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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/95928


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95928


    Title: 現金增資承銷配售制度對股價行為影響之研究
    Authors: 黃俊維
    Contributors: 郭弘卿
    黃俊維
    Date: 1998
    Issue Date: 2016-05-10 15:56:12 (UTC+8)
    Abstract: 　　本研究主要在探討我國上市（櫃）公司現金增資承銷配售制度的不同，對公司股票在除權日及繳款日前後的股價行為是否造成影響。並進一步探討採行詢價圈購制度中，不同行業的公司以及公司本身的一些特質對公司股票在除權日及繳款日前後的股價行為是否亦造成影響。
    　　本研究以民國八十五年及八十六年度辦理現金增資的二百三十一家公司為樣本，其中一百四十一家公司現金增資採用公開申購制度，九十家採用詢價圈購制度，並將採用詢價圈購制度之公司按研究假說分組來驗證研究假說的結果。經假說之建立與統計分析後，本研究得出以下結論：
    　　1.現金增資採公開申購制在除權日前有正的股價效果。
    　　2.現金增資採公開申購制在繳款前有正的股價效果。
    　　3.現金增資承銷配售採詢價圈購制在除權日前有正的股價效果。
    　　4.現金增資承銷配售採詢價圈購制在繳款日前有正的股價效果。
    　　5.現金增資承銷配售採公開申購制及採詢價圈購制在除權日前後之股價行為並無顯著差異。
    　　6.現金增資承銷配售採公開申購制及採詢價圈購制在繳款日前後之股價行為並無顯著差異。
    　　7.早期採用詢價圈購的公司與近期採用詢價圈購的公司在除權日前後的股價行為並無顯著差異。
    　　8.早期採用詢價圈購的公司與近期採用詢價圈購的公司在繳款日前後的股價行為並無顯著差異。
    　　9.鋼鐵、電子及營建業中採用詢價圈購制的公司與其他產業中採用詢圈購制的公司在除權日前後的股價行為並無明顯差異。
    　　10.鋼鐵、電子及營建業申採用詢價圈購制的公司與其他產業中採用詢價圈購制的公司在繳款日前後的股價行為並無明顯差異。
    　　11.採詢價圈購的公司，股權較集申者與股權較分散者在除權日前後的股價行為並無顯著差異。
    　　12.採詢價圈購的公司，股權較集申者與股權較分散者在繳款日前後的股價行為並無顯著差異。
    　　13.新股發行量較小的公司與新股發行量較大的公司在除權日前後的股價行為並無顯著的差異。
    　　14.新股發行量較小的公司與新股發行量較大的公司在繳款日前後的股價行為有顯著的差異。
    　　This study aims to examine the market reactions of seasoned offerings under different distribution system prior to and subsequent to the ex-right and payment dates. Subsequent to 1995, the firm can select either lottery or circling system to distribute its offerings. Since these two distribution systems have different economic characters, this study predicts that the market would differently react to the ex-right and payment dates of seasoned offerings under different distribution systems. This study selects samples from the period between 1996 and 1997, total 231 samples, in which 141 firms choose circling system. The empirical findings of this study can be summarized as follows:
    　　Prior to both ex-right and payment dates, the significant positive reaction can be founded under both lottery and circling systems.
    　　The distribution system is not a factor affecting the price behavior prior to and subsequent to the ex-right and payment dates.
    　　No significant difference of market reactions can be founded prior to and subsequent to the ex-right dates if the samples grouped by industry, size of offerings, ownership concentration, and experience of circling.
    　　No significant difference of market reactions can be founded prior to and subsequent to the payment dates if the samples grouped by industry, ownership concentration, and experience of circling.
    　　There are significant difference of market reactions can be founded prior to and subsequent to the payment dates if the samples can be grouped by size of offerings.
    Description: 碩士
    國立政治大學
    會計學系
    85353031
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000644
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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