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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/73301
Title: | 臺灣上市櫃公司首次公開發行之承銷制度改革與定價效率之研究 The Underwriting System and Pricing Efficiency of the Initial Public Offerings of Taiwanese Listed Companies |
Authors: | Yu-Wen Wang 王昱雯 |
Advisor: | 李存修 |
Keyword: | 首次公開發行,承銷配售制度,異常報酬, Initial Public Offerings,Underwriting System,Abnormal Returns, |
Publication Year : | 2019 |
Degree: | 碩士 |
Abstract: | 本研究選取民國84年5月至民國107年12月,初次在台灣證券交易所及中華民國證券櫃檯買賣中心新上市櫃的證券為研究對象,排除於研究期間下市櫃、發行存託憑證、由櫃檯買賣中心轉至集中市場掛牌上市之公司,並依其首次公開發行之日期劃分為三個階段,分別為民國84年5月,導入競價拍賣;民國93年1月,將詢價圈購配售方式導入初次上市櫃承銷制度中;民國105年1月,初次上市櫃股票承銷案件,除符合特定條件者外,應優先採用更具公平與公開性之競價拍賣方式辦理承銷,以事件研究法探討三次承銷配售的重大改革,是否讓首次公開發行股票的價格更具效率性。
實證結果如下:台灣初次上市櫃公司存在期初異常報酬現象,然而,承銷制度中的配售制度對期初異常報酬幅度造成之影響並不顯著;在全時期時,上市公司之異常報酬幅度顯著小於上櫃公司,惟第二時期及第三時期,兩者之差異並不顯著;在全時期時,電子類股之異常報酬幅度顯著高於非電子類股,惟第二時期,兩者之差異並不顯著。 This study uses the initial public offerings of Taiwanese listed companies from May 1995 to December 2018, and separates them into three periods according to the date they initial public offered. The three periods are May 1995, when competitive auction was first introduced; January 2004, when bookbuilding was added into the law of initial public offerings; January 2016, when the law regulated that the initial public offerings of Taiwanese listed companies should use competitive auction except for the companies that meet certain conditions. The research uses market adjusted return model to find if the reform of underwriting placement system makes the IPO price more efficient. The empirical results are as follows: Taiwan's initial listing companies existed an abnormal returns, but the placement in the underwriting system would not affect the degree of abnormal returns; The degree of abnormal returns of listed company at stock exchange market was significantly smaller than listed company at over-the-counter market in the whole period, but the difference in the second and third period was not significant; The degree of abnormal returns of electronic stocks was significantly higher than non-electronic stocks in the whole period, but the difference in the second period was not significant. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/73301 |
DOI: | 10.6342/NTU201900989 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 財務金融學系 |
Files in This Item:
File | Size | Format | |
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ntu-108-1.pdf Restricted Access | 1.2 MB | Adobe PDF |
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