………………………………………IAbstract………………………………………………………………II目錄……………………………………………………………………III表目錄……………………………………………………………………V圖目錄……………………………………………………………………VI第一章 緒論第一節 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 文獻探討第一節 資訊不對稱下媒體報導與IPO折價之各種假說……………6第二節 假說建立……………………………………………………10第三章 研究設計第一節 資料來源及處理……………………………………………14第二節 研究變數與定義……………………………………………15第三節 研究方法……………………………………………………17第四章 實證分析與研究發現第一節 敘述統計與假設檢定………………………………………20第二節 初次公開發行折價之影響因素……………………………32第五章 結論與建議第一節 結論……………………………………………………………35第二節 建議……………………………………………………………36參考文獻 ………………………………………………………………37附錄附錄一 企業列表與詳細上市資訊……………………………………40附錄二 新聞分類準則…………………………………………………45 zh_TW dc.format.extent 44769 bytes - dc.format.extent 71618 bytes - dc.format.extent 103536 bytes - dc.format.extent 111952 bytes - dc.format.extent 133524 bytes - dc.format.extent 117612 bytes - dc.format.extent 148375 bytes - dc.format.extent 71828 bytes - dc.format.extent 45346 bytes - dc.format.extent 178930 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/#G0095357010 en_US dc.subject (關鍵詞) 初次上市 zh_TW dc.subject (關鍵詞) 媒體報導 zh_TW dc.title (題名) 媒體報導對初次上市股票績效之影響 zh_TW dc.title (題名) THE IMPACT OF MEDIA COVERAGE ON IPO UNDERPRICING en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Allen, F. and Faulhaber, G.R., 1989, “Signalling and 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 QuantitativeAnalysis, 39, 541-569. 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 the Market for Initial Public Offerings,” Academy of Management Journal, 46(5), 631-642. zh_TW dc.relation.reference (參考文獻) Ritter, J.R., 1998, “Initial public offerings,” Contemporary Finance Digest, 2, 5-30. 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
