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題名 我國初次上市公司企業評價方法之研究
On business valuation methods used by IPO companies in Taiwan作者 黃珊珊 貢獻者 蘇瓜藤
黃珊珊關鍵詞 企業評價
市場基礎法
收益基礎法
資產基礎法日期 2011 上傳時間 30-Oct-2012 11:43:19 (UTC+8) 摘要 我國初次上市公司依據現行證券交易所上市審查規範，需經由承銷商出具承銷價格評估報告，該報告中需揭露依國際慣用評價方法評定之企業價值。本研究主要探討承銷商評估報告中揭露之評價方法對承銷價格及上市後股價與評定價值間差距幅度之影響。選取民國94年後實施承銷新制，並解除新股上市首五日漲跌幅限制之公司，研究期間起至民國94年，終至民國100年底。以三類評價方法：市場基礎法、收益基礎法及資產基礎法為解釋變數，承銷價格及上市後股價與評定價值間差距幅度為被解釋變數，運用實證測試達到本研究之目的。 實證結果顯示，不管選用何種評價方法，其對承銷價格及上市後股價與企業價值之差距幅度均為顯著影響。但選用市場法中本益比法及收益法中現金流量折現法為評價方法時，其承銷價格及上市後股價與衡量之企業價值差距幅度影響較資產法小。
Taiwan Stock Exchange Corporation (TWSE) regulates IPO pricing in the IPO Underwriter Evaluation Reports, which should include the disclosure of valuation methods, namely, the market, income, and asset approaches. This research aims to explore whether the valuation methods are associated with the gap between the offer price and stock prices with the business valuation. The sample consists of 107 Taiwan IPO cases that took place during the period of 2005 to 2011. The empirical results are as follows. The market approach using the PE ratio as value multiple results in a gap between the offer price or stock prices and the calculated business value. The result of the income approach using the discounted cash flow method is almost the same as the market approach. Under the asset approach, the gap between the offer price or stock prices and calculated business value is the largest among the three approaches.參考文獻 中文部分王方伶與楊慧敏，2005，淺談承銷制度改進措施，證券暨期貨月刊，第二十三卷第六期，頁26-32。伍思吟，2007，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，國立政治大學碩士論文。李宜雯，2011，淺談初次上市(櫃)承銷制度改進措施，證券暨期貨月刊，第二十九卷第五期，頁24-36。金成隆、林修葳與洪郁珊，2003，無形資產、新股折價與內部人持股關係之研究，會計評論，第36期，頁23-53。財團法人中華民國會計研究發展基金會評價準則委員會，2009，評價準則公報第四號「評價流程準則」。馬黛與胡德中，2003，承銷配售機制之決定及其對IPO折價之影響－競價拍賣、詢價圈購與公開申購，財務金融學刊，第十一卷第一期，頁1-40。崔可欣與廖恆毅，2007，台灣新上市股票評價研究—比較乘數法之應用，輔仁管理評論，第十四卷第一期，頁1-26。黃佩佩，2011，淺談承銷制度與改革，證券暨期貨月刊，第二十九卷第五期，頁5-23。劉臻心，2011，台灣IPO股票短期與長期異常報酬現象之研究，國立台北大學碩士論文。薛明玲，2011，企業併購策略與最佳實務，資誠叢書。鍾韻琳，2010，近期承銷制度之興革，證券公會季刊，民國99年第三季，頁47-50。英文部分Alford, A. 1992. “The Effect of The Set of Comparable Firms on The Accuracy of The Price-earnings Valuation Method.” Journal of Accounting Research, Vol. 30, pp. 94-108.Barry, C. and S. Brown. 1985. “Differential Information and Security Market Equilibrium.” Journal of Financial and Quantitative Analysis, Vol. 20, No. 4, pp. 407-422.Beatty, Randolph P., and Jay R. Ritter. 1986. “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.” Journal of Financial Economics, Vol. 15, pp. 213-232.Benveniste, Lawrence M., and P. Spindt. 1989. “How Investment Bankers Determine the Offer Price and Allocation of New Issues?” Journal of Financial Economics, Vol. 24, pp. 343-361.Benveniste, Lawrence M., A. Ljungqvist, W. J. Wilhelm Jr. and Xiaoyun Yu. 2003. “ Evidence of Information Spillovers in the Production of Investment Banking Services.” Journal of Finance, Vol. 58, Issue 2, pp. 577-608.Boatsman, J., and E. Baskin. 1981. “Asset Valuation with Incomplete Markets.” The Accounting Review, Vol. 56, No.1, pp. 38-53.Carter, R.B. and S. Manaster. 1990. “Initial Public Offerings and Underwriter Reputation.” Journal of Finance, Vol. 45, Issue 4, pp. 1045-1067.Dunbar, C. 1998. “The Choice between Firm-commitment and Best-Effort Offering Methods in IPOs: The Effect of Unsuccessful Offerings.” Journal of Financial Intermediation, Vol. 7, pp. 60-90.Edelen, Roger M., and Gregory B, Kadlec. 2005. “Issuer Surplus and the Partial Adjustment of IPO Prices to Public Information.” Journal of Financial Economics, Vol. 77, Issue 2, pp. 347-373.Foster, G. 1986. Financial Statement Analysis. New York: Prentice-Hall.Garfinkel, Jon A. 1993. “ IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?” Financial Management, Vol. 22, No. 1, pp. 84-83.Hanley, K. W. 1993. “ The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon.” Journal of Financial Economics, Vol. 34, pp. 231-250.Henk, B, B. E. Michael, and F. Jason. 2000. “The Accuracy of Price-Earnings and Discounted Cash Flow Methods of IPO Equity Valuation.” Journal of International Financial Management and Accounting, Vol. 11, Issue 2, pp. 71-83.Kim, Moonchul and Jay R. Ritter. 1999. “Valuing IPO.” Journal of Financial Economics, Vol. 53, Issue 3, pp. 409-437.LeClair, M. S. 1990. “Valuing the Closely-Held Corporation: The Validity and Performance of Established Valuation Procedures.” Accounting Horizons, Vol. 4, Issue 3, pp. 31-42.Lev, B. 1983. “Some Economic Determinants of Time-Series Properties of Earnings.” Journal of Accounting and Economics, Vol. 5, pp. 31-48.Logue, D. E. 1973. “On the Pricing of Unseasoned Equity Issues: 1965-1969.” Journal of Financial and Quantitative Analysis, Vol. 8, Issue 1, pp. 91-103.Loughran, T. and Jay R. Ritter. 2002. “Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?” Review of Financial Studies, Vol. 15, pp. 413-444.Lowry, Michelle, and G. William Schwert. 2002. “ IPO Market Cycles: Bubbles or Sequential Learning?” Journal of Finance, Vol. 57, Issue 3, pp. 1171-1200.Muscarella, C. J. and Michael R. Vetsuypens. 1989. “A Simple Test of Baron’s Model of IPO Underpricing.” Journal of Financial Economics, Vol. 24, Issue 1, pp. 125-135.Nanda, V. and Y. Yun. 1997. “Reputation and Financial Intermediation: An Empirical Investigation of the Impact of IPO Mispricing on Underwriter Market Value.” Journal of Financial Intermediation, Vol. 6, Issue 1, pp. 39-63.Ohlson, J. A. 1982. “Market-Based Empirical Research in Accounting: A Review, Interpretation, and Extension.” Journal of Accounting Research, Vol. 20, pp. 249-322.Pagano, Marco, Fabio Panetta and Luigi Zingale. 1998. “Why Do Companies Go Public? An Empirical Analysis.” Journal of Finance, Vol. 53, pp. 27-64.Palepu, K. G., P. M. Healy, V. L. Bernard, and E. Peek. 2007. Business Analysis and Valuation, IFRS edition. London. UK: Thomson Learning, chapter 6.Plaksen, E. 2006. “Information Revelation Efficiency in IPO: How Early Do Stock Prices Incorporate the Empire Building Problem?” Working Paper, University of Zürich.Purnanandam, Amiyatosh K., and B. Swaminathan. 2001. “Are IPOs Underpriced?” Working paper, Cornell University.Tinic, S. M. 1988. “Anatomy of Initial Public Offerings of Common Stock.” The Journal of Finance, Vol. 43, Issue 4, pp. 789-822. 描述 碩士
國立政治大學
會計研究所
99353024
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353024 資料類型 thesis dc.contributor.advisor 蘇瓜藤 zh_TW dc.contributor.author (Authors) 黃珊珊 zh_TW dc.creator (作者) 黃珊珊 zh_TW dc.date (日期) 2011 en_US dc.date.accessioned 30-Oct-2012 11:43:19 (UTC+8) - dc.date.available 30-Oct-2012 11:43:19 (UTC+8) - dc.date.issued (上傳時間) 30-Oct-2012 11:43:19 (UTC+8) - dc.identifier (Other Identifiers) G0099353024 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54754 - 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) 99353024 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 我國初次上市公司依據現行證券交易所上市審查規範，需經由承銷商出具承銷價格評估報告，該報告中需揭露依國際慣用評價方法評定之企業價值。本研究主要探討承銷商評估報告中揭露之評價方法對承銷價格及上市後股價與評定價值間差距幅度之影響。選取民國94年後實施承銷新制，並解除新股上市首五日漲跌幅限制之公司，研究期間起至民國94年，終至民國100年底。以三類評價方法：市場基礎法、收益基礎法及資產基礎法為解釋變數，承銷價格及上市後股價與評定價值間差距幅度為被解釋變數，運用實證測試達到本研究之目的。 實證結果顯示，不管選用何種評價方法，其對承銷價格及上市後股價與企業價值之差距幅度均為顯著影響。但選用市場法中本益比法及收益法中現金流量折現法為評價方法時，其承銷價格及上市後股價與衡量之企業價值差距幅度影響較資產法小。 zh_TW dc.description.abstract (摘要) Taiwan Stock Exchange Corporation (TWSE) regulates IPO pricing in the IPO Underwriter Evaluation Reports, which should include the disclosure of valuation methods, namely, the market, income, and asset approaches. This research aims to explore whether the valuation methods are associated with the gap between the offer price and stock prices with the business valuation. The sample consists of 107 Taiwan IPO cases that took place during the period of 2005 to 2011. The empirical results are as follows. The market approach using the PE ratio as value multiple results in a gap between the offer price or stock prices and the calculated business value. The result of the income approach using the discounted cash flow method is almost the same as the market approach. Under the asset approach, the gap between the offer price or stock prices and calculated business value is the largest among the three approaches. en_US dc.description.tableofcontents 第一章、緒論 1第一節 研究動機與目的 1第二節 研究問題 3第三節 研究方法 5第四節 研究流程 6第二章、文獻探討 8第一節 承銷價格訂定合理性相關文獻 8第二節 企業評價方法相關文獻 14第三節 影響承銷價格調整因素相關文獻 20第四節 研究延伸 25第三章、研究方法 26第一節 理論與假說建立 26第二節 實證研究架構 30第三節 實證研究設計 31第四節 研究樣本與期間 37第四章、實證結果分析 39第一節 敘述性統計量 39第二節 實證結果與分析 47第三節 實證結果分析小結 54第五章 結論與建議 55第一節 結論 55第二節 研究限制 56第三節 建議及未來研究方向 58參考文獻 60 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353024 en_US dc.subject (關鍵詞) 企業評價 zh_TW dc.subject (關鍵詞) 市場基礎法 zh_TW dc.subject (關鍵詞) 收益基礎法 zh_TW dc.subject (關鍵詞) 資產基礎法 zh_TW dc.title (題名) 我國初次上市公司企業評價方法之研究 zh_TW dc.title (題名) On business valuation methods used by IPO companies in Taiwan en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 中文部分王方伶與楊慧敏，2005，淺談承銷制度改進措施，證券暨期貨月刊，第二十三卷第六期，頁26-32。伍思吟，2007，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，國立政治大學碩士論文。李宜雯，2011，淺談初次上市(櫃)承銷制度改進措施，證券暨期貨月刊，第二十九卷第五期，頁24-36。金成隆、林修葳與洪郁珊，2003，無形資產、新股折價與內部人持股關係之研究，會計評論，第36期，頁23-53。財團法人中華民國會計研究發展基金會評價準則委員會，2009，評價準則公報第四號「評價流程準則」。馬黛與胡德中，2003，承銷配售機制之決定及其對IPO折價之影響－競價拍賣、詢價圈購與公開申購，財務金融學刊，第十一卷第一期，頁1-40。崔可欣與廖恆毅，2007，台灣新上市股票評價研究—比較乘數法之應用，輔仁管理評論，第十四卷第一期，頁1-26。黃佩佩，2011，淺談承銷制度與改革，證券暨期貨月刊，第二十九卷第五期，頁5-23。劉臻心，2011，台灣IPO股票短期與長期異常報酬現象之研究，國立台北大學碩士論文。薛明玲，2011，企業併購策略與最佳實務，資誠叢書。鍾韻琳，2010，近期承銷制度之興革，證券公會季刊，民國99年第三季，頁47-50。英文部分Alford, A. 1992. “The Effect of The Set of Comparable Firms on The Accuracy of The Price-earnings Valuation Method.” Journal of Accounting Research, Vol. 30, pp. 94-108.Barry, C. and S. Brown. 1985. “Differential Information and Security Market Equilibrium.” Journal of Financial and Quantitative Analysis, Vol. 20, No. 4, pp. 407-422.Beatty, Randolph P., and Jay R. Ritter. 1986. “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.” Journal of Financial Economics, Vol. 15, pp. 213-232.Benveniste, Lawrence M., and P. Spindt. 1989. “How Investment Bankers Determine the Offer Price and Allocation of New Issues?” Journal of Financial Economics, Vol. 24, pp. 343-361.Benveniste, Lawrence M., A. Ljungqvist, W. J. Wilhelm Jr. and Xiaoyun Yu. 2003. “ Evidence of Information Spillovers in the Production of Investment Banking Services.” Journal of Finance, Vol. 58, Issue 2, pp. 577-608.Boatsman, J., and E. Baskin. 1981. “Asset Valuation with Incomplete Markets.” The Accounting Review, Vol. 56, No.1, pp. 38-53.Carter, R.B. and S. Manaster. 1990. “Initial Public Offerings and Underwriter Reputation.” Journal of Finance, Vol. 45, Issue 4, pp. 1045-1067.Dunbar, C. 1998. “The Choice between Firm-commitment and Best-Effort Offering Methods in IPOs: The Effect of Unsuccessful Offerings.” Journal of Financial Intermediation, Vol. 7, pp. 60-90.Edelen, Roger M., and Gregory B, Kadlec. 2005. “Issuer Surplus and the Partial Adjustment of IPO Prices to Public Information.” Journal of Financial Economics, Vol. 77, Issue 2, pp. 347-373.Foster, G. 1986. Financial Statement Analysis. New York: Prentice-Hall.Garfinkel, Jon A. 1993. “ IPO Underpricing, Insider Selling and Subsequent Equity Offerings: Is Underpricing a Signal of Quality?” Financial Management, Vol. 22, No. 1, pp. 84-83.Hanley, K. W. 1993. “ The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon.” Journal of Financial Economics, Vol. 34, pp. 231-250.Henk, B, B. E. Michael, and F. Jason. 2000. “The Accuracy of Price-Earnings and Discounted Cash Flow Methods of IPO Equity Valuation.” Journal of International Financial Management and Accounting, Vol. 11, Issue 2, pp. 71-83.Kim, Moonchul and Jay R. Ritter. 1999. “Valuing IPO.” Journal of Financial Economics, Vol. 53, Issue 3, pp. 409-437.LeClair, M. S. 1990. “Valuing the Closely-Held Corporation: The Validity and Performance of Established Valuation Procedures.” Accounting Horizons, Vol. 4, Issue 3, pp. 31-42.Lev, B. 1983. “Some Economic Determinants of Time-Series Properties of Earnings.” Journal of Accounting and Economics, Vol. 5, pp. 31-48.Logue, D. E. 1973. “On the Pricing of Unseasoned Equity Issues: 1965-1969.” Journal of Financial and Quantitative Analysis, Vol. 8, Issue 1, pp. 91-103.Loughran, T. and Jay R. Ritter. 2002. “Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?” Review of Financial Studies, Vol. 15, pp. 413-444.Lowry, Michelle, and G. William Schwert. 2002. “ IPO Market Cycles: Bubbles or Sequential Learning?” Journal of Finance, Vol. 57, Issue 3, pp. 1171-1200.Muscarella, C. J. and Michael R. Vetsuypens. 1989. “A Simple Test of Baron’s Model of IPO Underpricing.” Journal of Financial Economics, Vol. 24, Issue 1, pp. 125-135.Nanda, V. and Y. Yun. 1997. “Reputation and Financial Intermediation: An Empirical Investigation of the Impact of IPO Mispricing on Underwriter Market Value.” Journal of Financial Intermediation, Vol. 6, Issue 1, pp. 39-63.Ohlson, J. A. 1982. “Market-Based Empirical Research in Accounting: A Review, Interpretation, and Extension.” Journal of Accounting Research, Vol. 20, pp. 249-322.Pagano, Marco, Fabio Panetta and Luigi Zingale. 1998. “Why Do Companies Go Public? An Empirical Analysis.” Journal of Finance, Vol. 53, pp. 27-64.Palepu, K. G., P. M. Healy, V. L. Bernard, and E. Peek. 2007. Business Analysis and Valuation, IFRS edition. London. UK: Thomson Learning, chapter 6.Plaksen, E. 2006. “Information Revelation Efficiency in IPO: How Early Do Stock Prices Incorporate the Empire Building Problem?” Working Paper, University of Zürich.Purnanandam, Amiyatosh K., and B. Swaminathan. 2001. “Are IPOs Underpriced?” Working paper, Cornell University.Tinic, S. M. 1988. “Anatomy of Initial Public Offerings of Common Stock.” The Journal of Finance, Vol. 43, Issue 4, pp. 789-822. zh_TW
