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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 陳業寧 | |
dc.contributor.author | Yu-Hsuan Huang | en |
dc.contributor.author | 黃俞瑄 | zh_TW |
dc.date.accessioned | 2021-06-08T03:39:51Z | - |
dc.date.copyright | 2019-07-25 | |
dc.date.issued | 2019 | |
dc.date.submitted | 2019-07-08 | |
dc.identifier.citation | Ang, J. S., & Richardson, T. (1994). The underwriting experience of commercial bank affiliates prior to the Glass-Steagall Act: A reexamination of evidence for passage of the act. Journal of Banking & Finance, 18, 351-395.
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/21615 | - |
dc.description.abstract | 本研究以國內2000至2017年所有IPO公司為樣本,探討金融集團下的承銷商與獨立券商是否會影響IPO公司的折價幅度,並且探討了金融集團下的銀行在放款時是否使用金融集團在承銷IPO公司時的資訊。
實證結果顯示,向金融集團承銷商IPO的公司,其折價幅度相對較獨立券商小,有兩種可能的解釋,第一種解釋為金融集團承銷商在承銷後,希望與公司有未來的長期往來,因此會給予IPO公司較高的承銷價;第二種解釋為金融集團承銷商重視自身的聲譽,因此會傾向於選擇資訊不對稱程度低的公司,而這類公司通常不需要透過IPO折價來釋放訊號表明其為質量較佳的公司。 實證結果亦顯示,向金融集團券商IPO的公司,後續若成功向金融集團下的銀行借款,則該類公司未來的財務績效顯著高於借款失敗的公司,表示金融集團下的銀行在做放款決定時,可能使用了金融集團承銷商在IPO過程中所獲得的資訊。 | zh_TW |
dc.description.abstract | Using the data of the Initial Public Offering (IPO) firms in Taiwan from 2000 to 2017, we study how the affiliation between IPO underwriters and financial groups affects the degree of IPO underpricing. We also examine whether the banks affiliated with IPO underwriters use the information that the underwriters acquired during the IPO process when they make lending decisions.
The empirical results show that the degree of underpricing is smaller for the IPOs whose underwriters are affiliated with financial groups (group-affiliated underwriters). There are two possible explanations for this result. First, group-affiliated underwriters hope to maintain a long-term relationship with the IPO firms, so they are willing to offer a higher offer price for the IPO firms. Second, group-affiliated underwriters care about the reputation of the financial groups they belong to, so they prefer firms with lower information asymmetry, which have less need to signal their quality by IPO underpricing. We also find that the IPO firms that borrow from the banks affiliated with the IPO underwriters have better future financial performance than those that do not, which suggests that the lending banks may have used the information that the IPO underwriters acquired during the IPO process in their lending decisions. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T03:39:51Z (GMT). No. of bitstreams: 1 ntu-108-R06723042-1.pdf: 1495482 bytes, checksum: bd16e83f0bb86ade3b3bdddcce4b2757 (MD5) Previous issue date: 2019 | en |
dc.description.tableofcontents | 中文摘要 I
ABSTRACT II 誌謝 III 目錄 IV 表目錄 V 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 2 第二章 文獻探討與假說建立 4 第一節 文獻探討 4 第二節 假說建立 5 第三章 研究樣本及研究方法 7 第一節 樣本選取與資料來源 7 第二節 實證模型與變數衡量 8 第三節 變數的敘述性統計 13 第四章 實證結果與分析 20 第一節 向不同類型券商IPO公司的折價幅度之實證結果 21 第二節 向集團券商IPO且成功借款的公司與其未來經營績效關聯 23 第三節 依產業類別 31 第五章 結論與延伸 33 第一節 結論 33 第二節 延伸討論議題 34 第三節 研究限制 35 參考文獻 36 | |
dc.language.iso | zh-TW | |
dc.title | 集團券商對IPO承銷的影響 | zh_TW |
dc.title | The Impact of Affiliation between Underwriters and Financial Groups on IPO Underwriting | en |
dc.type | Thesis | |
dc.date.schoolyear | 107-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 莊文議,張景宏 | |
dc.subject.keyword | IPO,金融機構,折價幅度,公司價值,借款, | zh_TW |
dc.subject.keyword | IPO,Financial Institution,Underpricing,Firm Value,Loan, | en |
dc.relation.page | 38 | |
dc.identifier.doi | 10.6342/NTU201901039 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2019-07-09 | |
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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