| dc.contributor.advisor | 沈中華 | zh_TW |
| dc.contributor.author (作者) | 陳崇生 | zh_TW |
| dc.contributor.author (作者) | Chen, Boss | en_US |
| dc.creator (作者) | 陳崇生 | zh_TW |
| dc.creator (作者) | Chen, Boss | en_US |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 18-九月-2009 15:04:36 (UTC+8) | - |
| dc.date.available | 18-九月-2009 15:04:36 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-九月-2009 15:04:36 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0094932213 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/35459 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 經營管理碩士學程(EMBA) | zh_TW |
| dc.description (描述) | 94932213 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 民國91年1月2日啟動交易的「興櫃市場」，提供投資者一個合法、安全及透明的未上市（櫃）股票交易市場，而依台灣證券交易所(TSEC)上市審查準則及櫃檯買中心(OTC)上櫃審查準則之規定欲申請初次申請上市（櫃）股票之公開發行公司，必先登錄興櫃股票，並掛牌交易達六個月以上，先熟悉市場交易規則及充分透明的資訊揭露，進而才有資格申請成為上市櫃公司。然興櫃市場是否具有「價格發現」機制，又影響其申請上市櫃(IPOs)股票蜜月現象因素為何，係本研究之探討重點。本研究主要探討興櫃公司初次申請上市（櫃）(IPOs)股票蜜月現象及其影響因素，研究目的在於「暸解檢驗興櫃公司從興櫃登錄至申請上市（櫃）（IPOs）期間是否存在超額報酬，並從公司基本因素、公司於興櫃市場表現因素、公司上市（櫃）時條件因素、市場景氣與制度因素與公司治理因素等五大類，瞭解其對於IPOs蜜月現象的影響。此外，並以實際登錄興櫃公司申請上市櫃進度，從興櫃股票在登錄興櫃日、上市（櫃）送件日、上市（櫃）審議委員會通過日等三個不同時點的兩個超額報酬，相對於上市（櫃）審議委員會通過日至上市（櫃）掛牌日這段期間之超額報酬的影響。另解析個案公司SWOT分析結果，探討個案公司相對於其所面對外部環境之機會與威脅，以及公司內部環境所具備的優勢與劣勢等相關影響因素。本研究運用複迴歸分析，得到實證結果發現興櫃申請上市(櫃)公司：1.「登錄興櫃日至上市（櫃）送件日之超額報酬」主要與產（行）業別、興櫃交易天數、登錄興櫃日至上市（櫃）送件日之大盤漲幅、會計師事務所聲譽等因素有關。2.「上市（櫃）送件日至審議委員會通過日之超額報酬」受到公司成立年數、興櫃交易天數、稅後EPS、登錄興櫃日至上市（櫃）送件日之大盤漲幅、上市（櫃）送件日至審議委員會通過日之大盤漲幅的影響。3.「審議委員會通過日至上市(櫃)掛牌日收盤價之超額報酬」與產（行）業別、興櫃個股日平均成交金額、興櫃交易天數、中籤率、承銷價、登錄興櫃日至上市（櫃）送件日之大盤漲幅、上市（櫃）送件日至審議委員會通過日之大盤漲幅、審議委員會通過日至掛牌日收盤價之大盤漲幅、首五日無漲跌幅限制、會計師事務所聲譽有關。4.「議定承銷價至上市(櫃)掛牌日收盤價之超額報酬」則是受到公司成立年數、興櫃交易天數、承銷價、稅後EPS、首五日無漲跌幅限制等變數的影響。除上述影響因素外，個案分析興櫃申請上市櫃(IPOs)公司可發現若該公司在產業皆具有領導地位、產品當紅有競爭利基（如ＩＣ設計等）具有國際競爭力及成長潛力、掌握關鍵研發創新技術、營收或獲利不斷成長、有較高毛利率及稅後每股盈餘、部份有富爸爸資源支持及垂直整合從與外資青睞，從登錄興櫃經審議委員會到上市（櫃）掛牌皆有超額報酬現象。 | zh_TW |
| dc.description.abstract (摘要) | Emerging Stock Market, which was started the transaction on January 2, 2002, provides the investors a legitimate, safe and transparent stock transaction market of unlisted company. According to the listed examination criterion of TSEC and OTC, an initial public offerings (IPOs) company has to be listed and transacted on Emerging Stock Market for over than six months to be familiar with the transaction rule of market and disclose the information of the company fully transparently. Then it has the admissibility of applying to transfer to listed market.This thesis mainly explores the honeymoon effect of IPOs stock and its influence factors. The five purposes including:1. To examine whether there is exceed return when an emerging company transferring to an IPOs company.2. To discuss the influence to the exceed return of IPOs by the five group factors, including the company fundamental, the performance in Emerging Market, the conditions of the company at IPOs, the market situations and systems, and the company governance.3. To discuss the influence to the exceed return of IPOs by the two time period factors between the three time points: listed day in the Emerging Market, the apply day to TSEC and OTC, and the day the application approved by Examination Committee of TSEC or OTC.4. To give SWOT analysis (combined with five forces analysis) in the case studies to explore, of the target companies, the opportunities and threats of the external environment and the strengths and weakness of the internal environment.5. To apply the exploration in Purpose 1, Purpose 2, and Purpose 3 to the target companies in the case studies.By using multiple regression model, we found the following results:1. The exceed return from the listed day in Emerging Market to the apply day to TSEC or OTC is related to the industry, the days staying in Emerging Stock Market, the performance of TSEC index, and the reputations of accountant business offices.2. The exceed return from the day applying to TSEC or OTC to the day the application approved by Examination Committee is related to the company age, the days a company staying in Emerging Stock Market, the EPS after tax, and the performance of TSEC index.3. The exceed return from the day the application passed by Examination Committee to the closing price at listing day is related to the industry, the average amount of transaction in Emerging Stock Market, the days a company staying in Emerging Stock Market, the transaction lot size, the stock offering price, the performance of TSEC index, the 7% price limit has been cancelled under the new underwriting system in five trading days after IPO, the reputations of accountant business offices.4. The exceed return from the IPOs price to the closing price at listing day is related to the company age, the days a company staying in Emerging Stock Market, the stock offering price, the EPS after tax, the 7% price limit has been cancelled under the new underwriting system in five trading days after IPO.Besides the above factors, we found, from the case studies, that IPO companies have the exceed return when they possess: the leadership in the industry, the international competitiveness and growth potential of their niche products, the key creative technology of R&D, the continuation growing of revenue and profit, the higher profit rate and the EPS after tax, the support of the parent group, and the foreign capital investors. | en_US |
| dc.description.tableofcontents | 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 研究流程 4第四節 論文結構 5第二章 文獻探討 6第一節 興櫃股票制度介紹與交易現況 6第二節 興櫃股票市場與未上市（櫃）市場之差異比較 22第三節 興櫃公司初次申請上市（櫃）(IPOs)審議時程之介紹 28第四節 興櫃公司初次申請上市（櫃）(IPOs)股票蜜月現象及其影響因素之文獻探討與研究 36第三章 研究設計 43第一節 研究架構 43第二節 研究假說 44第三節 研究範圍 51第四節 資料蒐集方法 52第五節 研究方法 53第四章 實證分析 56第一節 敘述性統計分析 56第二節 相關性分析與共線性診斷 60第三節 複迴歸分析 65第四節 實證分析結果彙總 74第五章 個案分析 78第一節 「類比IC設計」產業群組 81第二節 「筆記型電腦零組件(NB)」產業群組 89第三節 「散熱模組」產業群組 95第四節 「富爸爸效應」產業群組 99第五節 「安全監控設備」產業群組 103第六節 「留市觀察」產業群組 105第七節 個案公司超額報酬彙總探討 107第六章 結論與建議 109第一節 研究結論 109第二節 管理意涵 112第三節 研究限制 115第四節 未來研究建議 116附錄 118附錄一 國內外「IPOs股票蜜月效果之影響因素」相關文獻 118附錄二 主辦證劵商承辦件數佔有率 129參考文獻 130 | zh_TW |
| dc.format.extent | 45315 bytes | - |
| dc.format.extent | 217054 bytes | - |
| dc.format.extent | 20743 bytes | - |
| dc.format.extent | 182445 bytes | - |
| dc.format.extent | 711477 bytes | - |
| dc.format.extent | 222999 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.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0094932213 | en_US |
| dc.subject (關鍵詞) | 興櫃股票 | zh_TW |
| dc.subject (關鍵詞) | 超額報酬 | zh_TW |
| dc.subject (關鍵詞) | I初次申請上市（櫃）(IPOs) | zh_TW |
| dc.subject (關鍵詞) | 稅後每股盈餘 | zh_TW |
| dc.subject (關鍵詞) | emerging stock | en_US |
| dc.subject (關鍵詞) | initial public offering | en_US |
| dc.subject (關鍵詞) | exceed return | en_US |
| dc.subject (關鍵詞) | EPS | en_US |
| dc.title (題名) | 興櫃公司初次申請上市（櫃）(IPOs)股票蜜月現象及影響因素之研究 | zh_TW |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 中文部份： | zh_TW |
| dc.relation.reference (參考文獻) | 朱立倫，1995，「台灣股市新上市股票蜜月現象之研究」，證券市場發展季刊，第九卷第一期。 | zh_TW |
| dc.relation.reference (參考文獻) | 呂勝光，l996，「台灣新上市股票異常報酬之實證研究」，政治大學會計研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 李佩玲，2003，「影響證券承銷商決定初次上市（櫃）股票承銷價格因素之研究」，中山大學財務管理學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 李培棟，1998，「不同承銷配售方式下新上市與上櫃公司股票承銷價合理性之實證研究」，成功大學企業管理研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 宋孟哲，2007，「IPO超額報酬影響因素的探討」，義守大學財務金融學系碩士班未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳正芳，1997，「新上市股票超額報酬及影響因素之實證研究」，東吳大學企業管理研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳明歷，2003，「興櫃制度對新上市股票承銷價低估影響之研究」，中山大學財務管理學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳貞樺，2000，「新上市公司上市前後盈餘管理與蜜月期異常報酬之探討」，中正大學財務金融研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳蕙雯，2002，「公司治理對IPOs 承銷價之影響」，輔大大學財務金融研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 林玲羽，l993，「新上市公司異常報酬決定因素之實證研究」，政治大學會計研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 林象山，1995，「承銷商信譽對新上市股票之影響」，中國財務學刊，第三卷第一期，119-143。 | zh_TW |
| dc.relation.reference (參考文獻) | 林象山、霍熾榮與王郁雯，1998，「銀行貸款與新股折價及公司價值的關係」，管理學報，第十五卷第二期，271-293。 | zh_TW |
| dc.relation.reference (參考文獻) | 周士淵，1992，「我國新上市股票價格績效之研究」，淡江大學管科研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 邱寶桂，2002，「IPOs公司掛牌後股價表現影響因素之研究」，淡江大學財務金融學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 洪振虔、吳欽杉與陳安琳，2003，「新上市公司股票刻意偏低定價之影響因素－隨機前緣模式的運用」，管理學報，第二十卷第一期，113-141。 | zh_TW |
| dc.relation.reference (參考文獻) | 許佩雲，2001，「台灣新上市股票短期與價格行為」，中國文化大學會計研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 許石睦，2003，「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」，台北大學企業管理學系碩士在職專班未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳安琳，1997，「新上市公司股票相關之理論與實證文獻回顧」，管理學報，第十四卷第三期。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳安琳、李文智與林宗源，1999，「新上市公司股票之發行折價－代理成本與公司控制之研究」，中國財務學刊，第六卷第三期，1-23。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳秀亮，1987，「新上市股票行為探討」，中央大學產經所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 陳軒基、葉秀娟與陳右超，2003，「承銷商與折價幅度：台灣初次上市（櫃）股票之實證分析(1980~2000)」，證券市場發展季刊，第十四卷第四期，175-198。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃志典與簡亨容，2000，「公司基本要素可以解釋蜜月行情嗎？」，台灣銀行季刊，第五十一卷第二期。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃忠傑，2002，「初次上市櫃股票異常報酬影響因素之研究--以台灣地區電子業上市櫃公司為例」，大葉大學事業經營研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃慈懿，1999，「影響我國承銷價格合理性因素之研究」，政治大學會計研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 張慎，1994，「台灣新上市股票超額報酬及其影響因素之實證研究」，政治大學會計研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 張翠玲，2004，「初次公開發行蜜月行情之探討－興櫃股票市場設立前後」，逢甲大學財務金融研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 楊泓文，1987，「新上市股票報酬之研究」，交通大學管科所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 楊家溱，2000，「新上市股票超額報酬探討與不同承銷配售方式之選擇」，交通大學經營管理研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 楊琮琪，2001，「國內新上櫃公司異常報酬之實證研究」，朝陽科技大學財務金融研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 楊雅婷，2003，「興櫃交易與上市（櫃）股票之蜜月效果」，台北大學經濟系研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 賈武建，1991，「新上市公司股票價值之評價模式研究」，台灣大學商學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 潘慈暉，l994，「新上市股票異常報酬及其影響因素之實證研究」，台灣大學商學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 賴柏堯，1993，「影響台灣新上市股票定價與報酬因素之研究」，中正財務金融研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 謝冠冕，1995，「新上市公司短期超額報酬之探討」，淡江大學管理科學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 羅贊興，1990，「我國新上市公司股票短期報酬率之研究」，淡江大學金融所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 顧廣平，2003，「台灣新上市股票短期與長期績效之再探討」，證券市場發展季刊，第一十五卷第一期，1-40。 | zh_TW |
| dc.relation.reference (參考文獻) | 英文部份： | zh_TW |
| dc.relation.reference (參考文獻) | Aggarwal, R. and R. Kunzi. 1994. Why Initial Public Offerings are Under-priced: Evidence from Switzerland. Journal of Banking and Financial: 1421-1442. | zh_TW |
| dc.relation.reference (參考文獻) | Baron, D. P. 1982. A Model of the Demand for Investment Banking Advising and Distribution. Journal of Financial Economics 37: 955-976. | zh_TW |
| dc.relation.reference (參考文獻) | Barry, C. S. Brown. 1985. Differential Information and Security Market Equilbrium. Journal Of Financial and Quantitative Analysis : 407-422. | zh_TW |
| dc.relation.reference (參考文獻) | Beatty, R. P. and J.R. Ritter. 1986. Investment Banking Reputation and the Under-pricing of Initial Public Offerings. Journal of Financial Economics 15: 213-232. | zh_TW |
| dc.relation.reference (參考文獻) | Block, S. and M. Stanley. 1980. The Financial Characeristics and Price Movement Patterns of Companies Approaching the Unseasoned Securities Market in the Late 1970s. Financial Managemnt 9: 30-60. | zh_TW |
| dc.relation.reference (參考文獻) | Carter, R. B. and S. Manaster. 1990. Initial Public Offerings and Underwriter Reputation. Journal of Financial Economics 45: 1045-1067. | zh_TW |
| dc.relation.reference (參考文獻) | Drieghe, Rita. 1986. Boards Of Directors and Corporate Governance : The Case of Greenmail. Ph. D. Dissertation. Northwestern University. Evanston IL. | zh_TW |
| dc.relation.reference (參考文獻) | Fama, E. F. 1970. Efficient Capital Market : A Review of Theory and Empirical Work. Journal of Finance 25:388-417. | 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: 131-155. | zh_TW |
| dc.relation.reference (參考文獻) | Firth, Michael and Andrew Smith. 1992. The Accuracy of Profits Forecasts in Initial Public Offering Prospectuses. Journal of Accounting and Business Research 22: 239-247. | zh_TW |
| dc.relation.reference (參考文獻) | Hameed, Allaudeen and Guan Hua Lim. 1998. Under-pricing and Firm Quality in Initial Public Offerings: Evidence from Singapore. Journal of | zh_TW |
| dc.relation.reference (參考文獻) | Ibbotson, R. G. 1975. Price Performance of Common Stock New Issue. Journal of Finance Economics 2: 235-271. | zh_TW |
| dc.relation.reference (參考文獻) | Ibbotson, R. G. and J. Jaffe. 1975. Hot Issue Markets. Journal of Finance 30: 1027-1042. | zh_TW |
| dc.relation.reference (參考文獻) | Leland, H. and D. H. Pyle. 1977. Information Asymmetries, Financial Structure and Financial Inter-mediation. Journal of Finance: 371-387. | zh_TW |
| dc.relation.reference (參考文獻) | Logue, D. 1973. On the Pricing of Unseasoned Equity Issues. Journal of Financial and Quantitative Analysis 8: 91-103. | zh_TW |
| dc.relation.reference (參考文獻) | Loughran, T. and J. Ritter. 2002. Why Don’t Issuers Get Upset about Leaving Money on The Table in IPOs? Review of Financial Studies: 413-444. | zh_TW |
| dc.relation.reference (參考文獻) | Lyn, E. O. and E. J. Zychowicz. 2003. The Performance Regression Exploration. The Quarterly Review of Economics and Finance: 181-195. | zh_TW |
| dc.relation.reference (參考文獻) | Ljungqvist, A. and W. J. Wilhelm, JR. 2005. Does Prospect Theory Explain IPO Market Behavior? Journal of Finance, p.1759-1790. | zh_TW |
| dc.relation.reference (參考文獻) | Kaustia, M. 2004. Market Wide Impact of the Disposition Effect: Evidence from IPO Trading Volume. Journal of Financial Market, p.207-235. | zh_TW |
| dc.relation.reference (參考文獻) | McDonald, J. G. and A. K. Fisher. 1973. New-Issue Stock Price Behavior. Journal of Finance 27: 97-102. | zh_TW |
| dc.relation.reference (參考文獻) | Muscarella, C. J. And M. R. Vesuypens. 1989. A Simple Test of Baron’s Model of IPOs Uner-pricing. Journal of Financial Economics 24: 125-135. | zh_TW |
| dc.relation.reference (參考文獻) | Reilly & Hatifield. 1969. Investor Experience with New Stock Issues. Financial Analyst Journal: 73-80. | zh_TW |
| dc.relation.reference (參考文獻) | Reilly, F. K. 1997. New Issues Revisited, Financial Management 6: 28-42. | zh_TW |
| dc.relation.reference (參考文獻) | Ritter, J. R. 1984. The “Hot Issue” Market of 1980. The Journal of Business 57: 215-240. | zh_TW |
| dc.relation.reference (參考文獻) | Ritter, J. 1991. The Long-Run Performance of Initial Public Offerings. Journal of Finance: 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 allocations. NBER Working Paper Series. | zh_TW |
| dc.relation.reference (參考文獻) | Rock, K. 1986. Why New Issue are Under-priced. Journal of Financial Economics 15: 187-212. | zh_TW |
| dc.relation.reference (參考文獻) | Securities and Exchange Commision. 1963. Report of the Study of the Securities Markets of the SEC. 88th Cong 1st Sess. H.Doc 95. | zh_TW |
| dc.relation.reference (參考文獻) | Slovin, Myron B. and John E. Young. 1990. Banking Lending and Initial Public Offerings. Journal of Banking and Finance 14: 729-740. | zh_TW |
| dc.relation.reference (參考文獻) | Stigler, George J. 1964. Public Regulation of the Securities Markets. Journal of Business: 117-142. | 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 Accounting and Economics: 8: 159-172. | zh_TW |
| dc.relation.reference (參考文獻) | Yin, R. K. 1987. Case Study Research: Design and Methods. Sage Publications. | zh_TW |
| dc.relation.reference (參考文獻) | Young, J. E. and J. K. Zaima. 1988. The Aftermarket Performance of Small Firm Initial Public Offerings. Journal of Business Venturing 3: 77-87. | zh_TW |
