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| Title: | 中國實施新會計準則對新股上市價格影響之研究
The Effect of China Accounting Standards on the Price of Initial Public Offerings |
| Authors: | 楊子霆
Yang, Tzu Ting |
| Contributors: | 金成隆
Chin, Chen Lung
楊子霆
Yang, Tzu Ting |
| Keywords: | 中國會計準則
新股折價
資訊不對稱
機制背景
China Accounting Standards
IPO underpricing
information asymmetry
institutional features |
| Date: | 2013 |
| Issue Date: | 2016-05-02 13:37:41 (UTC+8) |
| Abstract: | 本論文探討2007年中國大陸實施以IFRS為基礎的中國會計準則後，是否因為會計準則要求更多資訊的公開，影響新上市公司股票發行折價的幅度。由於中國大陸資本市場有獨特的機制環境，本研究更進一步探討，中國大陸新上市公司在中國會計準則實施後，新上市公司股票發行折價的幅度，是否會因為各省份機制環境背景有不同的影響。實證結果發現，實施中國會計準則後，新股折價的幅度的確顯著降低，新股上市的蜜月期也會因為準則實施後，資訊不對稱的情形降低，有明顯的縮減。亦發現若中國大陸地方機制環境較進步且發達，該地區市場化的程度愈高，新股折價的幅度會也會因資訊更加公開而降低。
In 2007, China passed the IFRS-based Chinese Accounting Standards (therefore IFRS-based CAS) to converge with IFRS. This paper examines the effect of implementation of IFRS-based CAS on IPO uncerpricing. In addition, there are different institutional features of transition economy from other countries. This paper also examines the effect of the interaction between implementation of IFRS-based CAS and institutional features of transition economy on IPO uncerpricing. The empirical results show that post-2005 IPOs in China are significantly less underpriced, and IPO honeymoon periods have similar outcomes. Furthermore, the results also show that the magnitude of underpricing will be decreased in those provinces with higher degrees of marketization. |
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| Description: | 碩士
國立政治大學
會計學系
99353022 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0993530221 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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