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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 胡星陽 | |
dc.contributor.author | Chun-Ting Lai | en |
dc.contributor.author | 賴俊廷 | zh_TW |
dc.date.accessioned | 2021-06-17T07:26:54Z | - |
dc.date.available | 2024-07-04 | |
dc.date.copyright | 2019-07-04 | |
dc.date.issued | 2019 | |
dc.date.submitted | 2019-06-24 | |
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/73294 | - |
dc.description.abstract | 本研究探討大中華區的私募股權基金與創投基金等財務性投資人支持的公司IPO後之長期績效表現,並且與其他無財務性投資人支持之IPO公司做比較,挑選在大中華地區2006-2015年上市之公司為樣本,並分別分析台灣、香港與中國市場影響IPO長期績效表現之因素。研究結果顯示在大中華區的公司IPO後長期績效表現優於整體大盤,而在中國的IPO公司若背後有財務型投資人支持的話,其長期績效優於無財務性投資人支持的IPO公司,顯示在中國的財務性投資人對於其投資的IPO公司能夠創造長期價值。此外,本研究亦發現大中華區的公司IPO公司時,第一天的報酬率對於其長期績效有顯著的負面影響,即表示IPO時因為資訊不對稱的緣故,使投資人容易對於股價過度反應,而長期下股價會回歸其公平價值。 | zh_TW |
dc.description.abstract | The purpose of this paper is to examine the long-run aftermarket performance of financial sponsor-backed initial public offerings (IPOs) including private equity-backed IPOs and venture capital-backed IPOs, and compares it to the performance of non-sponsored IPOs in the Greater China region. This study focuses on analyzing the long-run aftermarket performance drivers from different countries. The empirical results show that the long-run aftermarket performances of IPOs in the Greater China region are better than benchmark index. In China, the financial sponsor-backed IPOs appear to perform better than non-sponsored IPOs in the long-run which means financial sponsors could create long-term value for their portfolio companies. Furthermore, this study also finds that there is significantly negative relation between first-day return and long-run performance. It indicates the investors overreact the stock price when it issues due to the information asymmetry, and the stock price will return to its fair value in the long-term. | en |
dc.description.provenance | Made available in DSpace on 2021-06-17T07:26:54Z (GMT). No. of bitstreams: 1 ntu-108-R06723045-1.pdf: 1416815 bytes, checksum: aa7cc8f56f0b0a5935fc2e33853752b8 (MD5) Previous issue date: 2019 | en |
dc.description.tableofcontents | 論文口試委員審定書 I
中文摘要 II ABSTRACT III 誌謝 IV 目錄 V 表目錄 VI 第一章 緒論 1 第一節 研究動機 1 第二節 研究背景 3 第三節 文獻回顧 6 第二章 假說建立 9 第三章 研究樣本及研究方法 11 第一節 樣本選取與資料來源 11 第二節 解釋變數-有財務性投資人支持的IPO公司之虛擬變數 12 第三節 被解釋變數-股價長期績效之代理變數 12 第四節 控制變數 13 第五節 樣本與變數之敘述性統計 15 第六節 研究方法 16 第四章 實證結果與分析 20 第一節 大中華區BHAR 20 第二節 台灣BHAR 21 第三節 香港BHAR 21 第四節 中國BHAR 22 第五節 各市場下IPO公司之橫截面迴歸分析 22 第六節 依財務性投資人差異區分的子樣本之橫截面迴歸分析 24 第七節 第一天報酬率之迴歸分析 25 第五章 結論 25 參考文獻 27 | |
dc.language.iso | zh-TW | |
dc.title | 創投基金與私募股權基金如何影響IPO公司之長期績效表現-以大中華地區為例 | zh_TW |
dc.title | The Performance of Private Equity-Backed and Venture Capital-Backed IPOs in The Greater China Region | en |
dc.type | Thesis | |
dc.date.schoolyear | 107-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳業寧,莊文議,林岳祥 | |
dc.subject.keyword | 私募股權基金,創投基金,初次公開發行,長期績效表現,第一天報酬率, | zh_TW |
dc.subject.keyword | private equity,venture capital,IPOs,long-run performance,first-day return, | en |
dc.relation.page | 39 | |
dc.identifier.doi | 10.6342/NTU201901040 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2019-06-25 | |
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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