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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/30959
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30959


    Title: 不同配售方式對公司初次上市(櫃)發行與上市(櫃)後折價幅度與變異程度的影響
    Authors: 邱煥翔
    Contributors: 徐燕山
    邱煥翔
    Keywords: 配售方式
    Date: 2002
    Issue Date: 2009-09-14
    Abstract: 由於不同的配售方式,其適用的時機、辦理的程序與價格的訂定方式皆不盡相同,因此對於發行公司在進行上市、上櫃承銷時亦會產生不同的影響性。本研究將試圖探討不同配售方式之間的差異性,並解釋其影響的程度及原因。
    本文分別就三部分對配售制度進行實證分析與探討,第一部分是探討公司在進行IPO配售方式之決策時,何種因素會影響其選擇結果。實證結果顯示,資訊不對稱程度愈高的公司,公司會傾向採用公開申購方式;在股市景氣處於繁榮時期,公司會傾向採用競價拍賣配售方式;若股市的波動性愈大,發行公司將傾向採用公開申購配售方式。而在承銷規模部分,若承銷規模較大時,公司將傾向採用公開申購配售方式。
    第二部分是探討影響IPO折價幅度的因素,實證結果顯示,資訊不對稱程度愈高的公司,會傾向訂定較低的IPO承銷價格,而產生較高的IPO折價幅度。而在配售方式的因素上,採用競價拍賣的公司,其IPO折價幅度會較低。此外,當股市處於繁榮時期,或者在股市波動性較大時,IPO的折價幅度亦較高。而當公開申購的中籤率愈低時,亦會使得IPO能有較高的折價幅度。
    本文在第三部分,分別探討競價拍賣與公開申購配售制度兩者之間,何者較能控制市場情況對IPO折價幅度與變異程度的影響性,實證結果顯示,選擇以競價拍賣的公司,不論在市場景氣或市場波動性的因素上,其對IPO的折價幅度與變異程度的影響性皆較低,因此就此點而言,競價拍賣相較於公開申購而言,是較有效率的配售制度。
    Reference: 一、中文參考文獻:
    朱啟哲,1998年,新上市股票不同承銷配售方式之比較,元智大學管理研究所碩士論文。
    李青娟,1999年,公司新股上市時配售方式之選擇與影響,中正財研所碩士論文。
    呂建樺,1998年,證券承銷配售方式之選擇,中山大學財務管理研究所碩士論文。
    洪崇洋,1997年,承銷配售方式檢討及對新股折價之影響,中山大學財務管理研究所碩士論文。
    胡耀宗,1994年,新上市普通股之訂價與超額報酬率分析,台灣大學財務金融學研究所碩士論文。
    楊吉裕,1998年,普通股配售方式之選定及其與中長期績效的關係,政治大學財務管理研究所碩士論文。
    魏□祥,1996年,台灣地區新上市股票承銷價格低估及其影響因素之實證研究,淡江大學管理科學研究所碩士論文。
    二、英文參考文獻:
    Allen, Franklin, and Gerald R. Faulhaber, 1989, “Signaling by underpricing in the IPO market,” Journal of Financial Economics 23,303-323.
    Beatty, Randolph P., and Jay R. Ritter, 1986, “Investment banking , reputation, and the underpricing of initial public offerings,” Journal of Financial Economics 15, 213-232
    Benveniste, Lawrence M., and Walid Y. Busaba, 1997, “Bookbuilding vs. fixed price: An analysis of competing strategies for marketing IPOs,” Journal of Financial and Quantitative Analysis, 32, 383-403
    Benveniste, Lawrence M., and Paul A. Spindt, 1989, “How investment bankers determine the offer price and allocation of new issues”, Journal of Financial Economics, 24, 343-361
    Benveniste, Lawrence M., and William J. Wilhelm, 1990, “A comparative analysis of IPO proceeds under alternative regulatory environments,” Journal of Financial Economics, 28, 173-207
    Booth, James R., and LENA Chua, 1996, “Ownership dispersion, costly information, and IPO underpricing,” Journal of Financial Economics, 41, 291-310
    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
    Chemmanur, Thomas J., and Huanliang (Mark) Liu, 2002 “How should a firm go public? A dynamic model of the choice between fixed-price offerings and auctions in IPOs and privatizations,” Unpublished Manuscript, Carroll School of Management, Boston College.
    Derrien, Francios and Kent L. Womack, 2003, “Auctions vs. bookbuilding and the control of underpricing in hot IPO markets,” Review of Financial Studies, 16, 31-61
    Hanley, Kathleen Weiss, and William J. Wil.helm, Jr., 1995, “Evidence on the strategic allocation of initial public offerings,” Journal of Financial Economics, 37, 239-257
    Logue, Dennis E., and Seha M. Tinic, 1999, “Optimal choice of contracting methods: Negotiated versus competitive underwritings revisited,” Journal of Financial Economics, 51, 451-471
    Rock, Kevin, 1986, “Why new issues are underpriced,” Journal of Financial Economics, 15, 187-212
    Sherman Ann E.,and Sheridan Titman, 2001, “Building the IPO order book: underpricing and participation limits with costly information,” Unpublished Manuscript, Department of Finance and Business Economics, Notre Dame University.
    Timan, S., and B. Tureman, 1986, “Information quality and the valuation of new issues,” Journal of Accounting and Economics, 8, 159-172
    Welch, Ivo, 1992, “Sequential sales, learning, and cascades, ” The Journal of Finance, 47, 695-732
    Description: 碩士
    國立政治大學
    財務管理研究所
    89357015
    91
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0089357015
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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