| dc.contributor.advisor | 譚丹琪 | zh_TW |
| dc.contributor.author (Authors) | 陳玟儒 | zh_TW |
| dc.creator (作者) | 陳玟儒 | zh_TW |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 8-Dec-2010 01:52:22 (UTC+8) | - |
| dc.date.available | 8-Dec-2010 01:52:22 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Dec-2010 01:52:22 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0097351028 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/48886 | - |
| 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) | 97351028 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | 過去關於初次公開發行股票折價(IPO under pricing)現象的研究，多著重於探討財務資訊和承銷方式的影響，各國股票市場雖普遍存在折價現象，但中外學者對於引起IPO折價的原因仍無一定論。本研究嘗試應用信號理論(signaling theory)，認為折價主要是由於投資人和承銷商及發行公司之間資訊不對稱所致，並假設高階經理團隊的某些特質可作為示訊信號，藉此降低資訊不對稱情形。 實證上以台灣股票發行市場為對象，選取民國94年至97年中為研究期間，蒐集於該段時間公開上市(櫃)之股票；並根據相關文獻，選擇三種高階經理團隊特質─教育程度、相關產業經歷及對外關係連結(personal ties)對IPO折價幅度進行假設驗證。結果顯示高階經理團隊的「相關產業經歷」及「與同產業公司的關係連結」對IPO折價具有顯著的影響能力；「教育程度」及「與不同產業公司的關係連結」影響方向雖與假設相符，但影響效果並不顯著。 | zh_TW |
| dc.description.tableofcontents | 第一章 緒論 1 第一節 研究背景與動機 第二節 研究目的 第三節 研究架構 第二章 文獻探討 5 第一節 第一節首次公開發行股票(IPO) 第二節 信號理論(Signaling Theory) 第三節 高階經理團隊(Top Management Team) 20 第三章 研究設計 26 第一節 第一節研究假設 第四章 研究方法 33 第一節 樣本描述 第二節 變數定義與衡量 第三節 使用模型 第五章 研究結果 47 第一節 敘述性統計 第二節 變數相關分析 第三節 實證結果分析 第六章 結論與建議 第一節 研究結論 第二節 管理上的意涵 第三節 研究限制與未來研究方向 第七章 參考文獻 53 附錄 59 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0097351028 | en_US |
| dc.subject (關鍵詞) | 高階經理團隊 | zh_TW |
| dc.subject (關鍵詞) | 初次公開發行 | zh_TW |
| dc.subject (關鍵詞) | 信號理論 | zh_TW |
| dc.subject (關鍵詞) | signaling theory | en_US |
| dc.title (題名) | 高階經理團隊特質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 top management team characteristics and initial public offering underpricing | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 中文文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 1. 王筱君(2006)，承銷制度改革對初級發行市場之影響，國立中興大學財務金融研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 2. 伍思吟(2008)，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，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) | 3. 吳惠雯 (2001)，公司治理對IPOs承銷價與上市後股價表現影響之研究，輔仁大學金融研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 4. 吳筱婷(2007)，承銷方式、投資者意見差異與上市績效，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) | 5. 陳勝凱(2004)，公司所有權結構對承銷價制定與市場評價之影響，東海大學會計學研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 6. 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研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 7. 鄧秀琴(2001)，國際化經驗、創始國際化年齡與企業績效關係之研究，國立政治大學國際經營與貿易研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 8. 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) | 9. 劉思琦(2004)，台灣初次上市公司股權結構、董事會組成與公司經營績效關係之研究，中正大學財金所。 | zh_TW |
| dc.relation.reference (參考文獻) | 10. 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) | 英文文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 1. Akerlof, G. (1970). The market for lemons: Qualitative. uncertainty and the market mechanism. The Quarterly. Journal of Economics, Vol. 84, No. 3, 488-500. | zh_TW |
| dc.relation.reference (參考文獻) | 2. Allen, F., & Faulhaber, G.R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, Vol. 23, Issue 2, 303-323. | zh_TW |
| dc.relation.reference (參考文獻) | 3. Bach, S., Judge, W., & Dean, T. (2008). A Knowledge-Based View of IPO Success: Superior Knowledge, Isolating Mechanisms, and the Creation of Market Value. Journal of Management Issues, Vol. XX Number 4, 507-527. | zh_TW |
| dc.relation.reference (參考文獻) | 4. Bantel, K. & Jackson, S. (1989). Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal, 10, 107–124. | zh_TW |
| dc.relation.reference (參考文獻) | 5. Barkema, H. G. & Shvyrkov, O. (2007). Does top management team diversity promote or hamper foreign expansion. Strategic Management Journal, 28: 663–680. | zh_TW |
| dc.relation.reference (參考文獻) | 6. 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) | 7. Beatty, R.P., & Ritter, J.R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, Vol. 15, Issues 1-2, 213-232. | zh_TW |
| dc.relation.reference (參考文獻) | 8. Benveniste, L. M., & Spindt, P. A. (1989). How Investment Bankers Determine the Offer Price and Allocation of New Issues. Journal of Financial Economics, Vol. 24, 343-362. | zh_TW |
| dc.relation.reference (參考文獻) | 9. Carpenter, M. A. (2002). The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance. Strategic Management Journal, 23, 275–284. | zh_TW |
| dc.relation.reference (參考文獻) | 10. Carpenter, M. A. (2002). Top Management Team Compensation: The Missing Link between CEO Pay and Firm Performance? Strategic Management Journal, Vol. 23, No. 4, pp. 367-375. | zh_TW |
| dc.relation.reference (參考文獻) | 11. Carpenter, M. A. & Fredrickson, J. W. (2001). Top Management Teams, Global Strategic Posture, and the Moderating Role of Uncertainty. The Academy of Management Journal, Vol. 44, No. 3, pp. 533-545. | zh_TW |
| dc.relation.reference (參考文獻) | 12. Carpenter, M.A., Geletkanycz, M.A., & Sanders, W.G. (2004). Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management, 30(6), 749–778. | zh_TW |
| dc.relation.reference (參考文獻) | 13. Carpenter, M., Pollock, T., & Leary, M. (2003). Testing a model of reasoned risk-taking: Governance, the experience of principals and agents, and global strategy in high-technology IPO firms. Strategic Management Journal, 24(9), 802–820. | zh_TW |
| dc.relation.reference (參考文獻) | 14. Carter, R. & Manaster, S. (1990). Initial public offerings and underwriter reputation. Journal of Finance, Vol. 45, No. 4, 1045-1067. | zh_TW |
| dc.relation.reference (參考文獻) | 15. Certo, S.T. (2003). Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review, 28(3), 432–447. | zh_TW |
| dc.relation.reference (參考文獻) | 16. Certo, S.T., Daily, C.M., & Dalton, D.R. (2001). Signaling firm value through board structure: An investigation of Initial Public Offerings. Entrepreneurship Theory and Practice, 26(2), 33–50. | zh_TW |
| dc.relation.reference (參考文獻) | 17. Cohen, B. & Dean, T. (2005). Information Asymmetry and Investor Valuation of IPOs: Top Management Team Legitimacy as a Capital Market Signal. Strategic Management Journal, Volume 26 Issue 7, Pages 683 – 690. | zh_TW |
| dc.relation.reference (參考文獻) | 18. D`Aveni, R.A. (1990). Top Managerial Prestige and Organizational Bankruptcy. Organization Science, Vol. 1, No. 2, pp. 121-142. | zh_TW |
| dc.relation.reference (參考文獻) | 19. Dimov, D. P., & Shepherd, D. A. (2005). Human capital theory and venture capital firms: exploring “home runs” and “strike outs”. Journal of Business Venturing, Vol. 20, Issue 1, 1-21. | zh_TW |
| dc.relation.reference (參考文獻) | 20. Downes, D., & Heinkel, R. (1982). Signaling and the Valuation of Unseasoned New Issues. Journal of Finance, Vol. 37, No. 1, pp. 1-10. | zh_TW |
| dc.relation.reference (參考文獻) | 21. Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational Growth: Linking Founding Team, Strategy, Environment, and Growth Among U.S. Semiconductor Ventures, 1978-1988. Administrative Science Quarterly, Vol. 35, No. 3, 504-529. | zh_TW |
| dc.relation.reference (參考文獻) | 22. Eisenhardt, K. M., & Schoonhoven, C. B. (1996). Resource-based view of strategic alliance formation: Strategic and social effects in entrepreneurial firms. Organization Science, Vol. 7, No. 2, 136-150. | zh_TW |
| dc.relation.reference (參考文獻) | 23. Fama, E. F., & French, K.R. (1995). Size and Book-to-Market Factors in Earnings and Returns. The Journal of Finance, Vol. 50, No. 1, 131-155. | zh_TW |
| dc.relation.reference (參考文獻) | 24. Finkle, T.A. (1998). The relationship between boards of directors and initial public offerings in the biotechnology industry. Entrepreneurship Theory and Practice, 22(3), 5–29. | zh_TW |
| dc.relation.reference (參考文獻) | 25. Florin, J., Lubatkin, M., & Schulze, W. (2003). A Social Capital Model of High-Growth Ventures. The Academy of Management Journal, Vol. 46, No. 3, 374-384. | zh_TW |
| dc.relation.reference (參考文獻) | 26. Geletkanycz, M. A., & Hambrick, D. C. (1997). The external ties of top executives: Implications for strategic choice and performance. Administrative Science Quarterly, Vol. 42, 654-681. | zh_TW |
| dc.relation.reference (參考文獻) | 27. Gulati, R. & Higgins, M.C. (2003). Which ties matter when? The contingent effects of interorganizational partnerships on IPO success. Strategic Management Journal, 24, 127–144. | zh_TW |
| dc.relation.reference (參考文獻) | 28. Hambrick, D. & Mason, P. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Journal, 9, 193–206. | zh_TW |
| dc.relation.reference (參考文獻) | 29. Higgins, M. & Gulati, R. (2006). Stacking the Deck: The Effects of Top Management Backgrounds on Investor Decisions. Strategic Management Journal, Volume 27 Issue 1, Pages 1 – 25. | zh_TW |
| dc.relation.reference (參考文獻) | 30. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. The Academy of Management Review, Vol. 28, No. 3, 383-396. | zh_TW |
| dc.relation.reference (參考文獻) | 31. Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, Vol. 33, Issue 3, 375-400. | zh_TW |
| dc.relation.reference (參考文獻) | 32. Kroll, M., Walters, B., & Le, S. A. (2007). The Impact of Board Composition and Top Management Team Ownership Structure on Post-IPO Performance in Young Entrepreneurial Firms. Academy of Management Journal, Vol. 50, No. 5, 1198–1216. | zh_TW |
| dc.relation.reference (參考文獻) | 33. Leland, H. E. , & Pyle, D. H. (1977). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, Vol. 32, No. 2, 371-387. | zh_TW |
| dc.relation.reference (參考文獻) | 34. Lester R., Certo, T, Dalton, C., Dalton, D, & Cannella, A. (2006). Initial Public Offering Investor Valuations: An Examination of Top Management Team Prestige and Environmental Uncertainty. Journal of Small Business Management, Volume 44 Issue 1, Pages 1 – 26. | zh_TW |
| dc.relation.reference (參考文獻) | 35. Loughran, T., & Ritter, J. R. (2002). Why Don`t Issuers Get Upset About Leaving Money on the Table in IPOs? Review of Financial Studies, Vol. 15, 413-444. | zh_TW |
| dc.relation.reference (參考文獻) | 36. Lynall, M.D., Golden, B.R., & Hillman, A.J. (2003). Board composition from adolescence to maturity: A multitheoretic view. Academy of Management Review, 28(3), 416–431. | zh_TW |
| dc.relation.reference (參考文獻) | 37. Lyon, D. & Ferrier, W. (2002). Enhancing performance with product-market innovation: The influence of the top management team. Journal of Managerial Issues, 14(4), 452–469. | zh_TW |
| dc.relation.reference (參考文獻) | 38. Macmillan, I., Siegel, R., & Narasimha, P.N.S. (1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1), 119–128. | zh_TW |
| dc.relation.reference (參考文獻) | 39. Megginson, W. L., & Weiss, K.A. (1991). Venture Capitalist Certification in Initial Public Offerings. The Journal of Finance, Vol. 46, No. 3, 879-903. | zh_TW |
| dc.relation.reference (參考文獻) | 40. Michaely R., & Shaw W. H. (1994). The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories. The Review of Financial Studies, Vol. 7, No. 2, 279-319. | zh_TW |
| dc.relation.reference (參考文獻) | 41. Mudambi, R., & Treichel, M. Z. (2005). Cash crisis in newly public Internet-based firms: An empirical analysis. Journal of Business Venturing, Vol. 20, Issue 4, 543-571. | zh_TW |
| dc.relation.reference (參考文獻) | 42. Nahapiet, J., and Ghoshal, S. (1998). Social Capital, Intellectual Capital, and the Organizational Advantage. The Academy of Management Review, Vol. 23, No. 2, 242-266. | zh_TW |
| dc.relation.reference (參考文獻) | 43. Nemeth, C. J. (1986). Differential contributions of majority and minority influence. Psychological Review, Vol. 93(1), Jan 1986, 23-32. | zh_TW |
| dc.relation.reference (參考文獻) | 44. Podolny, J. M. (1994). Market Uncertainty and the Social Character of Economic Exchange. Administrative Science Quarterly, Vol. 39, No. 3, 458-483. | zh_TW |
| dc.relation.reference (參考文獻) | 45. Ritter, J.R. (1984). The "Hot Issue" Market of 1980. The Journal of Business, Vol. 57, No. 2, 215-240. | zh_TW |
| dc.relation.reference (參考文獻) | 46. Ritter, J.R. (1991). The Long-Run Performance of Initial Public Offerings. The Journal of Finance, Vol. 46, No. 1, 3-27. | zh_TW |
| dc.relation.reference (參考文獻) | 47. Rock, K. (1986). Why new issues are underpriced. Journal of Financial Economics, Vol. 15, Issues 1-2, 187-212. | zh_TW |
| dc.relation.reference (參考文獻) | 48. Sanders, Wm. G. & Boivie, S. (2004). Valuation of New Firms in Uncertain Markets. Strategic Management Journal, Vol. 25, No. 2, pp. 167-186. | zh_TW |
| dc.relation.reference (參考文獻) | 49. Sanders, Wm. G., & Carpenter, M. A. (1998).Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure. The Academy of Management Journal, Vol. 41, No. 2, 158-178. | zh_TW |
| dc.relation.reference (參考文獻) | 50. Shane, S. & Cable, D. (2002). Network ties, reputation, and the financing of new ventures. Management Science, 48(3), 364–381. | zh_TW |
| dc.relation.reference (參考文獻) | 51. Sherman, A. E., & Titman, S. (2002). Building the IPO order book: underpricing and participation limits with costly information. Journal of Financial Economics, Vol. 65, Issue 1, 3-29. | zh_TW |
| dc.relation.reference (參考文獻) | 52. Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, Vol. 87, No. 3, 355-374. | zh_TW |
| dc.relation.reference (參考文獻) | 53. Spence, M. (1976). Competition in Salaries, Credentials, and Signaling Prerequisites for Jobs. The Quarterly Journal of Economics, Vol. 90, No. 1, 51-74. | zh_TW |
| dc.relation.reference (參考文獻) | 54. Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. The Academy of Management Review, Vol. 20, No. 3, 571-610. | zh_TW |
| dc.relation.reference (參考文獻) | 55. Welbourne, T. & Cyr, L.A. (1999). The human resource executive effect in Initial Public Offering Firms. Academy of Management Journal, 42(6), 616–630. | zh_TW |
| dc.relation.reference (參考文獻) | 56. Wiersema, M. F., & Bantel, K. A. (1992). Top Management Team Demography and Corporate Strategic Change. The Academy of Management Journal, Vol. 35, No. 1, 91-121. | zh_TW |
| dc.relation.reference (參考文獻) | 57. Zimmerman, M. C. (2008). The Influence of Top Management Team Heterogeneity on The Capital Raised through an Initial Public Offering. Entrepreneurship Theory and Practice, Vol. 32, Issue 3, pp. 391-414. | zh_TW |
| dc.relation.reference (參考文獻) | 58. Zimmerman, M. & Zeitz, G. (2002). Beyond survival: Achieving new venture growth by building legitimacy. Academy of Management Review, 27(3), 414–432. | zh_TW |
