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題名：公司初次上市承銷方式、股權分配與監督機制
書刊名：臺大管理論叢
作者：江淑貞 引用關係／劉維琪 引用關係／張玉山 引用關係
作者(外文)：Chiang, Sue-jane／Liu, Victor W.／Chang, Yue-shan
出版日期：2005
卷期：15:2
頁次：頁1-23
主題關鍵詞：承銷方式；股權分配；監督機制；公司治理；IPO mechanisms；Share allocations；Monitoring；Corporate governance
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(5) 博士論文(1) 專書(0) 專書論文(1)
  • 排除自我引用排除自我引用:5
  • 共同引用共同引用:111
  • 點閱點閱:35
公司為何會上市？在眾多的原因中，引進外部股東、建立適當的公司治理機制，一直是公司尋求上市的重要考量。本文針對國內現有的承銷方式予以模型化，試圖討論「不同的承銷方式是否會影響股權分配與公司治理機制的引進」、「何種承銷方式對業主最有利」、「何種承銷方式的社會總和效用較大」等相關課題。根據模型之推論，基於社會總和效用最大及引進外部監督治理機制之考量，「部份競價拍賣，部份公開申購」是較「部分詢價圈購、部分公開申購」為佳的方式。另外，除非大額、小額投資人的風險忍受係數相同，否則發行公司將承銷總額以「百分之五十辦理競價拍賣、百分之五十辦理公開申購」的方式並非最適。
In this paper, we analyzed the effect of different underwriting mechanisms on the share allocations and corporate governance. By adopting an analytical model, we studied currently two underwriting mechanisms in Taiwan. We found that when maximizing social welfare and attracting external governance, the mechanism with partial public offering and partial auction is better than the mechanism with partial public offering and partial book building. In addition, a mechanism with partial public offering and partial auction is not optimal unless the risk tolerances of small investors and large investors are the same.
期刊論文
1.Mello, A. S.、Parsons, J. E.(1998)。Going Public and the Ownership Structure of the Firm。Journal of Financial Economics，49(1)，79-109。  new window
2.林象山、許清華(19970700)。新上市股承銷方式的選擇。中國財務學刊，5(1)，19-41。new window  延伸查詢new window
3.Brennan, Michael J.、Franks, Julian(1997)。Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK。Journal of Financial Economics，45(3)，391-413。  new window
4.Gorton, G.、Schmid, F. A.(2000)。Universal Banking and the Performance of German Firms。Journal of Financial Economics，58(1/2)，29-80。  new window
5.Thaler, R. H.、Tversky, A.、Kahneman, D.、Schwartz, A.(1997)。The Effect of Myopia and Loss Aversion on Risk Taking: An Experimental Test。The Quarterly Journal of Economics，112(2)，647-661。  new window
6.Zingales, Luigi(1995)。Insider ownership and the decision to go public。The Review of Economic Studies，62，425-448。  new window
7.Lee, Y. S.、Rosenstein, S.、Wyatt, J. G.(1999)。The Value of Financial Outside Directors on Corporate Boards。International Review of Economics and Finance，8(4)，421-431。  new window
8.Holmström, Bengt、Tirole, Jean(1993)。Market Liquidity and Performance Monitoring。The Journal of Political Economy，101(4)，678-709。  new window
9.Maug, Ernst(1998)。Large Shareholders as Monitors: Is There a Trade-off between Liquidity and Control?。Journal of Finance，53(1)，65-98。  new window
10.Prevost, Andrew K.、Rao, Ramesh P.、Hossain, Mahmud(2002)。Determinants of board composition in New Zealand: A simultaneous equations approach。Journal of Empirical Finance，9(4)，373-397。  new window
11.McConnell, John J.、Servaes, Henri(1990)。Additional Evidenceon Equity Ownership and Corporate Value。Journal of Financial Economics，27(2)，595-612。  new window
12.Admati, Anat R.、Pfleiderer, Paul、Zechner, Josef(1994)。Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium。Journal of Political Economy，102(6)，1097-1130。  new window
13.Wruck, K. H.(1989)。Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings。Journal of Financial Economics，23(1)，3-28。  new window
14.馬黛、胡德中(20030400)。承銷配售機制之決定及其對IPO折價之影響：競價拍賣、詢價圈購與公開申購。財務金融學刊，11(1)，1-40。new window  延伸查詢new window
15.葉銀華、邱顯比、何憲章(1997)。利益輸送代理問題和股權結構之理論與實證研究。中國財務學刊，4(4)，47-73。new window  延伸查詢new window
16.Bhagat, Sanjai、Bernard, Black(1999)。The uncertain relationship between board composition and firm performance。Business Lawyer，54(3)，921-963。  new window
17.Pagano, Marco、Röell, Ailsa(1998)。The choice of stock ownership structure: Agency costs monitoring and the decision to go public。Quarterly Journal of Economics，113(1)，187-225。  new window
18.Megginson, William L.、Weiss, Kathleen A.(1991)。Venture capitalist certification in initial public offerings。Journal of Finance，46(3)，879-903。  new window
19.Lin, T. H.(1996)。The certification role of large block shareholders in initial public offerings: the case of venture capitalists。Quarterly Journal of Business and Economics，35(2)，55-65。  new window
20.Barclay, Michael J.、Holderness, Clifford G.(1989)。Private benefits from control of public corporations。Journal of Financial Economics，25(2)，371-395。  new window
21.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1988)。Management Ownership and Market Valuation: An Empirical Analysis。Journal of Financial Economics，20(1/2)，293-315。  new window
22.Kaplan, Steven N.、Minton, Bernadette A.(1994)。Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers。Journal of Financial Economics，36(2)，225-258。  new window
23.Bhagat, Sanjai、Black, Bernard S.(2002)。The Non-Correlation Between Board Independence and Long-Term Firm Performance。Journal of Corporation Law，27(2)，231-273。  new window
24.李春安、吳欽衫、葉麗玉(20030100)。所有權結構與公司非法行為關係之研究--以臺灣股票上市公司為例。證券市場發展季刊，14(4)=56，75-137。new window  延伸查詢new window
25.Stulz, René M.(1988)。Managerial control of voting rights: Financing policies and the market for corporate control。Journal of Financial Economics，20(1/2)，25-54。  new window
26.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics，20(1/2)，237-265。  new window
27.Baysinger, Barry D.、Butler, Henry N.(1985)。Corporate Governance and the Board of Directors: Performance Effects of Changes in Board Composition。Journal of Law, Economics, & Organization，1(1)，101-124。  new window
28.Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance，52(2)，737-783。  new window
29.Kang, Jun-Koo、Shivdasani, Anil(1995)。Firm Performance, Corporate Governance, and Top Executive Turnover in Japan。Journal of Financial Economics，38(1)，29-58。  new window
30.Stoughton, N. M.、Zechner, J.(1998)。IPO-Mechanisms, Monitoring and Ownership Structure。Journal of Financial Economics，49，45-77。  new window
31.江淑貞、張玉山、曾美君(2001)。承銷方式與民營化釋股之研究。管理學報，18(1)，135-152。new window  延伸查詢new window
32.Chipman, J.(1973)。The ordering of portfolios in terms of mean and variance。Review of Economic Study，40，167-190。  new window
33.Hanley, K. W.、Wilhelm, W. J.(1995)。Evidence on the strategic allocation of initial public offerings。Journal of Financial Economics，37，239-257。  new window
34.Schipper, K.、Smith, A.(1986)。A Comparison of Equity Carve-Outs and Seasoned Equity Offerings。Journal of Financial Economics，15，153-186。  new window
35.Hallahan, T.、Faff, R.、McKenzie, M.(2003)。An Exploratory Investigation of the Relation between Risk Tolerance Scores and Demographic Characteristics。Journal of Multinational Financial Management，13(4/5)，483-502。  new window
36.Kwak, Y. H.、LaPlace, K. S.(2005)。Examining Risk Tolerance in Project-driven Organization。Technovation，25(6)，691-695。  new window
會議論文
1.葉銀華、李存修(2002)。Corporate Governance and Corporate Equity Investments: Evidence from Taiwan。0。  new window
2.陳業寧、胡星陽(2002)。The Controlling Shareholder's Personal Stock Loan and Firm Performance。Taipei。  new window
3.Hermalin, B. E.(2003)。Trends in Corporate Governance。0。  new window
研究報告
1.Bernnan, M.、Franks, J.(1995)。Underpricing Ownership and Control in the Initial Public Offering of Equity Securities。Los Angeles, CA。  new window
2.Bhagat, S.、Black, B.(2000)。Board Independence and Long-term Firm Performance。University of Colorado。  new window
3.Hirshleifer, D.、Thakor, A. V.(1996)。Corporate Control through Board Dismissals and Takeover。0。  new window
學位論文
1.呂信瑩(2003)。兩稅合一對除權除息日前後累積異常成交量之影響，0。  延伸查詢new window
2.張旭玲(1998)。我國股票上市公司股權結構暨經營績效之研究，0。  延伸查詢new window
3.吳蕙雯(2002)。公司治理對IPOs承銷價與上市後股價表現影響之研究，0。  延伸查詢new window
4.饒芷瑜(2003)。績效評估對短視的損失趨避之除誤效果，0。  延伸查詢new window
圖書
1.Ingersoll, J. E.(1987)。Theory of Financial Decision Making。Maryland：Rowman-Littlefield。  new window
2.Varian, Hal R.(1992)。Microeconomic Analysis。W. W. Norton & Company, Inc.。  new window
3.Franks, J.、Mayer, C.(1994)。The Ownership and Control of German Corporations。The Ownership and Control of German Corporations。沒有紀錄。  new window
 
 
 
 
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