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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 郭震坤 | |
| dc.contributor.author | Yi-Chia Lin | en |
| dc.contributor.author | 林怡伽 | zh_TW |
| dc.date.accessioned | 2021-06-08T05:07:09Z | - |
| dc.date.copyright | 2011-07-07 | |
| dc.date.issued | 2011 | |
| dc.date.submitted | 2011-06-22 | |
| dc.identifier.citation | 一、中文部分
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[31]Kooli M., Suret J-M., 2004, 'The Aftermarket Performance of Initial Public Offerings in Canada,' Journal of Multinational Financial Management 14, 47-66. [32]Lee C., A. Shleifer and R. Thaler, 1991, 'Investor Sentiment and the Closed-End Fund Puzzle,' Journal of Finance 46, 75-109. [33]Levis, M., 1993, 'The Long-Run Performance of Initial Public Offerings: The UK Experience 1980-88,' Financial Management 22, 28-41. [34]Logue, D., 1973, 'On the Pricing of Unseasoned Equity Issues: 1965-1969,' Journal of Financial and Quantitative Analysis 8, 91-103. [35]Loughran, T., J. R. Ritter, and K. Rydqvist, 1994, 'Initial Public Offerings: International Insights,' Pacific-Basin Finance Journal 2, 165-199. [36]Loughran, T., and J. Ritter, 1995, 'The New Issues Puzzle,' Journal of Finance 50, 23-51. [37]Loughran T. and J. R. Ritter, 1996, 'Long-Term Market Overreaction: The Effect of Low-Priced Stocks,' Journal of Finance 51, 1959-70. [38]Loughran, T. and A. M. 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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23683 | - |
| dc.description.abstract | 本論文探討首次公開發行（Initial Public Offerings, IPOs）後的股票價格是否受到發行後短期內作為主併者之併購活動的影響，根據Brau et al.（2010）和Celikyurt et al.（2010），兩者之間存在高度相關。本研究選取於1995年至2005年之間在台灣證券交易所首次上市上櫃932家公司之樣本，分為研究組與對照組進行分析，並參考Brau et al.（2010）研究方法，利用買進持有法（Buy-and-Hold Abnormal Returns, BHAR）計算異常報酬法，透過最小平方迴歸分析法（Ordinary Least Square, OLS）與Fama-French三因子模型，比較併購與未併購公司之間股價長期績效的差異性。
研究發現台灣首次公開發行的股票存在有顯著性的異常報酬；然而，併購對於台灣首次公開發行股價之長期異常報酬並未呈現顯著性的影響，亦即，在台灣的股票市場中，併購並不會影響首次公開發行公司之長期股價。 | zh_TW |
| dc.description.abstract | This thesis examines whether the acquiring influences long-term stock prices following the initial public offering of a company. Brau et al.（2010） uses buy-and-hold abnormal return method to find there exists statistically significant relationship between acquiring and long-term stock prices of IPOs companies. To test this relationship, we choose 932 companies that IPO from 1995 to 2005 to calculate abnormal returns. Ordinary least square model and Fama-French three-factor model are used to verify the difference of long-term stock return between the companies acquiring within 1 year after IPO, and companies without acquiring within 1 year.
The results show that there exist significantly abnormal returns following IPOs. However, IPOs that acquire within one years of going public do not significantly affect long-term return. That means acquiring does not influence the long-term stock return of IPOs. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T05:07:09Z (GMT). No. of bitstreams: 1 ntu-100-R98724059-1.pdf: 1391457 bytes, checksum: 36047e5f85840c69097d3cc181f49b29 (MD5) Previous issue date: 2011 | en |
| dc.description.tableofcontents | 誌謝 i
中文摘要 ii 英文摘要 iii 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 研究架構 4 第二章 文獻探討 6 第一節 首次公開發行股票之定義 6 第二節 效率市場假說與相關文獻整理 7 第三節 首次公開發行股票折價發行理論與實證探討 9 第四節 首次公開發行長期異常報酬 16 第五節 探討造成長期股價異常報酬的原因 19 第三章 研究方法 24 第一節 研究假說 24 第二節 資料來源及樣本選取 25 第三節 實證研究方法 27 第四節 研究方法之統計檢定 37 第四章 實證結果分析 42 第一節 敘述統計與相關分析 42 第二節 實證結果分析 46 第五章 結論 60 參考文獻 61 附錄 承銷商歷年承銷件數及排名 66 | |
| dc.language.iso | zh-TW | |
| dc.title | 首次公開發行公司併購對長期績效之影響 | zh_TW |
| dc.title | The Long-term Performance of Acquiring after IPOs | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 99-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 雷立芬,李志偉 | |
| dc.subject.keyword | 首次公開發行,併購,股價長期績效,買進持有法,Fama-French三因子模型, | zh_TW |
| dc.subject.keyword | Initial Public Offering,Acquire,Long-term stock return,Buy-and-Hold Abnormal return,Fama-French three-factor model, | en |
| dc.relation.page | 67 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2011-06-23 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
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