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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/99751
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99751


    Title: 控制權、現金流量權及其偏離對外國企業來臺第一上市櫃承銷價及績效表現之影響
    The Effects of Control Rights, Cash-Flow Rights and Their Divergence on the Offering Prices and Operating Performance for the Foreign Firms Primary Listing in Taiwan
    Authors: 江逸民
    Chiang, Yi Ming
    Contributors: 張清福
    Chang, Ching Fu
    江逸民
    Chiang, Yi Ming
    Keywords: 控制權與現金流量權偏離
    外國企業來臺第一上市(櫃)
    承銷價
    經營績效
    the divergence between control rights and cash-flow rights
    foreign issuers primary listing in Taiwan security market
    offering price
    operating performance
    Date: 2016
    Issue Date: 2016-08-09 10:08:17 (UTC+8)
    Abstract: 「外國企業來臺第一上市(櫃)」是行政院自2008年以來,推行的重要政策。但因F股公司主要營運地點在海外,資訊較為不透明,其公司治理所釋放出的訊息就更為重要。
    本論文以2010年到2015年,來台第一上市(櫃)的79家F股公司為樣本,研究控制權、現金流量權及其偏離,對於F股公司掛牌的承銷價、短期股價報酬及長期經營績效的影響,獲得的主要結論如下:(1)最終控制者的控制權對F股公司上市(櫃)承銷價及承銷價倍數有負面影響。(2)控制權與現金流量權的偏離對F股公司短期的股價報酬率有負面的影響。(3)控制權與現金流量權的偏離對F股公司的長期經營績效有負面的影響。
    從以上結論投資人可經由這些指標,來進一步評價新上市(櫃)F股公司公司治理的好壞,也可進一步評估其短期股價的報酬和長期經營的績效。
    Reference: 一、中文部分
    工商時報,2015.06.12,證交所:公司治理優異,營運績效佳(A19)。
    方俊儒、李秀英及龍春伶,2008,獨立董監事對公司績效與盈餘品質之影響--控制股東之調節效果,會計與公司治理,第五卷,第1期: 55-80。
    朱純嬅,2014,股權結構與董事會結構對外國企業來臺第一上市櫃承銷價及掛牌後績效表現之影響,國立政治大學會計研究所碩士論文。
    李建興,2008,台灣IPO折價影響因素之探討:分量迴歸分析法,證券市場發展季刊,第二十卷,第1期: 47-100。
    李馨蘋,2011,新上市公司承銷價格因素之探討,中華管理評論國際學報,第十四卷,第2期: 1-12。
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    林育嬌,2013,外國企業來台第一上市之公司特性、股權結構與Tobin`s Q關係之研究,國立交通大學管理學院管理科學學程碩士論文。
    高蘭芬、陳振遠及李焮慈,2006,資訊透明度及席次控制權與現金流量權偏離對公司績效之影響-以台灣電子業為例,台灣管理學刊,第六卷,第2期: 81-104.
    許崇源、李怡宗、林宛瑩及鄭桂蕙,2003a,控制權與盈餘分配權偏離之衡量(上), 貨幣觀測與信用評等,第42期: 15-31。
    許崇源、李怡宗、林宛瑩及鄭桂蕙,2003b,控制權與盈餘分配權偏離之衡量(下), 貨幣觀測與信用評等,第43期: 11-26。
    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系碩士論文。
    葉銀華、邱顯比及何憲章,1997,利益輸送代理問題和股權結構之理論與實證研究,中國財務學刊,第四卷,第4期: 47-73。
    葉銀華、李存修及柯承恩,2002,公司治理與評等系統 ,台北:商智文化事業股份有限公司。
    鄭慧敏,2006,探討公司治理對新上市櫃公司股票初期報酬與長期績效表現之影響,國立交通大學管理科學系碩士論文。

    二、英文部份
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    Brennan, M. J., and J. Franks, 1997, Underpricing, ownership and control in initial public offerings of equity securities in the UK, Journal of Financial Economics 45: 391-413.
    Carter, R., and S. Manaster, 1990, Initial public offerings and underwriter reputation, The Journal of Finance 45: 1045-1067.
    Claessens, S., S. Djankov, P. H. F. Joseph, and H. P. L. Larry, 2002, Disentangling the incentive and entrenchment effects of large shareholdings. , The Journal of Finance 57: 2741-2771.
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    Hanley, K. W., 1993, The underpricing of initial public offerings and the partial adjustment phenomenon, Journal of Financial Economics 34: 231-250.
    Hayes, S. L., 1971, Investment banking: power structure in flux, Harvard Business Review 49: 136-152.
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    Mak, Y. T., R. S. K. Tan, Y. C. W. Tan, and H. P. Tee, 2003, Corporate governance and IPO pricing. Working paper, National University of Singapore.
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    Description: 碩士
    國立政治大學
    會計學系
    99353006
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099353006
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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