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題名:台灣店頭市場之研究─企業上櫃策略與開放信用交易之影響
作者:鄭昌錞
作者(外文):Cheng, Chang-Ch''un
校院名稱:國立臺灣大學
系所名稱:財務金融學研究所
指導教授:王泰昌
陳其美
學位類別:博士
出版日期:2002
主題關鍵詞:上市上櫃防堵策略店頭市場信用交易融券比
原始連結:連回原系統網址new window
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  本文針對店頭市場與集中市場存在掛牌標準的差異,從企業於產品市場競爭的角度出發,探求何種類型的公司會上櫃掛牌。在適當條件下,生產成本低、競爭能力強的企業,不會因選擇上櫃後財務資訊必需公開,而成為上市公司刻意防堵(predate)的對象,從而能轉上市;生產成本偏高的企業,即使上市公司不防堵也無法上市,因此選擇先行上櫃降低資金成本,以求提高獲利能力;至於生產成本不高也不低的企業,若選擇上櫃則必然成為上市公司防堵的目標,從而選擇不上櫃再伺機上市的策略。另一方面,對上市公司而言,則在權衡防堵對手上市所付出的代價,是否能為阻撓對手上市所增加的獲利彌補過來,從而決定是否對選擇上櫃的企業採取防堵策略。
其次,允許信用交易為店頭市場交易制度近年來最大的變動。因此本文從Diamond and Verrecchia(1987)的理論模型實證推論出發,得到店頭市場在開放信用交易後,其市場效率性僅有些微的改善。且因投資人搜尋資訊的誘因提高,而造成個股波動性較開放前劇烈,此現象在不得信用交易的個股上較不明顯,因此並非偶發的事件所造成。
最後,因同時開放信用交易的個股,融券比的程度彼此之間差異頗大,所以我們進一步探究信用交易的開放對那類型的公司影響較大。實證結果顯示符合委託成交可能性高,資訊搜尋成本低,或資產價值被市場高估等三原則的公司,較有可能成為投資人融券放空之標的,即開放信用交易對具上述特徵的公司影響較大。
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