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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/95932
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95932


    Title: 影響承銷價格相關因素之研究
    The Relevant Factors Influencing Underwriting Prices
    Authors: 黃婷鈺
    Huang, Ting Yu
    Contributors: 鄭丁旺
    Cheng, Ting Wong
    黃婷鈺
    Huang, Ting Yu
    Date: 1998
    Issue Date: 2016-05-10 15:56:21 (UTC+8)
    Abstract:   我國自民國84年3月8日起實施修訂後的「證券商銷售或再行銷售有價證券處理辦法」,我國承銷價格的訂定方式有重大變革,除了既有的依市場慣用公式計算再加以調整之外,另外增加了「競價拍賣」與「詢價圈購」兩種新制;此外,近年來店頭市場的成長茁壯、股票市場上電子業的亮麗表現等,皆令人意欲探究承銷價格的決定因素。
      是故,本研究以84年3月至86年底之初次上市、上櫃公司為研究對象,區分成「公司本身」、「所屬產業」以及「公司所處外在環境」三個層面,共7個自變數,分別建立與因變數「承銷價格」的7個研究假說,並進行迴歸分析。本研究三方面的自變數如下:
      (一)公司本身:包括「內部人員持股比例」、「公司上市、上櫃前一年底之資產總額」以及「公司上市、上櫃前三年平均營業利益成長率」。
      (二)所屬產業:區分電子業與非電子業。
      (三)公司所處外在環境:則包括了「所採用的承銷制度」、「掛牌市場」及「上市、上櫃時期之多空頭」。
      實證結果發現,與新上市、新上櫃公司承銷價格具顯著相關的是「資產總額」、「所屬產業」、「承銷制度」以及「掛牌市場」。至於「內部人員持股比例」、「盈餘成長」與「多空頭」則不支持相關的研究假說。
      最後根據本研究之實證結果與探討分析,提供主管機關在修定承銷價格之訂定方式時有更合理的依據,並裨益投資人之投資決策。
      The main purpose of this research is to investigate the factors that determine the underwriting prices of initial public offerings. This research will be made in three aspects:“the internal conditions of the company” (the company in itself) ,“the industry type of the company” and “the external environment the company is situated in”, which produce seven independent variables in all. Hence, seven hypotheses are built to test the relationship between the dependent variable “underwriting prices” and seven independent variables as following:
      1.“The internal conditions of the company” (the company in itself)
      The variables included are “inside equity proportion”, “total assets” and “the growth rate of operating profit”.
      2.“The industry type of the company”
      In this research, the industries are divided into two parts : electronic and information industry and the others.
      3.“The external environment the company is situated in”
      The variables included are “underwriting system ”,“listing market” (TSE and OTC) and “bull and bear position”.
      The samples examined are 168 newly listed and over-the-counter companies founded during 1995.3.08-1997.12.31. Multiple regression is used to analyze these hypotheses. The results shows that “total assets”,“the industry type of the company”, “underwriting system” and “listing market” support our hypotheses but others don`t.
      The results and analysis obtained through this research are expected to provide the authorities concerned with more proper basis to amend the method of fixing underwriting prices, and effectively help investors make appropriate decisions of investment.
    Description: 碩士
    國立政治大學
    會計學系
    85353004
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000648
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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