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題名 我國生醫產業初次上市櫃公開說明書之資訊揭露程度對初級市場承銷定價效率暨次級市場投資人信念異質性之影響
The effects of disclosure level of IPO Prospectus on pricing efficiency and divergence of opinion for biotechnology companies in Taiwan
作者 陳韻涵
Chen, Fabienne Y.
貢獻者 蘇瓜藤
Su, Robert K.
陳韻涵
Chen, Fabienne Y.
關鍵詞 初次公開發行
生醫產業
資訊揭露程度
事前不確定性
異質信念程度
initial public offering
biotechnology
disclosure level
ex ante uncertainty
divergence of opinion
日期 2011
上傳時間 30-Oct-2012 13:58:32 (UTC+8)
摘要 本研究旨在探討我國生醫產業公開說明書之資訊揭露程度對初次公開發行 (IPO, initial public offering)定價效率及次級市場投資人信念異質性程度之影響。當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性越高。為均衡各交易參與者之利益，發行人與承銷商將主動提升公開說明書之資訊揭露程度，以制定適當的IPO折價幅度、維持承銷商合理的承銷風險與報酬，並協助認購人適切評定IPO之價值。異質信念觀點強調次級市場投資人對企業價值看法之歧異程度越大，將導致IPO蜜月期報酬之異常現象。本研究預期若無形資產密集度越高，IPO事前不確定性越大，則IPO折價幅度越大，並預期公開說明書之資訊揭露程度將改變無形資產密集度對折價幅度之影響程度。此外，本研究預期，生醫產業IPO案件之無形資產密集度、公開說明書之資訊揭露程度及者配售情形均可能影響投資人信念異質性，進而影響掛牌初期之成交價量表現。
本研究參考國外證券主管機關之無形資產資訊揭露規範，自行建立資訊揭露指標，系統性地衡量我國生醫產業公開說明書之資訊揭露程度，並以多元迴歸分析檢測假說。實證結果顯示，我國生醫產業IPO案件之無形資產密集度對IPO折價幅度存在顯著正向影響；公開說明書之資訊揭露程度改變無形資產密集度對折價幅度之影響程度；發行人之無形資產密集度、公開說明書資訊揭露程度及初級市場配售情形皆影響掛牌初期之投資人信念異質性及價格震盪幅度。研究結果證實公開說明書之資訊揭露提供預期效益，及初級與次級市場間之資訊相互流通、交易行為相互連動之關聯性。
This research examines how the disclosure level of prospectus influences the efficiency of IPO (initial public offering) pricing in the primary market and the degree of divergence of opinions in the secondary market. The literature of IPO underpricing suggests that ex ante uncertainty due to information asymmetry has a positive impact on IPO discount and voluntary disclosure of prospectuses may reduce the uncertainty level. This research hypothesizes that, for biotechnology companies, a greater disclosure level of prospectuses would lower the impact of intensity of intangibles on IPO discount. Further, this research hypothesizes a relation between the pricing efficiency in primary market and the level of divergence of opinions in secondary market.
The empirical results from regression analyses of hand-collected data show that, for biotechnology IPOs, the disclosure level of prospectuses reduces the impact of the intensity of intangibles on IPO discount. In addition, the intensity of intangibles, disclosure level of prospectuses, and trading behaviors in the primary market have an effect on the degree of divergence of opinions in the secondary market. In sum, this research evidences the expected benefits of the increased level of voluntary disclosure of prospectuses for biotechnology IPOs.
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描述 碩士
國立政治大學
會計研究所
99353012
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993530121
資料類型 thesis
dc.contributor.advisor 蘇瓜藤zh_TW
dc.contributor.advisor Su, Robert K.en_US
dc.contributor.author (Authors) 陳韻涵zh_TW
dc.contributor.author (Authors) Chen, Fabienne Y.en_US
dc.creator (作者) 陳韻涵zh_TW
dc.creator (作者) Chen, Fabienne Y.en_US
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 13:58:32 (UTC+8)-
dc.date.available 30-Oct-2012 13:58:32 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 13:58:32 (UTC+8)-
dc.identifier (Other Identifiers) G0993530121en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54844-
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) 99353012zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本研究旨在探討我國生醫產業公開說明書之資訊揭露程度對初次公開發行 (IPO, initial public offering)定價效率及次級市場投資人信念異質性程度之影響。當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性越高。為均衡各交易參與者之利益，發行人與承銷商將主動提升公開說明書之資訊揭露程度，以制定適當的IPO折價幅度、維持承銷商合理的承銷風險與報酬，並協助認購人適切評定IPO之價值。異質信念觀點強調次級市場投資人對企業價值看法之歧異程度越大，將導致IPO蜜月期報酬之異常現象。本研究預期若無形資產密集度越高，IPO事前不確定性越大，則IPO折價幅度越大，並預期公開說明書之資訊揭露程度將改變無形資產密集度對折價幅度之影響程度。此外，本研究預期，生醫產業IPO案件之無形資產密集度、公開說明書之資訊揭露程度及者配售情形均可能影響投資人信念異質性，進而影響掛牌初期之成交價量表現。
本研究參考國外證券主管機關之無形資產資訊揭露規範，自行建立資訊揭露指標，系統性地衡量我國生醫產業公開說明書之資訊揭露程度，並以多元迴歸分析檢測假說。實證結果顯示，我國生醫產業IPO案件之無形資產密集度對IPO折價幅度存在顯著正向影響；公開說明書之資訊揭露程度改變無形資產密集度對折價幅度之影響程度；發行人之無形資產密集度、公開說明書資訊揭露程度及初級市場配售情形皆影響掛牌初期之投資人信念異質性及價格震盪幅度。研究結果證實公開說明書之資訊揭露提供預期效益，及初級與次級市場間之資訊相互流通、交易行為相互連動之關聯性。		zh_TW
dc.description.abstract (摘要) This research examines how the disclosure level of prospectus influences the efficiency of IPO (initial public offering) pricing in the primary market and the degree of divergence of opinions in the secondary market. The literature of IPO underpricing suggests that ex ante uncertainty due to information asymmetry has a positive impact on IPO discount and voluntary disclosure of prospectuses may reduce the uncertainty level. This research hypothesizes that, for biotechnology companies, a greater disclosure level of prospectuses would lower the impact of intensity of intangibles on IPO discount. Further, this research hypothesizes a relation between the pricing efficiency in primary market and the level of divergence of opinions in secondary market.
The empirical results from regression analyses of hand-collected data show that, for biotechnology IPOs, the disclosure level of prospectuses reduces the impact of the intensity of intangibles on IPO discount. In addition, the intensity of intangibles, disclosure level of prospectuses, and trading behaviors in the primary market have an effect on the degree of divergence of opinions in the secondary market. In sum, this research evidences the expected benefits of the increased level of voluntary disclosure of prospectuses for biotechnology IPOs.		en_US
dc.description.tableofcontents 謝辭 2
摘要 2
Abstract 2
第一章 緒論 2
第一節 研究背景與動機 2
第二節 研究問題 2
第三節 研究架構 2
第四節 研究流程 2
第二章 文獻探討 2
第一節 與「資訊不對稱」相關之IPO折價因素 2
一、 贏家詛咒假說(The Winners’ Curse) 2
二、 資訊揭露假說(The information revelation hypothesis)；市場回饋假說 (The market feedback hypothesis) 2
三、 訊息傳遞假說 (The signaling hypothesis) 2
第二節 非與「資訊不對稱」相關之IPO折價因素 2
一、 發行人觀點－ 2
1. 維持控制力假說 2
2. 降低代理成本假說 2
二、 承銷商觀點－ 2
1. 承銷商風險趨避假說 (The underwriter’s risk-averse hypothesis) 2
2. 承銷商壟斷力假說 (The underwriter’s monopsony hypothesis) 2
3. 法律責任假說 (legal liability hypothesis) 2
三、 投資人觀點 2
1. 流行效應假說 (The bandwagon hypothesis) 2
第三節 我國有價證券承銷制度之沿革 2
一、 初次上市櫃承銷價格合理化 2
二、 掛牌後五個營業日漲跌幅限制之鬆綁 2
三、 初次上市櫃價格穩定措施 2
四、 配售方式自由化 2
五、 證券商專業功能與自律機制的發揮 2
第四節 資訊揭露程度衡量指標之文獻 2
一、 管理階層預測性資訊 2
二、 AIMR資料庫－分析師揭露評等 2
三、 自行建立指標 2
第三章 研究方法 2
第一節 研究假說 2
一、 我國生醫產業IPO價值之事前不確定性對初級市場承銷定價效率之影響，暨公開說明書資訊揭露程度對於前述兩者之中介效果 2
二、 公開說明書之資訊揭露程度對IPO價值之事前不確定性與初級市場配售情形之中介效果，暨前述關係對次級市場交易初期投資人信念異質性之影響 2
第二節 實證模型與變數衡量 2
一、 實證模型 2
二、 變數衡量 2
1. 衡量IPO案件之「折價幅度」：初期累積超額報酬(INITIAL_CERi,t=1~5) 2
2. 衡量投資人「信念異質性程度」 2
3. 衡量公開說明書之「資訊揭露程度」：相對資訊揭露分數(DISCLOSURE_SCOREi,t=0) 2
4. 衡量發行人之無形資產密集度：無形資產密集度分數(IA_SCOREi,t=0)與研發投資支出密集度分數(EXPN_SCOREi,t=0) 2
5. 衡量初級市場之「配售情形」：詢價圈購比率(BB_RATIOi,t=0)與公開申購配售之平均中籤率(WIN_RATIOi,t=0) 2
6. 衡量承銷商之「聲譽」：主辦承銷商辦理我國生醫產業初次上市櫃公開承銷案件之市佔率(UDR_BIOMSi,t=0) 2
三、 變數彙總與預期方向 2
第三節 我國生醫產業IPO公開說明書資訊揭露程度之評量指標 2
一、 資訊揭露指標之建構 2
二、 資訊揭露指標之說明 2
1. 與「智慧財產權」相關之資訊揭露指標 2
2. 與「重大商業關係」相關之資訊揭露指標 2
3. 與「一般性研發活動」相關之資訊揭露指標 2
4. 與「特定研發活動」相關之資訊揭露指標 2
第四節 選取研究對象與資料來源說明 2
一、 選取研究對象 2
二、 資料來源 2
第四章 實證結果與分析 2
第一節 我國生醫產業IPO公開說明書資訊揭露情形 2
一、 研究對象之業務別分布 2
二、 資訊揭露指標之敘述性統計量 2
1. 評分方式簡介 2
2. 評分結果之敘述性統計 2
三、 我國生醫產業公開說明書之資訊揭露情形 2
1. 業務內容對資訊揭露情形之影響46 2
2. 無形資產密集度對資訊揭露情形之影響47 2
3. 研發投資支出密集度對資訊揭露情形之影響48 2
第二節 實證模型之敘述性統計 2
一、 與發行人特性相關之變數－衡量IPO價值之事前不確定性(IA_SCOREi,t=0 ; EXPN_SCOREi,t=0) 2
二、 與承銷商特性相關之變數－衡量承銷商聲譽("UDR_BIOMSi,t=0" ) 2
三、 與IPO折價幅度相關之變數－初期累積超額報酬("INITIAL_CERi,t=1~5" ) 2
四、 與初級市場配售情形相關之變數("BB_RATIOi,t=0" ; "WIN_RATIOi,t=0" ) 2
五、 與次級市場投資人異質信念程度相關之變數("RELAT_BSIi,t=1~5" ; "RELAT_FLUCTi,t=1~5" ) 2
第三節 相關性分析 2
第四節 實證結果與分析 2
一、 我國生醫產業IPO價值之事前不確定性對初級市場承銷定價效率之影響，暨公開說明書之資訊揭露程度對前述兩者之中介效果 2
1. IPO價值之事前不確定性對折價幅度之影響 2
2. IPO價值之事前不確定性對公開說明書資訊揭露程度之影響 2
3. 公開說明書之資訊揭露程度對IPO價值之事前不確定性程度與折價幅度之中介效果 2
4. 實證結果分析小結 2
二、 公開說明書之資訊揭露程度對於IPO案件之事前不確定性程度與初級市場配售情況之中介效果，暨前述關係對於次級市場交易初期投資人異質信念程度之影響 2
1. IPO價值之事前不確定性對詢價圈購配售情形之影響 2
2. 公開說明書之資訊揭露程度對IPO價值之事前不確定性與詢價圈購比率之中介效果 2
3. IPO價值之事前不確定性對公開申購配售平均中籤率之影響 2
4. 公開說明書資訊揭露程度對IPO價值之事前不確定性與公開申購配售平均中籤率之中介效果 2
5. 影響次級市場交易初期投資人信念異質性程度之因素 2
6. 實證結果分析小結 2
第五章 穩健性檢驗(Robustness Check) 2
第一節 處理遺漏值及偏離值對本文研究結果之影響 2
一、 敘述性統計量之穩健性檢驗 2
二、 實證結果與分析之穩健性檢驗 2
1. 公開說明書之資訊揭露程度對IPO價值事前不確定性與折價幅度之中介效果 2
2. 公開說明書之資訊揭露程度對IPO價值事前不確定性與詢價圈購比率之中介效果 2
3. 公開說明書之資訊揭露程度對IPO價值事前不確定性與公開申購配售平均中籤率之中介效果 2
4. 影響次級市場交易初期投資人信念異質性程度之因素 2
第二節 調整初期累積超額報酬之涵蓋期間對研究結果之影響 2
一、 初期累積超額報酬("INITIAL_CERi,t" )敏感性分析之敘述性統計量 2
二、 初期累積超額報酬("INITIAL_CERi,t" )涵蓋期間變動之敏感性分析 2
第三節 處理共線性 2
一、 可能導致潛在共線性之原因及檢測方式 2
二、 處理共線性 2
第六章 結論、限制與建議 2
第一節 研究結論 2
第二節 研究限制 2
第三節 建議與未來研究方向 2
一、 對我國生醫產業IPO發行人與輔導承銷商之建議 2
二、 對初級市場認購人與次級市場投資人之建議 2
三、 對我國證券主管機關之建議 2
四、 對未來研究之建議 2
參考文獻 2
附錄一：資訊揭露指標之評分表與計分方式 2
附錄二：本文資訊揭露指標與國內外資訊揭露規範之異同彙總 2
附錄三：變數彙總 2		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993530121en_US
dc.subject (關鍵詞) 初次公開發行zh_TW
dc.subject (關鍵詞) 生醫產業zh_TW
dc.subject (關鍵詞) 資訊揭露程度zh_TW
dc.subject (關鍵詞) 事前不確定性zh_TW
dc.subject (關鍵詞) 異質信念程度zh_TW
dc.subject (關鍵詞) initial public offeringen_US
dc.subject (關鍵詞) biotechnologyen_US
dc.subject (關鍵詞) disclosure levelen_US
dc.subject (關鍵詞) ex ante uncertaintyen_US
dc.subject (關鍵詞) divergence of opinionen_US
dc.title (題名) 我國生醫產業初次上市櫃公開說明書之資訊揭露程度對初級市場承銷定價效率暨次級市場投資人信念異質性之影響zh_TW
dc.title (題名) The effects of disclosure level of IPO Prospectus on pricing efficiency and divergence of opinion for biotechnology companies in Taiwanen_US
dc.type (資料類型) thesisen
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