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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/30993
    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/30993


    題名: 法人持股比例對台灣初次上市公司股票長期報酬的影響
    作者: 王秀平
    貢獻者: 劉玉珍
    王秀平
    關鍵詞: 初次上市公司
    股票報酬
    日期: 2006
    上傳時間: 2009-09-14 09:01:28 (UTC+8)
    摘要: 國外許多實證研究指出新上市股票長期報酬表現不佳,對投資人來說並非好的投資標的。但實證也指出法人持股比例與股票長期報酬之間有正向關係的存在,其原因可能來自於法人的專業素養、資訊優勢以及擁有監督公司營運的能力。

    本研究針對民國86年1月1日到民國95年12月31日,共185家資料完整的新上市公司進行實證研究,以異常報酬率檢驗此現象是否存在。同時驗證法人持股比例與新上市公司股票長期報酬之間的關係。

    實證發現台灣新上市公司在上市一年後、兩年後以及四年後的長期報酬皆為負,分別為-2.4%、-0.48%、-1.96%,而此現象在高科技產業特別嚴重,並且也得到迴歸結果的支持。而法人持股比例與新上市股票長期報酬之間呈現顯著的正向關係,代表法人持股比例越高者,其股票報酬越佳,顯示市場相信法人的監督能力。
    參考文獻: 1. Aggarwal, R. and P. Rivoli, 1990, "Fads in the initial public offering market?",Financial Management 19, p.45-57.
    2. Aggarwal, R., R. Leal and F. Hernandez, 1993, "The Aftermarket Performanceof Initial Public Offerings in Latin America", Financial Management, p.42-53.
    3. Evan Thomas, 2000, " The Long Term Performance of Initial Public offerings “Available at http://antiflux.org/~evan/papers/ipoperform.pdf
    4. Fernando, C. S., Krishnamurthy, S. and P. A. Spindt, 1999,"Offer Price, Target Ownership Structure and IPO Performance", working paper, Wharton Financial Institutions Center.
    5. Field, Laura C., 1997,"Is Institutional Investment in Initial Public Offerings Related to the Long-Run Performance of These Firms?", Working Paper
    6. Finn, F, Higham, R., 1998, "The performance of unseasoned new equity-issues-cum-stock exchange listings in Australia", Journal of Banking and Finance 12, p. 333-351,
    7. Firth, M.,1997," An analysis of the stock market performance of new issues in New Zealand”, Pacific-Basin Finance Journal 5, p. 63-85
    8. Hartzell, Jay C., Kallberg, Jarl G. and Liu, Crocker H., 2004, "The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts". Available at SSRN: http://ssrn.com/abstract=342700
    9. Hertzel,M., Smith, R.L., 1993, " Market discounts and shareholder gains for placing equity privately". Journal of Finance 48, p.459–485.
    10. Hongqi Yuan, 2003, "Large Shareholders’ Behavior in Rights Offerings and Subsequent Firm Performance", Available at http://www.paper.edu.cn
    11. Jain, B. A. and O. Kini, 1994, "The post-issue operating performance of IPO firms", Journal of Finance, vol.49, p.1699-1726.
    12. Kooli, Maher and Suret, Jean-Marc, 2001, "The Aftermarket Performance of Initial Public Offerings in Canada", CIRANO Working Paper No. 2001s-52.
    13. Krishnamurthy, Srinivasan, Spindt, Paul A., Subramaniam, Venkat R. and Woidtke, Tracie, 2005, "Does Investor Identity Matter in Equity Issues? Evidence from Private Placements”, Journal of Financial Intermediation 14,p.210-238
    14. Leland, H. and D. Pyle, 1977, "Informational asymmetries, financial structure and financial intermediation", Journal of Finance, vol.32, p.371-387.
    15. Levis, M., 1993, " The long-run performance of initial public offerings: The UK experience1980-1988", Financial Management 22, p.28-41
    16. Loughran, T. and J. R. Ritter, 1995, "The new issues puzzle", Journal of Finance50, p.23-51.
    17. McConnell, J. J. and H. Servaes, 1990, "Additional Evidence on EquityOwnership and Corporate Value", Journal of Financial Economics, vol.27, p.595-612.
    18. Mikkelson, W. H., M. M. Partch and K. Shah, 1997, "Ownership and operating performance of companies that go public", Journal of Financial Economics, vol.44, p.281-307.
    19. Paul A.Gompers and Andrew Metrick, 2001, "Institutional Investors and Equity Prices ",The Quarterly Journal of Economics, p.229-259
    20. Ritter, J. R. 1991. "The long-run performance of initial publice offerings". Journal of Finance. 46: p.3-27.
    21. Stoughton, N. and J. Zechner, 1998, "IPO-mechanisms, monitoring and ownership structure,” Journal of Financial Economics 49, p. 45-78.
    22. Teoh, S., Welch, I., Wong, T., 1998, " Earnings management and the post-issue underperformance in seasoned equity offerings ", Journal of Financial Economics 50,p. 63-99,
    23. Uhlir, H., 1989, "Going Public in the F.R.G.", A Reappraisal of the Efficiency of Financial Market, R. Guimaraes, et al (eds.), New York, Springer-Verlag.
    24. Wruck, K. H. 1989. "Equity ownership concertration and firm value: evidence from private equity financings". Journal of Financial Economics, 23: p.3-28.
    描述: 碩士
    國立政治大學
    財務管理研究所
    94357019
    95
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0094357019
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

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