| dc.contributor.advisor | 鄭丁旺 | zh_TW |
| dc.contributor.author (Authors) | 黃慈懿 | zh_TW |
| dc.creator (作者) | 黃慈懿 | zh_TW |
| dc.date (日期) | 1998 | en_US |
| dc.date.accessioned | 18-Sep-2009 19:01:37 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 19:01:37 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 19:01:37 (UTC+8) | - |
| dc.identifier (Other Identifiers) | B2002001606 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36624 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 86353011 | zh_TW |
| dc.description (描述) | 87 | zh_TW |
| dc.description.abstract (摘要) | 論文摘要我國新版承銷制度的要旨，在藉由市場供需法則與法人專業判斷的兩大機能運作，來改善我國過去股市中新上市股票蜜月期的種種不合理現象。本研究目的在實証這項制度立意，是否經過四年多來的實際運行，得以實現。本研究從兩方面展開；首先，構建迴歸模式，並透過不同樣本分群的處理，找出在全體樣本不分組、非競價拍賣組、競價拍賣組等三群樣本，其各自影響承銷價合理性的因素，再以實証結果分析其成因。其次，針對法人參與競價拍賣的競標過程加以分析，以法人投標率代表其參與市場的深度，以法人得標佔投標百分比代表其參與競價的積極程度。利用T檢定檢視法人和一般投資人在競價市場中究竟由誰主導價格的形成，以及何者在競價過程中態度較為積極。經實証研究發現，在全體樣本和非競價拍賣組中，負債比低的公司其承銷價格越合理，而現金股利宣告越多、蜜月期正處於市場狂飆期、並為新興電子業者，其承銷價格越不合理。但是同樣的模式並不適用於競價拍賣組的承銷價格合理性推論；因此可知新版承銷制度的施行的確對於承銷價格合理性的因素有所影響。至於對法人參與競價拍賣制的實証結果發現，機構投資人參與市場的深度尚不及一般投資大眾，且其競價的態度亦較保守，不過法人的參與市場的確有助於更合理的承銷價格的形成。最後，本研究對新版承銷制度的施行提出建議，除了誘導法人更積極參與市場，協助合理承銷價格的形成之外，更應把焦點延伸至股票上市後的股價穩定與維持，而不只是侷限在上市時單一時點的股價而已。以上兩點建議可供主管機關作為制訂相關決策時之參考。 | zh_TW |
| dc.description.abstract (摘要) | AbstractThe main object of the new systems of underwriting in Taiwan, is to improve the unreasonable price performance during the honeymoon period by market decision and professional judgements of the institution investors. The purpose of this research is to exam whether the object if the auction procedure has been realized after the four years execution.Hence, the regression models are built, and the samples are classified into three groups: auction group、non-auction group, and the total sample group, to individually test the implicated factors that will influence the reasonability of the price performance on the common stock new issued under the three treatments of sample groups. Then, the behaviors of the institution investors in the competitive bidding process are analyzed to test the role who play in forming the price.According to this study, it is found that in the total sample group and the non-auction group, the company with lower liability ratio will lead to a more reasonable IPOs underpricing; and the one with higher cash dividends、the new issued stock of which published when the market is in the bull position, and belonged to electronic and information industry, will lead to a unreasonable underpricing.but the same model used to expect the reasonability in the non-auction group and the total sample group is not subject to the auction group, according to this we can draw a conclusion that the new systems of the underwriting, auction procedure, do effect the reasonability of the underpricing. As to the research on the behavior of the institution investors, it is found that they are less positive than the other investors in the price forming process, but it is true that the participation of the professional institution investors helps in forming more reasonable underpricing.According to the conclusion made above, this study command that in addition to promoting institution investors to participate the market positively, we should also focus on the price stability and maintenance after IPOs rather than the price formed at the time the stock first published. The results of this research can be taken into consideration when making relative decisions. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1第一節 研究動機 1第二節 研究問題 3第三節 研究方法 4第四節 論文架構 4第二章 文獻探討 7第一節 國外文獻回顧 7第二節 國內相關文獻回顧 17第三章 承銷制度暨承銷價格訂定方式之探討 31第一節 我國承銷制度 32第二節 美國承銷價格之決定方式 42第三節 我國新版承銷制度之施行現況 46附 錄 我國新舊版承銷制度優劣點之比較 64第四章 研究方法 65第一節 研究架構 65第二節 研究假說 68第三節 研究變數定義說明與模式建立 73第四節 研究樣本與資料蒐集 82第五節 統計方法 83附 錄 實証一之樣本資料 86 實証二之樣本資料 88第五章 實証結果分析 90第一節 樣本變量敘述統計 90第二節 研究假說統計檢定實証分析結果 93第三節 實証結果說明 108第六章 結論與建議 113第一節 結論 113第二節 研究限制 114第三節 研究建議 114 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#B2002001606 | en_US |
| dc.subject (關鍵詞) | 競價拍賣 | zh_TW |
| dc.subject (關鍵詞) | 蜜月期 | zh_TW |
| dc.subject (關鍵詞) | 法人參與度 | zh_TW |
| dc.title (題名) | 影響我國承銷價格合理性因素之研究 | zh_TW |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 參考文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 中文部份 | zh_TW |
| dc.relation.reference (參考文獻) | 江建政，新上市股票承銷價故意低估與期初異常報酬之研究，朝陽科技大學財務金融學系未出版之碩士論文，民86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 朱立倫，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，民國84年9月。 | zh_TW |
| dc.relation.reference (參考文獻) | 李培棟，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 ，國立成功大學企業管理研究所未出版之碩士論文，民國86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 李金榮，股權分散對新上市公司股票之影響，文化大學會計學研究所未出版之碩士論文，民國85 年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳正芳 ，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之碩士論文，民國85年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 林嬋娟、李首賢，證券承銷商商譽排行榜，會計研究月刊第143期。 | zh_TW |
| dc.relation.reference (參考文獻) | 林珍如，我國承銷制度變革與新上市公司股價績效關係之研究，國立政治大學會計研究所未出版之碩士論文，民國87年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 徐瑋霙，我國新上市股價行為與長期績效之研究」，國立政治大學 | zh_TW |
| dc.relation.reference (參考文獻) | 會計研究所未出版之碩士論文，民國85年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 康榮寶等，上市蜜月期的巨額股價報酬，會計研究月刊，第109 | zh_TW |
| dc.relation.reference (參考文獻) | 期，民國83年10月。 | zh_TW |
| dc.relation.reference (參考文獻) | 程文萱，我國承銷制度與新上市（櫃）公司股價行為關連性之研究，國立政治大學會計研究所未出版碩士論文，民國87年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 蔡柳卿，依理性預期理論論我國承銷制度，國立政治大學會計研 | zh_TW |
| dc.relation.reference (參考文獻) | 究所未出版碩士論文，民國83年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 蔡家倩，我國新上市公司股票承銷價合理性之研究，國立政治大 | zh_TW |
| dc.relation.reference (參考文獻) | 學會計研究所未出版之碩士論文，民國86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 簡亨容，臺灣新上櫃及新上市股票初期異常報酬現象之探討，國立臺灣大學國際企業研究所未出版之碩士論文，民國86年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 魏□祥，台灣地區新上市股票承銷價格低估及其影響因素之實證研究，淡江大學管理科學研究所未出版之碩士論文，民國85年6月。 | zh_TW |
| dc.relation.reference (參考文獻) | 英文部份 | zh_TW |
| dc.relation.reference (參考文獻) | Akerlof , G. A. , “The market of Lemons”: Quality uncertain snd the market mechanism.” Quarterly Journal of Economics , August 1970, p.p.488-500. | zh_TW |
| dc.relation.reference (參考文獻) | Baron, D. P. ,”A model of the demand for investment banking advertising and distributing services for new issues.” Journal of Finance , September 1982,p.p.955-976. | zh_TW |
| dc.relation.reference (參考文獻) | Betty RP. & JR. Ritter .”Investment banking , reputation , and the underpricing of initial public offerings” Journal of Financial Economics 1986, p.p.213-232. | zh_TW |
| dc.relation.reference (參考文獻) | Bhattacharya, S.”Nondissipative signaling structures and dividend policy” Quarterly Journal of Economics August 1980, p.p.1-24. | zh_TW |
| dc.relation.reference (參考文獻) | Carter R. & S. Manaster “ Initial public offerings and underwriter reputation “ The Journal of Finance, September 1990, p.p.1045-1067. | zh_TW |
| dc.relation.reference (參考文獻) | Downes, D.H., and R. Heinkel, “Signaling and the valuation of unseasoned,” Journal of Finance,March 1982,p.p.1-10. | zh_TW |
| dc.relation.reference (參考文獻) | Drake, P. D. and M. R. Vetsuypens, Spring 1993, "IPO Underpricing and Insurance Against Legal Liability", Financial Management. | zh_TW |
| dc.relation.reference (參考文獻) | Grinblatt,M. , and C. Y. Hwang, “Signaling and the pricing of new Issues.” Journal of Finance, June 1989, p.p.393-420. | zh_TW |
| dc.relation.reference (參考文獻) | Gale, I. and J.E. Stiglitz, June 1989, "The Informational Content of Initial Public Offerings", Journal of Finance 44, p.p.469-477. | zh_TW |
| dc.relation.reference (參考文獻) | Hanley, Kathleen W., 1993, "The Underpricing of Initial Public Offering and the Partial Adjustment Phenomenon", Journal of Financial Economics 34, p.p.231-250. | zh_TW |
| dc.relation.reference (參考文獻) | Leland & Pyle, ”Information asymmetries, financial structure, and financial intermediation” The Journal of Finane May 1977,p.p.371-387. | zh_TW |
| dc.relation.reference (參考文獻) | Rajan, Raghuram and Henri Servaes, June 1997, "Analyst Following of Initial Public Offerings.", Journal of Finance 2, p.p.507-529. | zh_TW |
| dc.relation.reference (參考文獻) | Reilly, F.K, September 1973, "Further Evidence on Short-run Results for New Issues Investor.", Journal of Financial and Quantitative Analysis, p.p.77-80. | zh_TW |
| dc.relation.reference (參考文獻) | Rock, k. ,”Why new issues are underpriced,” Journal of Financial Economics,15;1986,p.p.215-240. | zh_TW |
| dc.relation.reference (參考文獻) | Simunic,D. ,and M. Stein, “Product differentiation in auditing: A study of auditing effects in the market for new issues,” Working Paper (University of British Columbia, Vancouver),1987. | zh_TW |
| dc.relation.reference (參考文獻) | Tinic, S.m. “Anatomy of initial public offerings of common stock “ The Journal of Finance 1988,p.p.789-822. | zh_TW |
