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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 姜堯民(Yao-Min Chiang) | |
| dc.contributor.author | Li-Ping Meng | en |
| dc.contributor.author | 蒙麗萍 | zh_TW |
| dc.date.accessioned | 2021-06-07T17:28:35Z | - |
| dc.date.copyright | 2020-06-09 | |
| dc.date.issued | 2020 | |
| dc.date.submitted | 2020-05-16 | |
| dc.identifier.citation | 1.Booth, J. R., & Smith II, R. L. (1986). Capital raising, underwriting and the certification hypothesis. Journal of Financial Economics, 15(1-2), 261-281.
2.Carter, R. B., & Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation. Journal of Finance, 45(4), 1045-1067. 3.Chang, C., Chiang, Y. M., Qian, Y., & Ritter, J. R. (2017). Pre-market trading and IPO pricing. The Review of Financial Studies, 30(3), 835-865. 4.Chen, C. R., & Mohan, N. J. (2002). Underwriter spread, underwriter reputation, and IPO underpricing: A simultaneous equation analysis. Journal of Business Finance & Accounting, 29(3‐4), 521-540. 5.Chen, H. C., & Ritter, J. R. (2000). The seven percent solution. Journal of Finance, 55(3), 1105-1131. 6.Chen, H. C., Fok, R. C., & Wang, Y. J. (2006). Why do underwriters charge low underwriting fees for initial public offerings in Taiwan?. Journal of Business Finance & Accounting, 33(7‐8), 979-1005. 7.Gande, A., Puri, M., & Saunders, A. (1999). Bank entry, competition, and the market for corporate securities underwriting. Journal of Financial Economics, 54(2), 165-195. 8.Gompers, P., & Lerner, J. (1999). Conflict of interest in the issuance of public securities: Evidence from venture capital. The Journal of Law and Economics, 42(1), 1-28. 9.Hamao, Y., Packer, F., & Ritter, J. R. (2000). Institutional affiliation and the role of venture capital: Evidence from initial public offerings in Japan. Pacific-Basin Finance Journal, 8(5), 529-558. 10.Ibbotson, R. G. (1975). Price performance of common stock new issues. Journal of Financial Economics, 2(3), 235-272. 11.Kim, D., Palia, D., & Saunders, A. (2010). Are initial returns and underwriting spreads in equity issues complements or substitutes?. Financial Management, 39(4), 1403-1423. 12.Li, X., & Masulis, R. (2003). Venture capital investments by IPO underwriters: Certification or conflict of interest?. SSRN Electronic Journal. 13.Logue, D. E. (1973). On the pricing of unseasoned equity issues: 1965–1969. Journal of Financial and Quantitative Analysis, 8(1), 91-103. 14.Puri, M. (1999). Commercial banks as underwriters: Implications for the going public process. Journal of Financial Economics, 54(2), 133-163. 15.Reilly, F. K. (1973). Further evidence on short-run results for new issue investors. Journal of Financial and Quantitative Analysis, 8(1), 83-90. 16.Ritter, J. R. (1984). The' hot issue' market of 1980. Journal of Business, 215-240. 17.Ritter, J. R. (1991). The long‐run performance of initial public offerings. The Journal of Finance, 46(1), 3-27. 18.Ritter, J. R. (2011). Equilibrium in the initial public offerings market. Annual Review of Financial Economics, 3(1), 347-374. 19.Rock, K. (1986). Why new issues are underpriced. Journal of Financial Economics, 15(1-2), 187-212. 20.Stoll, H. R., & Curley, A. J. (1970). Small business and the new issues market for equities. Journal of Financial and Quantitative Analysis, 5(3), 309-322. 21.Tian, L. (2011). Regulatory underpricing: Determinants of Chinese extreme IPO returns. Journal of Empirical Finance, 18(1), 78-90. 22.徐浩萍, 陳欣, & 陳超. (2009). 國有企業 IPO 發行折價: 基於政策信號理論的解釋. 金融研究, 10, 133-149. 23.王成方, 宋夏雲, & 蔣巍. (2015). 承銷費用, 政府定價管制與 IPO 抑價——來自中國首次公開發行公司的經驗證據. 財經論叢, 196(7), 33-40. 24.張路, & 王會娟. (2014). 承銷商的議價能力影響承銷費嗎?——基於承銷商聲譽和公司品質的角度. 金融理論與實踐, (2), 12-15. 25.張學勇, 廖理, & 羅遠航. (2014). 券商背景風險投資與公司 IPO 抑價——基於資訊不對稱的視角. 中國工業經濟, (11), 90-101. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15213 | - |
| dc.description.abstract | IPO折價是學者長期熱議的話題之一，而承銷商在IPO過程中扮演著不可或缺的角色，承銷商能夠對IPO訂價產生重要影響。因此凡涉及到承銷商自身利益的行為也難免會影響IPO訂價。本文以2,110家2009年7月至2020年1月期間在A股上市公司的資料為研究樣本，探討了承銷費用、券商直投對IPO折價之影響。通過實證研究發現：承銷費用與IPO折價正相關。區分企業股權性質後發現，對於國有企業，承銷費用與IPO折價沒有顯著關係，而對於非國有企業，承銷費用越高，IPO折價越嚴重；區分上市板塊後，承銷費用與IPO折價之關係僅在主板和中小板顯著，在創業板和科創板則不顯著。本文還發現券商直投的參與能夠降低IPO折價，但是券商直投不影響承銷費用與IPO折價之關係，且券商股權投資並沒有顯著影響承銷費率，進一步根據有無券商直投樣本分組對承銷費用與IPO折價迴歸發現，承銷費用對IPO折價的影響在有券商直投參與的樣本係數較小且不顯著，在沒有券商直投參與的樣本裡二者仍有顯著正向關係。 | zh_TW |
| dc.description.abstract | IPO underpricing has been discussing for a long time in the literature. As an indispensable role in the IPO process, underwriters have influence on IPO pricing. Therefore, the behavior involving the underwriters' own interests may affect the IPO pricing. Based on the data of 2,110 A-share IPO companies from July 2009 to January 2020, this paper examines the relationship among underwriting fees, direct investment of underwriters and IPO underpricing. The empirical results show that underwriting fees have a positive effect on IPO underpricing. The empirical result of the subsample further shows that underwriting fees are no longer significant for state-owned enterprises and it still has a significant and positive impact of underwriter fees on IPO underpricing for non-state-owned enterprises. When we split our sample according to listing sector, we find that underwriting fees are only positively correlated to IPO underpricing on the main board, the small and the medium-sized board, but not on growth enterprise market and sci-tech innovation board. This paper also finds that venture investments by underwriters significantly reduce IPO underpricing. But the findings further reveal that the participation of underwriters' direct investment does not impact the relationship between the underwriting fees and the IPO underpricing, and equity investment by securities firms also does not significantly affect the underwriting fees. At the same time, we find that the impact of underwriting fees on IPO underpricing becomes small and insignificant in the subsample of underwriters' direct investment. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-07T17:28:35Z (GMT). No. of bitstreams: 1 ntu-109-R07723072-1.pdf: 1265763 bytes, checksum: 2e2df53691fea766e9c51b59d7408edb (MD5) Previous issue date: 2020 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
誌謝 ii 中文摘要 iii Abstract iv 第一章 緒論 1 第二章 文獻綜述和假說建立 5 2.1承銷費用與IPO折價 5 2.2券商直投與IPO折價 6 2.3承銷費用、券商直投與IPO折價 8 第三章 研究方法及樣本 11 3.1樣本選取與資料來源 11 3.2研究模型 11 3.3變數定義 12 3.4敘述統計 15 第四章 實證結果 17 4.1承銷費用與IPO折價之實證結果 17 4.2承銷費用、券商直投與IPO折價之實證結果 19 第五章 穩健性測試 22 5.1內生性檢驗 22 5.2穩健性測試 22 第六章 結論 24 參考文獻 26 表目錄 表1 變數定義一覽表 28 表2 變數敘述統計表 29 表3 有無券商直投各變數均值(中位數)統計及差異檢驗 30 表4 國有和非國有企業各變數均值(中位數)統計及差異檢驗 30 表5 承銷費用與IPO折價迴歸結果 31 表6 承銷費用與IPO折價-股權性質分群樣本 32 表7 承銷費用與IPO折價-上市板塊分群樣本 33 表8 承銷費用、券商直投與IPO折價迴歸結果 34 表9 承銷費用與IPO折價-券商直投分群結果 35 表10 承銷費用與IPO折價2SLS迴歸結果 36 表11 承銷費用、券商直投與IPO折價穩健性檢驗 37 | |
| dc.language.iso | zh-TW | |
| dc.subject | IPO折價 | zh_TW |
| dc.subject | 承銷費用 | zh_TW |
| dc.subject | 券商直投 | zh_TW |
| dc.subject | 券商股權投資 | zh_TW |
| dc.subject | 首次公開發行 | zh_TW |
| dc.subject | IPO Underpricing | en |
| dc.subject | Venture Capital Affiliation With Underwriters | en |
| dc.subject | Direct Investment Of Securities | en |
| dc.subject | Initial Public Offerings | en |
| dc.subject | Underwriting Fees | en |
| dc.title | 承銷費用、券商直投與IPO折價 | zh_TW |
| dc.title | Underwriting Fees, Direct Investment Of Securities and IPO Underpricing | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 108-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 張邦茹(Pang-Ru Chang),黃柏凱(Po-Kai Huang) | |
| dc.subject.keyword | 承銷費用,券商直投,券商股權投資,首次公開發行,IPO折價, | zh_TW |
| dc.subject.keyword | Underwriting Fees,Direct Investment Of Securities,Venture Capital Affiliation With Underwriters,Initial Public Offerings,IPO Underpricing, | en |
| dc.relation.page | 37 | |
| dc.identifier.doi | 10.6342/NTU202000738 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2020-05-18 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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