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題名 集團企業與初次公開發行股票折價幅度之關係
The relationship between business groups and initial public offering underpricing
作者 呂文傑
貢獻者 譚丹琪
呂文傑
關鍵詞 集團企業
初次公開發行
折價幅度
日期 2009
上傳時間 8-Dec-2010 01:52:20 (UTC+8)
摘要 過去有關集團企業之研究,多偏重在探討集團企業多角化與績效之間的關係,而本研究嘗試以新的觀點,探討在資訊不對稱下集團企業所帶來的好處。
     本研究提出若IPO的公司隸屬於集團企業,可降低承銷商與投資人的風險,使得IPO股票折價幅度降低之假設,並由台灣證券交易所網站,選取民國90年1月至民國98年12月底為止在台灣證券交易所掛牌上市之139家新上市公司為樣本,以做為分析之用。
     根據本研究實證結果,在控制公司規模、漲跌幅新舊制、產業類別、與成立年數等變數下,當上市公司隸屬於集團企業時,相較於非集團企業之上市公司,其折價幅度平均低了8.777%。
     而在把「電子業樣本」與「非電子業樣本」分開討論下,「電子業樣本」中,當上市公司隸屬於集團企業時,相較於非集團企業之上市公司,其折價幅度平均只低了1.055%;而「非電子業樣本」中,當上市公司隸屬於集團企業時,相較於非集團企業之上市公司,其折價幅度平均低了25.096%。
參考文獻 中文文獻
1. 中華徵信所,(2008),台灣大型集團企業研究。
2. 中華徵信所,(2009),台灣中型集團企業研究。
3. 台灣經濟新報資料庫。
4. 司徒達賢,(1995),策略管理,遠流出版公司。
5. 司徒達賢,(2005),策略管理新論 觀念架構與分析方法,智勝出版社。
6. 李屏生(1980),關係企業立法管理問題之研究,政治大學公共行政研究所未出版碩士論文。
7. 杜惠娟(1986),集團化企業財務特性與績效影響因素之研究,國立政治大學企業管理研究所未出版碩士論文。
8. 林智新(1991),十大企業集團分析,天下雜誌。
9. 花榮尉(2000),「企業間資金連鎖與財務槓桿操作所致之經營風險殷鑑: 國揚實業案例」,商管科技季刊,第一卷,第一期。
10. 洪震宇(2003), 「天下雜誌50大集團」,天下雜誌,第277期。
11. 陳定國(1979年1 月16 日),關係企業與集團企業之管理,經濟日報,第二版。
12. 許士軍(1994),管理學,東華書局。
13. 劉常勇(1996),企業集團管理的組織與功能,高銀季刊,第八卷,8-19。
14. 賴英照(1988),公司法論文集,財團法人中華民國證券市場發展基金會。
15. 賴明政(1993),集團企業之策略性組織關聯研究,國立中興大學企業管理研究所未出版碩士論文。
16. 謝尚倫(2008),媒體報導對初次上市股票績效之影響,國立政治大學財務管理研究所碩士論文。
17. 蘇怡如(2002),台灣集團企業多角化程度之探討,國立成功大學國際企業研究所碩士論文。
英文文獻
1. Aggarwal, R., and Rivoli, P., (1990), “Fads in the initial public offering market?”, Financial Management 19, 45-57
2. Allen, F., and Faulhaber, G. R., (1989), “Signalling by underpricing in the IPO market,” Journal of Financial Economics, 23(2), 303-323.
3. Amihud, Y., Hauser, S., and Kirsh, A., (2003), “Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange,” Journal of Financial Economics, 68(1), 137-158.
4. Amsden, A. H., and T. Hikino, (1994), “Project execution capability, organizational know-how and conglomerate corporate growth in late industrialization,” Industrial and Corporate Change 3: 111-147.
5. Baron, D. P., (1982), “A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues,” Journal of Finance, Vol. 37, No. 4, 955-976.
6. Beatty, R. P., and J.R. Ritter, (1986), "Investment Banking, Reputation, and the under pricing of Initial Public Offerings," Journal of Financial Economics, 15, PP.213-32.
7. Benveniste, L. M., and Busaba, W. Y., (1997), “Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs,” The Journal of Financial and Quantitative Analysis, 32(4), 383-403.
8. Berglöf, E., and E. Perotti, (1994), ”The Governance Structure of the Japanese Financial Keiretsu,” Journal of Financial Economics, 36(2), 259-284.
9. Burgelman, R., (1984), “Managing the internal corporate venturing process,” MIT Sloan Management Review 25, 33–49.
10. Carter, R., and Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation. The Journal of Finance, 45(4), 1045-1067.
11. Caves, R., (1989), “International differences in industrial organization,” In Handbook of Industrial Organiza- tion, Schmalensee R, Willig R (eds.). North-Holland: Amsterdam; 1226-1249.
12. Chang, S. J., and Hong, J., (2002), “How much does the business group matter in Korea? “, Strategic Mgmt Journal, 23, 265-274.
13. Chung, Chi-Nien, (2001), "Markets, Culture and Institutions: The Emergence of Large Business Groups in Taiwan, 1950s-1970s," Journal of Management Studies, July, 38(5), 720-745
14. Claessens, S., J. P. H. Fan, and L. H. P. Lang, (2006), “The Benefits and Costs of Group Affiliation: Evidence from East Asia,” Emerging Markets Review, Vol. 7, 1-26.
15. Claessens, S., S. Djankov, J. Fan, and H. P. Lang, (2002), “Disentangling the incentive and entrenchment effects of large shareholdings,” Journal of Finance, 55, 2741–2772
16. Encaration, D., (1989), “Dislodging Multinationals: India`s Comparative Perspective,“ Cornell University Press: Ithaca, NY.
17. Fama, E. F. and K. R. French, 1995, “Size and book-to-market factors in earnings and returns,” Journal of Finance, 131-115.
18. Gerlach, M., (1992), “Alliance Capitalism: The Social Organization of Japanese,” Berkeley, California: University of California Press.
19. Granovetter, M., (1994), “Business groups in the handbook of economic sociology,” Princeton University Press: Princeton.
20. Guillen, M.F., (2000), “Business group in emerging economies: A resource-based view,” Academy of Management Journal, Vol. 43, 362-380.
21. Hambrick, D., and Mason, P., (1984), “Upper echelons: The organization as a reflection of its top managers.” Academy of Management Journal, 9, 193–206.
22. Ibbotson, R. G., (1975), “Price performance of common stock new issues. Journal of Financial Economics,” 2(3), 235-272.
23. Khanna, T., and K. Palepu, (1997), “Why focused strategies may be wrong for emerging markets,” Harvard Business Review 75: 41-50.
24. Khanna, T., and K. Palepu, (1999), “The Right Way to Restructure Conglomertaes in Emerging Markets,” Harvard Business Review, 6-8, 125-134.
25. Khanna, T., and K. Palepu, (2000), “The Future of Business Groups in Emerging Markets: Long-run Evidence from Chile,” Academy of Management Journal. Vol. 43, 268-285.
26. Khanna, T. and J. W. Rivkin, (1999), “Ties that bind business groups: evidence from an emerging economy,” Harvard Business School working paper.
27. Khanna, T. and J. W. Rivkin, (2001), “Estimating the performance effects of business groups in emerging markets,¡¨ Strategic Management Journal, 22, 45-74.
28. Khanna, T., and Y. Yafeh, (2007), "Business Groups in Emerging Markets: Paragons or Parasites?", Journal of Economic Literature, June, 331-372
29. Leff, N., (1976), “Capital markets in the less developed countries: the group principle.” In Money and Fin- ance in Economic Growth and Development, McKin- non R (ed.). Marcel Dekker: New York.
30. Leff, N., (1978), “Industrial organization and entrepreneurship in the developing countries: The economic groups,” Economic Development and Cultural Change, 26, 661-675.
31. Miller, R. and Reilly, F., 1987, An Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings, Financial Management 16, 33-38.
32. Mintz, B., and M. Schwartz, (1985), “The Power Structure of American Business,” University Chicago Press, Chicago.
33. Peng, Mike W., and P.S. Heath, (1996), “The Growth of the Firm in Planned Economies in Transition : Institutions, Organizations, and Strategic Choice,” Academy of Management Review, 21(2), 492-528.
34. Pinchot, G., (1985), “Intrapreneuring: why you don`t have to leave the corporation to become an entrepreneur,” Harper & Row, New York.
35. Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer, (1999), “Corporate Ownership around the World,” The Journal of Finance, Vol. 54, No. 2 (Apr., 1999), 471-517
36. Ritter, J. R., (1984), “The Hot Issue Market of 1980. The Journal of Business,” 57(2), 215-240.
37. Ritter, J. R., and Welch, I., (2002), “A Review of IPO Activity, Pricing, and Allocations. The Journal of Finance,” 57(4), 1795-1828.
38. 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.
39. Spence, M., (1973), “Job Market Signaling,” The Quarterly Journal of Economics, Vol. 87, No. 3, 355-374.
40. Stein, J. C., (1997) “Internal Capital Markets and the Competition for Corporate Resources,” Journal of Finance, 52(1), pp.111-134
41. Strachan, H., (1976), “Family and Other Business Groups in Economic Development: The Case of Nicaragua,” Praeger: New York.
42. Stuart, T.E, H. Hoang and R.C. Hybels, 1999, Interorganizational endorsements and the performance of entrepreneurial venture, Administrative Science Quarterly, 44 (2), 315-349.
43. Welch, I., (1989), “Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings,” The Journal of Finance, 44(2), 421-449.
44. Welch, I., (1992), “Sequential Sales, Learning, and Cascades,” The Journal of Finance, 47(2), 695-732.
45. Williamson, O., (1975), “Market and Hierarchies: Analysis and Antitrust Implications, “ Free Press: New York.
46. Yiu, D., Bruton, G. D., and Lu, Y., (2005), ¡¡¡ÓUnderstanding Business Group Performamnce in an Emerging Economy: Acquiring Resources and capabilities in Order to Prosper,¡¨ Journal of Management Studies, 42(1), 183-206.
47. Zahra, S. A., and Covin, J. G., (1993), “Business strategy, technology policy and firm performance,” Strategic Management Journal, Vol.14, Iss.13, 451-478.
描述 碩士
國立政治大學
國際經營與貿易研究所
97351018
98
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097351018
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.author (Authors) 呂文傑zh_TW
dc.creator (作者) 呂文傑zh_TW
dc.date (日期) 2009en_US
dc.date.accessioned 8-Dec-2010 01:52:20 (UTC+8)-
dc.date.available 8-Dec-2010 01:52:20 (UTC+8)-
dc.date.issued (上傳時間) 8-Dec-2010 01:52:20 (UTC+8)-
dc.identifier (Other Identifiers) G0097351018en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/48884-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易研究所zh_TW
dc.description (描述) 97351018zh_TW
dc.description (描述) 98zh_TW
dc.description.abstract (摘要) 過去有關集團企業之研究,多偏重在探討集團企業多角化與績效之間的關係,而本研究嘗試以新的觀點,探討在資訊不對稱下集團企業所帶來的好處。
     本研究提出若IPO的公司隸屬於集團企業,可降低承銷商與投資人的風險,使得IPO股票折價幅度降低之假設,並由台灣證券交易所網站,選取民國90年1月至民國98年12月底為止在台灣證券交易所掛牌上市之139家新上市公司為樣本,以做為分析之用。
     根據本研究實證結果,在控制公司規模、漲跌幅新舊制、產業類別、與成立年數等變數下,當上市公司隸屬於集團企業時,相較於非集團企業之上市公司,其折價幅度平均低了8.777%。
     而在把「電子業樣本」與「非電子業樣本」分開討論下,「電子業樣本」中,當上市公司隸屬於集團企業時,相較於非集團企業之上市公司,其折價幅度平均只低了1.055%;而「非電子業樣本」中,當上市公司隸屬於集團企業時,相較於非集團企業之上市公司,其折價幅度平均低了25.096%。
zh_TW
dc.description.tableofcontents 摘要-------------------------------------------1
     第一章 緒論-------------------------------------2
     第一節 研究背景與動機----------------------------2
     第二節 研究目的---------------------------------4
     第三節 研究架構---------------------------------5
     第二章 文獻探討---------------------------------7
     第一節 集團企業的定義----------------------------7
     第二節 集團企業存在的原因------------------------16
     第三節 資訊不對稱下集團企業與IPO折價的關係---------25
     第三章 研究設計---------------------------------32
     第一節 樣本來源與處理----------------------------32
     第二節 變數定義與衡量----------------------------33
     第三節 使用模型---------------------------------39
     第四章 實證分析---------------------------------40
     第一節 敘述統計分析------------------------------40
     第二節 相關分析---------------------------------45
     第三節 迴歸分析---------------------------------47
     第五章 結論與建議-------------------------------52
     第一節 研究結論---------------------------------52
     第二節 研究限制與未來研究方向---------------------54
     第三節 管理意涵---------------------------------56
     參考文獻---------------------------------------57
     附錄-------------------------------------------67
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097351018en_US
dc.subject (關鍵詞) 集團企業zh_TW
dc.subject (關鍵詞) 初次公開發行zh_TW
dc.subject (關鍵詞) 折價幅度zh_TW
dc.title (題名) 集團企業與初次公開發行股票折價幅度之關係zh_TW
dc.title (題名) The relationship between business groups and initial public offering underpricingen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文文獻zh_TW
dc.relation.reference (參考文獻) 1. 中華徵信所,(2008),台灣大型集團企業研究。zh_TW
dc.relation.reference (參考文獻) 2. 中華徵信所,(2009),台灣中型集團企業研究。zh_TW
dc.relation.reference (參考文獻) 3. 台灣經濟新報資料庫。zh_TW
dc.relation.reference (參考文獻) 4. 司徒達賢,(1995),策略管理,遠流出版公司。zh_TW
dc.relation.reference (參考文獻) 5. 司徒達賢,(2005),策略管理新論 觀念架構與分析方法,智勝出版社。zh_TW
dc.relation.reference (參考文獻) 6. 李屏生(1980),關係企業立法管理問題之研究,政治大學公共行政研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 7. 杜惠娟(1986),集團化企業財務特性與績效影響因素之研究,國立政治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) 8. 林智新(1991),十大企業集團分析,天下雜誌。zh_TW
dc.relation.reference (參考文獻) 9. 花榮尉(2000),「企業間資金連鎖與財務槓桿操作所致之經營風險殷鑑: 國揚實業案例」,商管科技季刊,第一卷,第一期。zh_TW
dc.relation.reference (參考文獻) 10. 洪震宇(2003), 「天下雜誌50大集團」,天下雜誌,第277期。zh_TW
dc.relation.reference (參考文獻) 11. 陳定國(1979年1 月16 日),關係企業與集團企業之管理,經濟日報,第二版。zh_TW
dc.relation.reference (參考文獻) 12. 許士軍(1994),管理學,東華書局。zh_TW
dc.relation.reference (參考文獻) 13. 劉常勇(1996),企業集團管理的組織與功能,高銀季刊,第八卷,8-19。zh_TW
dc.relation.reference (參考文獻) 14. 賴英照(1988),公司法論文集,財團法人中華民國證券市場發展基金會。zh_TW
dc.relation.reference (參考文獻) 15. 賴明政(1993),集團企業之策略性組織關聯研究,國立中興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) 16. 謝尚倫(2008),媒體報導對初次上市股票績效之影響,國立政治大學財務管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 17. 蘇怡如(2002),台灣集團企業多角化程度之探討,國立成功大學國際企業研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 英文文獻zh_TW
dc.relation.reference (參考文獻) 1. Aggarwal, R., and Rivoli, P., (1990), “Fads in the initial public offering market?”, Financial Management 19, 45-57zh_TW
dc.relation.reference (參考文獻) 2. Allen, F., and Faulhaber, G. R., (1989), “Signalling by underpricing in the IPO market,” Journal of Financial Economics, 23(2), 303-323.zh_TW
dc.relation.reference (參考文獻) 3. Amihud, Y., Hauser, S., and Kirsh, A., (2003), “Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange,” Journal of Financial Economics, 68(1), 137-158.zh_TW
dc.relation.reference (參考文獻) 4. Amsden, A. H., and T. Hikino, (1994), “Project execution capability, organizational know-how and conglomerate corporate growth in late industrialization,” Industrial and Corporate Change 3: 111-147.zh_TW
dc.relation.reference (參考文獻) 5. Baron, D. P., (1982), “A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues,” Journal of Finance, Vol. 37, No. 4, 955-976.zh_TW
dc.relation.reference (參考文獻) 6. Beatty, R. P., and J.R. Ritter, (1986), "Investment Banking, Reputation, and the under pricing of Initial Public Offerings," Journal of Financial Economics, 15, PP.213-32.zh_TW
dc.relation.reference (參考文獻) 7. Benveniste, L. M., and Busaba, W. Y., (1997), “Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs,” The Journal of Financial and Quantitative Analysis, 32(4), 383-403.zh_TW
dc.relation.reference (參考文獻) 8. Berglöf, E., and E. Perotti, (1994), ”The Governance Structure of the Japanese Financial Keiretsu,” Journal of Financial Economics, 36(2), 259-284.zh_TW
dc.relation.reference (參考文獻) 9. Burgelman, R., (1984), “Managing the internal corporate venturing process,” MIT Sloan Management Review 25, 33–49.zh_TW
dc.relation.reference (參考文獻) 10. Carter, R., and Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation. The Journal of Finance, 45(4), 1045-1067.zh_TW
dc.relation.reference (參考文獻) 11. Caves, R., (1989), “International differences in industrial organization,” In Handbook of Industrial Organiza- tion, Schmalensee R, Willig R (eds.). North-Holland: Amsterdam; 1226-1249.zh_TW
dc.relation.reference (參考文獻) 12. Chang, S. J., and Hong, J., (2002), “How much does the business group matter in Korea? “, Strategic Mgmt Journal, 23, 265-274.zh_TW
dc.relation.reference (參考文獻) 13. Chung, Chi-Nien, (2001), "Markets, Culture and Institutions: The Emergence of Large Business Groups in Taiwan, 1950s-1970s," Journal of Management Studies, July, 38(5), 720-745zh_TW
dc.relation.reference (參考文獻) 14. Claessens, S., J. P. H. Fan, and L. H. P. Lang, (2006), “The Benefits and Costs of Group Affiliation: Evidence from East Asia,” Emerging Markets Review, Vol. 7, 1-26.zh_TW
dc.relation.reference (參考文獻) 15. Claessens, S., S. Djankov, J. Fan, and H. P. Lang, (2002), “Disentangling the incentive and entrenchment effects of large shareholdings,” Journal of Finance, 55, 2741–2772zh_TW
dc.relation.reference (參考文獻) 16. Encaration, D., (1989), “Dislodging Multinationals: India`s Comparative Perspective,“ Cornell University Press: Ithaca, NY.zh_TW
dc.relation.reference (參考文獻) 17. 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) 18. Gerlach, M., (1992), “Alliance Capitalism: The Social Organization of Japanese,” Berkeley, California: University of California Press.zh_TW
dc.relation.reference (參考文獻) 19. Granovetter, M., (1994), “Business groups in the handbook of economic sociology,” Princeton University Press: Princeton.zh_TW
dc.relation.reference (參考文獻) 20. Guillen, M.F., (2000), “Business group in emerging economies: A resource-based view,” Academy of Management Journal, Vol. 43, 362-380.zh_TW
dc.relation.reference (參考文獻) 21. Hambrick, D., and Mason, P., (1984), “Upper echelons: The organization as a reflection of its top managers.” Academy of Management Journal, 9, 193–206.zh_TW
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