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題名 我國初次上櫃公司企業評價方法之研究： 與上市公司之比較
On business valuation methods used for IPOs cases in the OTC market of Taiwan: Comparing with IPOs cases in the TWSE market作者 吳家君 貢獻者 蘇瓜藤
Robert Su.
吳家君關鍵詞 企業評價 日期 2013 上傳時間 1-Jul-2014 12:04:43 (UTC+8) 摘要 本研究探討初次上櫃公司承銷商在資產法、收益法及市場法等主要企業評價方法之選用，對評定企業價值與承銷價格及上櫃後股票收盤價間之差距幅度間之關係。研究期間自民國94年起，至民國101年底止，共232家初次上櫃公司。本研究並將初次上櫃公司與初次上市公司之評價方法選用及影響作出比較。實證結果發現：1.承銷商傾向選用市場法作為初次上櫃公司的企業評價方法，而在初次上市公司部分也是選用市場法居多。2.企業評價方法之選用對評定價值與承銷價格及上櫃後收盤價間之差距幅度有顯著影響，此實證結果與上市公司得出之結果相符。3.選用市場法及收益法所計算出之企業價值與承銷價格及上櫃後收盤價間之差距幅度，較選用資產法所計算者小，此實證結果與上市公司得出之結果相符。4.在市場法下，選用股價淨值比作為價值乘數所計算出之企業價值與承銷價格及上櫃後股價存在的差距幅度，較選用本益比所計算者大。
The research aims to examine whether the use of the three major business valuation methods, namely the asset approach, market approach and income approach, is associated with the gap between the calculated business value and the IPO price or post-IPO prices in the Over-The-Counter market. The sample consists of 232 IPO cases during the period of 2005 to 2012. The research also compares the results with those for the IPO cases in the Taiwan Stock Exchange.The empirical results are as follows.1.Underwriters tend to use the market approach to calculate the business value, in both the OTC and TWSE markets.2.The use of the three valuation methods is associated with the gap between the calculated business value and IPO price or post-IPO prices. The results are similar to those for IPOs in the TWSE market.3.The gap between the calculated business value and IPO price or post-IPO prices is larger when the asset approach is used than when the market approach or income approach is used. The results are also similar to those for IPOs in the TWSE market.4.Under the market approach, the use of the P/B ratio as the value multiple tends to result in a larger gap between the calculated business value and the offer price or stock prices than the P/E ratio.參考文獻 一、 中文部分王耀華，2012，影響訂定承銷價格因素與最終議定承銷價格之關係–兼論承銷價格調整基礎之中介效果，中國文化大學國際企業管理學系博士論文。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，國立政治大學財務管理學系碩士論文。光心立，2008，詢價圈購之資訊內涵對承銷價格之影響，國立政治大學財務管理系碩士論文。吳竺芸，2012，初次上市櫃公司承銷價格低估影響因素探討，東吳大學經濟學系碩士論文。吳啟銘，2010，企業評價–個案實證分析，智勝文化。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5期：24-36。李榮鎮、蔡佩靜與林純夷，2011，臺灣初次上市上櫃公司股價長短期表現之研究，台灣銀行季刊，第六十二卷，第1期：193-222。財團法人中華民國會計研究發展基金會評價準則委員會，2014，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1期：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1期：1-26。張威嶺，2003，國內上市金融控股公司投資評價之研究，國立政治大學企業管理系碩士論文。陳怡如，1997，股價與總體經濟變數間的長短期動態關係，中國文化大學經濟學系碩士論文。陳怡倫，1997，台灣高科技產業上市公司股票評價模式之研究，國立政治大學企業管理系碩士論文。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5期：5-23。黃珊珊，2012，我國初次上市公司企業評價方法之研究，國立政治大學會計學系碩士論文。黃蘭霙，2004，我國證券承銷制度的演進與沿革，證券暨期貨月刊，第二十二卷，第5期：4-15。黃蘭霙，2005，承銷新制對資本市場的影響，證券暨期貨月刊，第二十三卷，第6期：4-13。楊孟萍與林妤真，2011，蜜月期現象與長期報酬關聯性之研究，會計學報，第三卷，第2期：69-85。劉玉珍、李怡宗與黃寶慧，2004，市場管理制度創新與行為財務學：資訊揭露制度設計的政策意涵，證券暨期貨月刊，第二十二卷，第4期：4-14。劉玉珍與陳薇如，2004，為何詢價圈購方式逐漸取代競價拍賣？證券暨期貨月刊，第22期：16-31。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，第三季：47-50。蘇瓜藤與王全三，2011，企業評價於私募增資中的運用與展望，會計研究月刊，第312期（11月）：70-74。蘇裕惠、許瀚崴，2003，上櫃轉上市公司財務預測之研究，商情資料庫分析與建置之研究成果發表會：23-47。二、 英文部分Aggarwal, R., and P. Rivoli. 1990. Fads in the initial public offering market? Financial Management 19: 45-57.Alford, A. 1992. The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research 30: 94-108.Beatty, R. P., and J. R. Ritter. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 15: 213-232.Beatty, R., S. Riffe, and R. Thompson. 2000. IPO pricing with accounting information. Working paper, Southern Methodist University. Benveniste, L. M., and W. Y. Busaba. 1997. Bookbuilding vs. fixed price: an analysis of competing strategies for marketing IPOs. Journal of Financial and Quantitative Analysis 32(4): 383-403.Benveniste, L. M., A. Ljungqvist, W. J. Wilhelm Jr., and X. Yu. 2003. Evidence of information spillovers in the production of investment banking services. Journal of Finance 58(2): 577-608.Benveniste, L. M., and P. Spindt. 1989. How investment bankers determine the offer price and allocation of new issues? Journal of Financial Economics 24: 343-361.Block, F. E. 1995. A study of price to book relationship. Financial Analysts Journal 51(1): 63-73.Boatsman, J., and E. Bakin, 1981. Asset valuation with incomplete markets. The Accounting Review 56(1): 38–53.Bradley, D. J., and B. D. Jordan. 2002. Partial Adjustment to Public Information and IPO Underpricing. The Journal of Financial and Quantitative Analysis 37(4): 595-616.Cater, R., and S. Manaster. 1990. Initial Public Offerings and Underwriter Reputation. Journal of Fianace 44: 1045-1067.Copeland, T., T. Koller, and J. Murrin. 1995. Valuation: Measuring and managing the value of companies, 2nd ed. John Wiley & Sons, Inc.Damodaran, A. 2001. The dark side of valuation: Valuing old tech, new tech and new economy companies. New Jersey: Financial Times Prentice Hall.Derrien, F., and K. L. Womack. 2003. Auctions vs. Bookbuilding and the Control of Underpricing in HOT IPO Markets. Review of Financial Studies (16): 31-61.Draho, J. 2001. The effect of uncertainty on the underpricing of IPOs. Working Paper, Morgan StanleyFama, E. F. and K. R. French.1995. Size and Book-to-Market factors in earnings and returns. Journal of Finance 50: 131-155.Foster, G. 1986. Financial statement analysis. New York: Prentice-Hall.Gregory, A. 1992. Valuing Companies-Analysising Business Worth. WoodHead-Faulkner.Hanley, K. W. 1993. The Underpricing of initial public offerings and the partial adjustment phenomenon. Journal of Financial Economics 34:231-250.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 11(2): 71-83.Hickman, K., and G. H. Perty. 1990. A comparison of stock price predictions using court accepted formulas, dividend discount, and P/E models. Financial Management 19: 76-87.Kaplan, S. N., and R. S. Ruback. 1995. The valuation of cash flow force: A empirical analysis. Journal of Finance 1(4): 1059-1093.Kim, M., and J. R. Ritter. 1999. Valuing IPOs. Journal of Financial Economics 53(3): 409-437.LeClair, M. S. 1990. Valuing the closely-held corporation: The validity and performance of established valuation procedures. Accounting Horizons 4(3): 31-42.Lev, B. 1983. Some economic determinants of time-series properties of earnings. Journal of Accounting and Economics (5):31-48.Ljungqvist, A., and W. J. Wilhelm. 2002. IPO allocations: Discriminatory or discretionary? Journal of Financial Economics 60: 245-284.Louge, D. 1973. On the pricing of unseasoned equity issues. Journal of Financial and Quantitative Analysis 8: 91-103.Loughran, T., and J. R. Ritter. 2002. Why don’t issuers get upset about leaving money on the table in IPOs? Review of Financial Studies 15: 413-444.Lowry, M., and G. W. Schwert. 2002. IPO market cycles: Bubbles or sequential learning? Journal of Finance 57(3): 1171-1200.Miller, M. 1977. Debt and taxes. Journal of Finance 32: 261-75.Ohlson, J. A. 1982. Market-based empirical research in accounting: A review, interpretation, and extension. Journal of Accounting Research (20): 249-322.Pagano, M., F. Panetta, and L. Zingale. 1998. Why do companies go public? An empirical analysis. Journal of Finance 53: 27-64.Pettway, R. H., and k. Takashi. 1996. The effects of removing price limits and introducing auctions upon short-term IPO returns: The case of Japanese IPOs. Pacific-Basin Finance Journal 4(2-3): 241-258.Purnanandam, A. K., and B. Swaminathan. 2003. Are IPOs really underpriced? Review of Financial Studies 17: 811-848.Rock, K. 1986. Why new issues are underpriced? Journal of Financial Economics 15: 187-212.Sehgal, S., and A. Pandey. 2010. Equity valuation using price multiples: Evidence from India. Asian Academy of Management Journal of Accounting and Finance 6: 89-108.Shen, Y. P., and P. Wei. 2007. Why do companies choose to go IPOs? New results using data from Taiwan. Journal of Economics and Finance 31(3): 359–367.Sherman, A. E. 2005. Global trends in IPO methods: Book building versus auctions with endogenous entry. Journal of Financial Economics 78: 615–649.三、 網路部分全國法規資料庫http://law.moj.gov.tw/ 中華民國證券商同業公會http://www.csa.org.tw/ 公開資訊觀測站http://mops.twse.com.tw/mops/web/index 台灣證券交易所http://www.twse.com.tw/ch/index.php 證券櫃檯買賣中心http://www.gretai.org.tw/ch/ 描述 碩士
國立政治大學
會計研究所
101353035
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101353035 資料類型 thesis dc.contributor.advisor 蘇瓜藤 zh_TW dc.contributor.advisor Robert Su. en_US dc.contributor.author (Authors) 吳家君 zh_TW dc.creator (作者) 吳家君 zh_TW dc.date (日期) 2013 en_US dc.date.accessioned 1-Jul-2014 12:04:43 (UTC+8) - dc.date.available 1-Jul-2014 12:04:43 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2014 12:04:43 (UTC+8) - dc.identifier (Other Identifiers) G0101353035 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67083 - 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) 101353035 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 本研究探討初次上櫃公司承銷商在資產法、收益法及市場法等主要企業評價方法之選用，對評定企業價值與承銷價格及上櫃後股票收盤價間之差距幅度間之關係。研究期間自民國94年起，至民國101年底止，共232家初次上櫃公司。本研究並將初次上櫃公司與初次上市公司之評價方法選用及影響作出比較。實證結果發現：1.承銷商傾向選用市場法作為初次上櫃公司的企業評價方法，而在初次上市公司部分也是選用市場法居多。2.企業評價方法之選用對評定價值與承銷價格及上櫃後收盤價間之差距幅度有顯著影響，此實證結果與上市公司得出之結果相符。3.選用市場法及收益法所計算出之企業價值與承銷價格及上櫃後收盤價間之差距幅度，較選用資產法所計算者小，此實證結果與上市公司得出之結果相符。4.在市場法下，選用股價淨值比作為價值乘數所計算出之企業價值與承銷價格及上櫃後股價存在的差距幅度，較選用本益比所計算者大。 zh_TW dc.description.abstract (摘要) The research aims to examine whether the use of the three major business valuation methods, namely the asset approach, market approach and income approach, is associated with the gap between the calculated business value and the IPO price or post-IPO prices in the Over-The-Counter market. The sample consists of 232 IPO cases during the period of 2005 to 2012. The research also compares the results with those for the IPO cases in the Taiwan Stock Exchange.The empirical results are as follows.1.Underwriters tend to use the market approach to calculate the business value, in both the OTC and TWSE markets.2.The use of the three valuation methods is associated with the gap between the calculated business value and IPO price or post-IPO prices. The results are similar to those for IPOs in the TWSE market.3.The gap between the calculated business value and IPO price or post-IPO prices is larger when the asset approach is used than when the market approach or income approach is used. The results are also similar to those for IPOs in the TWSE market.4.Under the market approach, the use of the P/B ratio as the value multiple tends to result in a larger gap between the calculated business value and the offer price or stock prices than the P/E ratio. en_US dc.description.tableofcontents 目 錄圖目錄 iv表目錄 v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 4第四節 研究架構 5第二章 文獻探討 7第一節 企業評價方法相關文獻 7第二節 企業評價方法對承銷價格之影響相關文獻 16第三節 影響承銷價格因素相關文獻 16第三章 研究方法 31第一節 觀念性架構 31第二節 研究假說 33第三節 實證模型設計 36第四節 研究樣本及研究期間 44第四章 實證結果分析 47第一節 敘述性統計分析 47第二節 實證結果分析 59第五章 結論與建議 72第一節 研究結論 72第二節 研究限制及未來建議研究方向 73參考文獻 74附錄一 80附錄二 81 zh_TW dc.format.extent 1195282 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101353035 en_US dc.subject (關鍵詞) 企業評價 zh_TW dc.title (題名) 我國初次上櫃公司企業評價方法之研究： 與上市公司之比較 zh_TW dc.title (題名) On business valuation methods used for IPOs cases in the OTC market of Taiwan: Comparing with IPOs cases in the TWSE market en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、 中文部分王耀華，2012，影響訂定承銷價格因素與最終議定承銷價格之關係–兼論承銷價格調整基礎之中介效果，中國文化大學國際企業管理學系博士論文。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，國立政治大學財務管理學系碩士論文。光心立，2008，詢價圈購之資訊內涵對承銷價格之影響，國立政治大學財務管理系碩士論文。吳竺芸，2012，初次上市櫃公司承銷價格低估影響因素探討，東吳大學經濟學系碩士論文。吳啟銘，2010，企業評價–個案實證分析，智勝文化。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5期：24-36。李榮鎮、蔡佩靜與林純夷，2011，臺灣初次上市上櫃公司股價長短期表現之研究，台灣銀行季刊，第六十二卷，第1期：193-222。財團法人中華民國會計研究發展基金會評價準則委員會，2014，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1期：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1期：1-26。張威嶺，2003，國內上市金融控股公司投資評價之研究，國立政治大學企業管理系碩士論文。陳怡如，1997，股價與總體經濟變數間的長短期動態關係，中國文化大學經濟學系碩士論文。陳怡倫，1997，台灣高科技產業上市公司股票評價模式之研究，國立政治大學企業管理系碩士論文。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5期：5-23。黃珊珊，2012，我國初次上市公司企業評價方法之研究，國立政治大學會計學系碩士論文。黃蘭霙，2004，我國證券承銷制度的演進與沿革，證券暨期貨月刊，第二十二卷，第5期：4-15。黃蘭霙，2005，承銷新制對資本市場的影響，證券暨期貨月刊，第二十三卷，第6期：4-13。楊孟萍與林妤真，2011，蜜月期現象與長期報酬關聯性之研究，會計學報，第三卷，第2期：69-85。劉玉珍、李怡宗與黃寶慧，2004，市場管理制度創新與行為財務學：資訊揭露制度設計的政策意涵，證券暨期貨月刊，第二十二卷，第4期：4-14。劉玉珍與陳薇如，2004，為何詢價圈購方式逐漸取代競價拍賣？證券暨期貨月刊，第22期：16-31。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，第三季：47-50。蘇瓜藤與王全三，2011，企業評價於私募增資中的運用與展望，會計研究月刊，第312期（11月）：70-74。蘇裕惠、許瀚崴，2003，上櫃轉上市公司財務預測之研究，商情資料庫分析與建置之研究成果發表會：23-47。二、 英文部分Aggarwal, R., and P. Rivoli. 1990. Fads in the initial public offering market? Financial Management 19: 45-57.Alford, A. 1992. The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research 30: 94-108.Beatty, R. P., and J. R. Ritter. 1986. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics 15: 213-232.Beatty, R., S. Riffe, and R. Thompson. 2000. IPO pricing with accounting information. Working paper, Southern Methodist University. Benveniste, L. M., and W. Y. Busaba. 1997. Bookbuilding vs. fixed price: an analysis of competing strategies for marketing IPOs. Journal of Financial and Quantitative Analysis 32(4): 383-403.Benveniste, L. M., A. Ljungqvist, W. J. Wilhelm Jr., and X. Yu. 2003. Evidence of information spillovers in the production of investment banking services. Journal of Finance 58(2): 577-608.Benveniste, L. M., and P. Spindt. 1989. 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