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| ???org.dspace.app.webui.jsptag.ItemTag.dcfield??? | Value | Language |
|---|---|---|
| dc.contributor.advisor | 洪茂蔚(Mao-Wei Hung) | |
| dc.contributor.author | Li-Wen Chen | en |
| dc.contributor.author | 陳俐雯 | zh_TW |
| dc.date.accessioned | 2021-06-08T04:06:26Z | - |
| dc.date.copyright | 2018-08-01 | |
| dc.date.issued | 2018 | |
| dc.date.submitted | 2018-07-26 | |
| dc.identifier.citation | Aggarwal, R., Prabhala, N.R. and Puri, M. (2002) “Institutional Allocation in Initial Public Offerings: Empirical Evidence,” Journal of Finance, 57(3): 1421-1442
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/22172 | - |
| dc.description.abstract | 本研究以股份盈餘偏離差代表業主與公司利益不一致的風險，作為需要被監督行為的代理變數，探討在臺灣在詢價圈購與現行競價拍賣兩種初次上市櫃承銷配售機制下，透過配售時形成的股權分配，承銷定價與市價是否反映引進法人或機構投資人對監督公司的效果。實證結果發現，無論是在詢價圈購還是競價拍賣制度下，引進法人或機構投資人對於承銷定價以及掛牌後股價表現的影響並不顯著。但是股份盈餘偏離差對於詢價圈購與競價拍賣樣本的影響有不同的表現，在詢價圈購樣本下的股份盈餘偏離差對於價格倍數有負面影響，與過去的實證結果一致；但是在競價拍賣機制下的樣本，股份盈餘偏離差對於價格倍數的影響在統計上並不顯著，這代表競價拍賣產生價格的過程相對詢價圈購而言，比較沒有到考慮企業主與公司利益不一致的風險並給予較低的評價。這個差異是由於承銷機制的不同，造成對初次上市櫃公司股權結構風險的反映情形不同。 | zh_TW |
| dc.description.abstract | This paper investigates the effect of ownership structure on initial public offering valuation in the Taiwanese stock market under two different underwriting mechanisms, bookbuilding method and the current auction method, and examine whether the potential benefit of monitoring from the institutional investors in the IPO stage can be demonstrated on its relative valuation. We find that the influence from the monitoring of institutional investors is not statistically significant for the valuation under both underwriting mechanisms. While our analysis indicates that a deviating voting-cash structure is negatively associated with the relative valuation at both the initial offer and after-market prices performance under the bookbuilding method, the valuation under the auction method does not reflect the risk of interest conflict for the firms with deviation between the voting and cash flow rights of controlling shareholders. It is the essence of underwriting mechanisms that result in the inconsistent demonstration for the risk of ownership structure. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T04:06:26Z (GMT). No. of bitstreams: 1 ntu-107-R05724014-1.pdf: 1836824 bytes, checksum: aa6af7f2aa49987bae44440a440018c2 (MD5) Previous issue date: 2018 | en |
| dc.description.tableofcontents | 口試委員審定書 ........................... i
誌謝 ........................... ii 中文摘要 ........................... iii 英文摘要 ........................... iv 目錄 ........................... v 圖目錄 ........................... vii 表目錄 ........................... vii 第一章 緒論 ........................... 1 1.1 研究背景與動機 ........................... 1 1.2 研究目的 ........................... 2 1.3 研究架構 ........................... 3 第二章 文獻回顧與探討 ........................... 5 2.1 臺灣公開發行公司辦理初次上市櫃承銷配售制度之演進與探討 ........................... 5 2.1.1 公開申購 ........................... 5 2.1.2 詢價圈購 ........................... 10 2.1.3 競價拍賣 ........................... 15 2.2 初次公開發行期初報酬 ........................... 19 2.2.1 資訊不對稱 ........................... 19 2.2.2 訊息傳遞假說 ........................... 21 2.2.3 承銷商行為 ........................... 22 2.3 競價拍賣與詢價圈購之選擇考量 ........................... 23 2.4 承銷機制、股權分配、引進機構投資人與監督治理相關考量 ........................... 26 2.4.1 股權分配與機構投資人 ........................... 26 2.4.2 股權分配與監督治理之考量 ........................... 28 2.4.3 股權考量與承銷機制之選擇 ........................... 30 2.5 文獻探討小結 ........................... 31 第三章 研究方法 ........................... 32 3.1 研究樣本選取與資料來源 ........................... 32 3.2 相關變數選取與探討 ........................... 33 3.2.1 透過價格倍數衡量承銷價高低估 ........................... 33 3.2.2 機構投資人持股 ........................... 37 3.2.3 股權結構與監督治理相關變數衡量 ........................... 38 3.2.4 其他變數 ........................... 39 3.3 模型建構 ........................... 42 第四章 實證結果與分析 ........................... 50 4.1 基本統計量分析 ........................... 50 4.2 迴歸模型分析 ........................... 54 4.2.1 詢價圈購機制下的承銷價與市場價格評價倍數 ........................... 55 4.2.2 競價拍賣機制下的承銷價與市場價格評價倍數 ........................... 61 4.2.3 不同承銷機制下的初次公開發行期初報酬 ........................... 66 第五章 結論與建議 ........................... 69 5.1 研究結論 ........................... 69 5.2 研究限制 ........................... 70 5.3 研究建議 ........................... 72 參考文獻 ........................... 73 附錄一 ........................... 82 附錄二 ........................... 83 附錄三 ........................... 84 附錄四 ........................... 86 | |
| dc.language.iso | zh-TW | |
| dc.subject | 詢價圈購 | zh_TW |
| dc.subject | 初次公開發行 | zh_TW |
| dc.subject | 承銷機制 | zh_TW |
| dc.subject | 競價拍賣 | zh_TW |
| dc.subject | 機構法人 | zh_TW |
| dc.subject | 監督效果 | zh_TW |
| dc.subject | 股份盈餘偏離差 | zh_TW |
| dc.subject | underwriting mechanisms | en |
| dc.subject | bookbuilding | en |
| dc.subject | auction | en |
| dc.subject | Initial public offering | en |
| dc.subject | deviation between voting and cash flow rights | en |
| dc.subject | monitoring effect | en |
| dc.subject | institutional investors | en |
| dc.title | 承銷機制對股權結構與公司治理資訊內涵之影響 | zh_TW |
| dc.title | The Impact of Initial Public Offering Underwriting Mechanism on Ownership Structure and Informativeness of Corporate Governance | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 106-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 邱琦倫(Chyi-Lun Chiou),蔡佳芬(Chia-Fen Tsai),馮詩蘋(Shih-Ping Feng) | |
| dc.subject.keyword | 初次公開發行,承銷機制,詢價圈購,競價拍賣,機構法人,監督效果,股份盈餘偏離差, | zh_TW |
| dc.subject.keyword | Initial public offering,underwriting mechanisms,auction,bookbuilding,institutional investors,monitoring effect,deviation between voting and cash flow rights, | en |
| dc.relation.page | 88 | |
| dc.identifier.doi | 10.6342/NTU201801981 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2018-07-26 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| Appears in Collections: | 國際企業學系 | |
Files in This Item:
| File | Size | Format | |
|---|---|---|---|
| ntu-107-1.pdf Restricted Access | 1.79 MB | Adobe PDF |
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