影響訂定承銷價格因素與最終議定承銷價格之關係–兼論承銷價格調整基礎之中介效果_

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

論文基本資料
摘要
外文摘要
參考文獻

題名：	影響訂定承銷價格因素與最終議定承銷價格之關係–兼論承銷價格調整基礎之中介效果
作者：	王耀華
作者(外文)：	Yao-Hua Wang
校院名稱：	中國文化大學
系所名稱：	國際企業管理學系
指導教授：	林彩梅
學位類別：	博士
出版日期：	2013
主題關鍵詞：	承銷價格；承銷商；承銷制度；underwriting price；underwriter；underwriting system
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:62

隨著資本市場的活絡以及整體市場對金融服務的需求提高，我國法令規定也大幅開放國內外廠商在國內外募集資金的管道，從而擴大了整個國內資本市場的規模與加快與國際化接軌的腳步，同時也突顯出證券市場的重要性。本研究主要探討影響訂定承銷價格因素與最終議定承銷價格之關係，以及承銷價格調整基礎對其關係的中介效果。
研究方法採用普查方式，針對99年至101年9月之上市(櫃)公司所公告之資訊，逐筆蒐集本研究所需有效資料總計144家公司。另外採問卷調查法，蒐集目前實務界先進對現行承銷新制制度下之主要考量要點。發出問卷110份，回收90份，均為有效問卷。研究結果發現：(1)影響訂定承銷價格因素之財務資訊面與發行條件面對最終議定承銷價格具有顯著影響；(2)影響訂定承銷價格因素對本益比法價格、現金流量折現法價格與興櫃價格具有正向影響；(3)承銷價格調整基礎對最終議定承銷價格均具正向關係；(4) 承銷價格調整基礎之本益比法價格與興櫃價格對影響訂定承銷價格因素與最終議定承銷價格具有中介效果。(5)問卷調查結果得知IPOs公司對於影響訂定承銷價格因素主要考量之前3項因素依序為：整體股市本益比趨勢、EPS、大股東持股率。

以文找文

Growth of the capital market, and the need for financial service have lead Taiwan government to delegated same restriction on the channels for raising capital from both domestic and abroad. In the meantime, it highlights the importance of stock market relationship of the factors affecting underpricing and the final underpricing price and the adjusted underwriting price mechanism as intervening variables are discussed.
Secondary data information published by each IPO companies is used in this research. It stretches out from year 2010 to Sep. 2012, and covers 144 sets of data. Meanwhile, anonymous survey of randomly selected CFO in these companies is also made to collect the required data on the key consideration in new underwriting mechanism. Of the 110 questionnaires distributed, 90 were returned and all are valid samples. Empirical findings indicated that: (1) the scope of financial and issue condition of the underwriting factor are significant related to the final negotiated underwriting price; (2) the underwriting factor positively affects the P/E ratio, discounted cash flow, and emerging stock price methods; (3) the adjusted underwriting price mechanism positively affects the final underwriting price; (4) P/E ratio and emerging stock price cause the intervening effect to the relationship of the underwriting factor, and the resolved underwriting price; (5) the top three items considered by the CFO of IPO companies are the aggregated stock market P/E ratio, EPS, the stock holding rate by the main stock holder, company size, and underwriting size.

以文找文

一、中文文獻
台灣證券交易所(2010)，2010年世界主要證券市場相關制度，台灣證券交易所彙編。
李明哲(2001)，評等第一級享有一成超額報酬–TEJ，投資評等區別檢驗，貨幣觀測與信用評等，(32)，38-39。
林象山，薛富井，陳長利(1999)，新股定價偏誤對承銷商公司價值的影響，管理評論，18(1)，99-111。 new window

林進富，谷湘儀(2006)，我國有價證劵承銷採行二價式確定包銷制度之可行性研究，委託單位：中華民國證劵商業同業公會，執行單位：協和國際法律事務所。
林建廷(2008)，子公司策略角色，異文化管理和經營績效關係之研究，中國文化大學企業管理學系暨國際企業管理研究所未出版之博士論文。 new window

林瑞山(2008)，和平文化經營理念與異文化經營管理制度對經營績效影響之研究–英、美、日MNE在台灣子公司之比較，中國文化大學企業管理學系暨國際企業管理研究所未出版之博士論文。 new window

洪振虔，吳欽杉，陳安琳(2003)，新上市公司股票刻意偏低定價的影響因素–隨機前緣模式的運用，管理學報，20(1)，113-141。 new window

施光訓，蔡明春，陸仲華(2005)，IPO議價因素之探討—承銷商觀點，會計與公司治理，2(2)，79-108。
徐中琦(2007)，投資學(1版)，台中：滄海書局。
范宏書，林彥廷，陳慶隆(2011)，94年加強承銷商責任與罰責的新承銷機制對初次上市櫃股票短期異常報酬之影響，管理與系統，18(4)，687-718。 new window

許石睦(2004)，我國新上市櫃股票訂價效率性之研究–以興櫃制度實施後為例，國立台北大學企業管理學系未出版之碩士論文。
陳威榮，黃健柏(2009)，以董監事責任保險探討公司董監事治理的責任，育達科大學報，(21)，43-66。
陳勝源，林宇平(2012)，承銷新制對承銷價格與承銷費用之影響，臺大管理論叢，22(2)，1-26。 new window

曾增城(2005)，落實公司治理-董監事責任保險座談會。台北：財團法人保險事業發展中心出版。
鄧旭茹(2007)，和平文化經營理念與異文化管理對行銷策略與行績效影響之研究，中國文化大學企業管理學系暨國際企業管理研究所未出版之博士論文。
薛明玲，伍忠賢(2003)，鑑價高手評估你的公司值多少？(初版)，台北：實用稅務出版社。

二、英文文獻
Agarwal, S., Chomsisengphet, S., Liu, C., & Rhee, S. G. (2007).Earnings Management Behaviors under Different Economic Environments: Evidence from Japanese Banks. International Review of Economics and Finance, 16(3), 429-443.
Akbar, S., Shah, S. Z. A., & Stark, A. W., (2011). The Value Relevance of Cash Flows, Current Accruals, and Non-current Accruals in th UK. International Review of Financial Analysis, 20(5), 311-319.
Arikawa, Y., & Imad’eddine, G. (2010).Venture Capital Affiliation with Underwriters and the Underpricing of Initial Public Offerings in Japan. Journal of Economics and Business, 62(6), 502-516.
Banz, R. W. (1981). The Relationship Between Return and Market Value of Common Stocks. Journal of Financial Economics, 6, 103-126.
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in social psychological research: Concepuat, strategic, and statistical considerations, Journal of Personality and Social Psychology, 51(6), 1173-1182.
Barry, C. S. B. (1985). Differential Information and Security Market Equilibrium. Journal of Financial and Quantitative Analysis, 20(4), 407-422.
Beatty, R. P., & Ritter, J. R. (January-February 1986) Investment Banking, Reputation, and the Underpricing of Initial Public Offerings. Journal of Financial Economics, 15(1-2), 213-232.
Benveniste, L., & Spindt, P. (1989). How Investment Bankers Determine the Offer Price and Allocation of New Issues. Journal of Financial Economics, 24(2), 343-361.
Benveniste, L.M., Ljungqvist, A. P., Wilhelm, W. J., & Yu, X. (2003). Evidence of Information Spillovers in the Production of Investment Banking Services. Journal of Finance, 58(2), 577-608.
Booth, J. R., & Chua, L. (1996). Ownership Dispersion, Costly Information and IPO Underpricing. Journal of Financial Economics, 41(2), 291-310.
Bradley, D. J., & Jordan, B. D. (2002 Dec). Partial Adjustment to Public Information and IPO Underpricing. Journal of Financial and Quantitative analysis, 37(4), 595-616.
Brennan, M. J., & Franks, J. (1997). Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK. Journal of Political Economy, 45(3), 391-413.
Brealey, R. A., Myers, S. C., & Marcus, A. J.(2004). Fundamentals of Corporate Finance. New York: Mc Graw-Hill.
Cai, K. N., Lee, H. W., & Valero, M. (2010). Changing Underwriting Practices on Underpricing of U.S. Global Initial Public Offerings. Journal of Business Research, 63(12), 1317-1323.
Carter, R., & Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation. The Journal of Finance, XLV., 1045-1067.
Cheung, Y. L., Ouyang, Z., & Tan, W. (2009). How Regulatory Changes Affect IPO Underpricing in China. China Economic Review, 20(4), 692-702.
Cheng, J., Peng, J. H., & Su, W. H. (2005). A Study on the Correlation of Companies’ Years of Establishment Prior to Public Listing and Abnormal Returns of the Periods after the Companies’ Initial Public Offering and Major Events. The Business Review, Cambridge, 4(1), 246-255.
Colak, G., & Gunay, H. (2011). Strategic Waiting in the IPO Markets. Journal of Corporate Finance, 17(3), 555-583.
Copeland, T., Koller, T., & Murrin, J. (2000). Valuation: Measuring and Managing the Value of companies, Third Edition, McKinsey and Compny, Inc.
Corwin, S., & Schultz, P. (2005). The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Underwriter Competition. Journal of Finance, 60(1), 443-486.
Cui, H., & Mak, Y. T. (2002). The Relationship Between Managerial Ownership and Firm Performance in High R&D Firms. Journal of Corporate Finance, 8(4), 313-336.
Damodaran, A. (2012). Investment Valuation: Tools and Techniqure for Determining the Value of Any Asset, University Edition 3th edition. Published by John Wiley & Sons, Inc, Hoboken, New Jersey.
Daniels, R. J., & Hutton, S. (1993). The Capricious Cushion: The Implications of the Directors and Insurance Liability Crisis on Canadian Corporate Governance. Canadian Business Law Journal, 22(2), 182-230.
DeAngelo, L. (1988). Managerial Competition, Information Costs, and Corporate Governance: The Use of Accounting Performance Measures in Proxy Contests. Journal of Accounting and Economics, 10(1), 3-36.
Demsetz, H., & Lehn, K. (1985). The Structure of Corporate Ownership：Causes and Consequences. Journal of Political Economy, 93(6), 1155-1177.
Derrien, F., & Womack, K. L. (Spring, 2003). Auctions vs. Booking and the Control of Underpricing in Hot IPO Markets. The Review of Financial Studies, 16(1),31.
Downes D. H., & Heinkel, R. (1982). Signaling and the Valuation of Unseasoned New Issues. Journal of Finance, 37(1), 1-10.
Dunbar, C. (2000). Factors Affecting Investment Bank Initial Public Offering Market Share. Journal of Financial Economics, 55(1), 3-41.
Easton, P. D., & Harris, T. S. (1991). Earnings as an Explanatory Variable for Returns. Journal of Accounting Research, 29(1), 19-36.
Easton, P. D., Harris, T. S., & Ohlson, J. A. (1992). Aggregate Accounting Earnings Can Explain Most of Security Returns: The Case of Long Return Interval. Journal of Accounting and Economics, 15(2/3), 119-142.
Edelen, R. M., & Kadlec, G. B. (2003). Issuer Surplus and the Partial Adjustment of IPO Prices to Public Information. Journal of Financial Economics, 77(2), 347-373.
Goergen, M., Khurshed, A., & Renneboog, L. (2009). Why are the French so Different from the Germans? Underpricing of IPOs on the Euro New Markets. International Review of Law and Economics, 29(3), 260-271.
Grammenos, C. T., & Papapostolou, N. C. (2012). US Shipping Initial Public Offerings: Do Prospectus and Market Information Matter?. Transportation Research Part E, 48(1), 276-295.
Groth, J. C., & Martin, H. D. (1981). Impact of Firm Size on Capital Market Efficiency. Journal of Economics & Business, 33, 166-171.
Guo, H., & Brooks, R. (2008). Underpricing of Chinese A-share IPOs and Short-run Underperformance under the Approval System from 2001 to 2005. International Review of Financial Analysis, 17(5), 984-997.
Hearn, B. (2011). The Impact of Corporate Governance Measures on the Performance of West African IPO Firms. Emerging Markets Review, 12(2), 130-151.
Helwege, J., & Liang, N. (2002). Initial Public Offerings in Hot and Cold Markets, Working Paper, Ohio State University.
Hoberg, G. (2007). The Underwriter Persistence Phenomenon. Journal of finance, 62(3), 1169-1206.
Ibbotson, R. G., & Jaffe, J. J. (1975). Hot Issue Markets. Journal of Finance, 30(3), 1027-1042.
Islam, M. A., Ali, R., & Ahmad, Z. (2010). An Empirical Investigation of the Underpricing of Initial Public Offerings in the Chittagong Stock Exchange. International Journal of Economics, and Finance, 2(4), 36-46.
Jensen, M. C., & Ruback, R. S. (1983). The Market for Corporate Control：The Scientific Evidence. Journal of Financial Economics, 11(1-4), 5-50.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm：Management Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jiraporn, P., Kim, Y., & Mathur, I. (2008). Does Corporate Diversification Exacerbate or Mitigate Earnings Management? An Empirical Analysis. International Review of Financial Analysis, 17(5), 1087-1109.
Jog, V., & Wang, L. (Sep. 2002). Aftermarket Volatility and Underpricing of Canadian Initial Public Offering. Canadian Journal of Administrative Sciences, 19(3), 231-248.
Kane, A., Marcus, A. J., & Noh, J. (1996). The P/E Multiple and Market Volatility. Financial Analysts Journal, 52(4), 16-24.
Koh, F., & Walter, T. (1989). A Direct Test of Rock’S Model of the Pricing of Unseasoned Issues. Journal of Financial Economics, 23(2), 251-272.
Leland, H., & Pyle, D. (1977). Information Asymmetrics, Financial Structure, and Financial Intermediation. Journal of Finance, 32(2), 371-387.
Leoni, P. L. (2007). A Market Microstructure Explanation of IPOs Underpricing. Economics Letters, 100(1), 47-48.
Lin, T. H., & Fok, R. C. W. (1997). The Information Content of IPO Price Adjustment. International Journal of Finance, 52, 650-667.
Liu, X., & Ritter, J. R. (2011). Local Underwriter Oligopolies and IPO Underpricing. Journal of Financial Economics, 102(3), 579-601.
Loughran, T., & Ritter, J. R. (2002). Why Don’T Issuers Get Upset about Leaving Money on the Table in Ipos? Review of Financial Studies, 15(2), 413-443 .
Louge, D. (1973). On the Pricing of Unseasoned Equity Issues 1965-1969. Journal of Financial and Quantitative Analysis, 8(1), 91-103.
Lowry, M., & Schwert, G. W. (2002). IPO Market Cycles: Bubbles or Sequential Learning? Journal of Finance, 57(3), 1171-1200.
Lowry, M., & Shu, S. (2002)/ Litigation Risk and IPO Underpricing. Journal of Financial Economics, 65(3), 309-335.
McConnel, J., & Servaes, H. (1990). Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27(1), 595-612.
McCool, H., Koh, S. C., & Francis, L. (1996), Testing for Deliberate Underpricing in the IPO Premarket: A Stochastic Frontier Approach. The Review of Financial studies, 9(4), 1251-1269.
Muscarella, C. J., & Vesuypens, M. R. (1989). The Underpricing of Second Initial Public Offerings. The Journal of Financial Research, 12(3), 183-201.
Neter, J., Wasserman, W., & Kutner, M. (1989). Applied Linear Regression Models, 2nd ed., IL: Irwin, 1989.
Neupane, S., & Poshakwale, S. S. (2012). Transparency in IPO Mechanism: Retail Investors’ Participation, IPO Pricing and Returns. Journal of Banking & Finance, 36(7), 2064-2076.
O’Hara, H. T., Lazdowski, C., Moldovean, C., & Samuelson, S. T., (Jan. 2000), Financial Indicators of Stock Price Performance. American Business Review, 18(1), 90-100.
Pagano, M., Panetta, F., & Zingales, L. (1998). Why Do Companies Go Public? An Empirical Analysis. Journal of Finance, 53(1), 27-64.
Prasad, D., Vozikis, G., George, S., & Ariff, M. (Jan. 2006). Government Public Policy, Regulatory Intervention, and Their Impact on IPO Underpricing: The Case of Malaysian IPOs. Journal of Small Business Management, 44(1), 81-98.
Pukthuanthong-Le, K., & Walker, T. (Spr. 2008). Family Control, Underwriter Prestige, and IPO Underpricing: A Cross Country Analysis. Multinational Business Review, 16(2), 1-42.
Reilly, R. F. (1990). The Business Valuation of a Typical Construction Company. Cost Entineering, 32(1), 13-22.
Ritter, J. R. (1984). The Hot Issue Market of 1980. Journal of Business, 57(2), 215-241.
Ritter, J. (1998). Initial Public Offerings. Contemporary Finance Digest, 2, 5-32.
Rock, K. (1986). Why New Issues Are Underpriced. Journal of Financial Economics, 15(1-2), 187-212.
Sobel, M. E. (1982). Asymptotic confidence intervals for indirect effects in structural equation models. In S. Leinhart (Ed.), Sociological methodology 1982 (pp. 290-312). San Francisco: Jossey-Bass.
Vong, A. P. I., & Trigueiros, D. (2010). The Short-run Price Performance of Initial Public Offerings in Hong Kong: New evidence. Global Finance Journal, 21(3), 253-261.
Zheng, S. X., & Li, M., (2008). Underpricing, Ownership Dispersion, and Aftermarket Liquidity of IPO Stocks. Journal of Empirical Finance, 15(3), 436-454.
Zhou, J., & Lao, L. J. (2012). Analysis of Influencing Factors of IPO Underpricing in ChiNext. Physics Procedia, 33, 846-851.

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	海外企業回臺上市之資訊價值分析--以F股之實證研究
2.	實施穩定價格機制對臺灣IPOs市場品質的影響
3.	上櫃轉上市公司長期績效與影響因素之探討
4.	論承銷價格調整基礎對影響訂定承銷價格因素與最終議定承銷價格之中介效果
5.	影響最終議定承銷價格因素之研究
6.	和平文化經營理念與員工士氣之關係研究
7.	詢價圈購之資訊內涵與承銷價格訂定
8.	內部控制缺失與財務報表品質間之關聯性--來自新上市公司的證據
9.	創新資本與超常報酬--以臺灣發行市場為例
10.	和平文化經營理念與工作滿足之關係兼論異文化管理之中介效果
11.	銀行業併購與經營績效之關係--並兼論異文化管理之干擾效果
12.	和平文化經營理念與組織承諾
13.	IPO詢價圈購之承銷商配售行為
14.	臺灣新股上市穩定價格操作的效果
15.	和平文化經營理念與勞資關係，並兼論在職教育訓練中介效果

1.	多國籍企業轉換型領導與組織承諾之關係：兼論異文化管理之干擾影響
2.	企業倫理與組織承諾之關係-兼論異文化管理之干擾效果
3.	異文化管理與組織承諾之關係－並兼論企業倫理教育訓練之干擾效果
4.	異文化管理對企業倫理與員工士氣關係之干擾影響－英美日在台灣子公司之比較研究
5.	技術移轉與企業競爭力關係並兼論異文化管理干擾影響－美、日、荷在台子公司之比較
6.	和平文化經營理念與品牌形象之關係兼論員工士氣之干擾影響-美、日、英MNE在台子公司之比較研究
7.	和平文化經營理念與員工士氣關係–兼論員工倫理教育訓練之中介效果
8.	多國籍企業和平文化經營理念與員工士氣關係之研究－兼論企業倫理政策落實程度之中介效果
9.	銀行業併購與經營績效之關係-並兼論異文化管理之干擾效果
10.	和平文化經營理念與企業國際競爭力之關係兼論異文化管理之中介效果－美、荷、英、日MNE在台子公司之比較研究
11.	和平文化經營理念與組織承諾關係並兼論異文化管理之中介效果
12.	國際觀光旅館異文化管理對員工士氣與顧客滿意度影響之研究
13.	國際觀光旅館企業特性、人力資源管理與經營績效之關係-兼論異文化管理之干擾影響
14.	企業倫理與企業國際競爭力之關係兼論倫理教育訓練之干擾影響－台美日在台子公司之比較
15.	子公司策略角色、異文化管理和經營績效關係之研究

1.	初次公開發行公司之策略性會計報導行為與盈餘預測準確度之關係

無相關著作

1.	現金增資新股承銷價格折價成數隱含訊息之研究
2.	承銷價格訂價下限對投資報酬率影響之研究
3.	鴉片戰爭前後的伍秉鑒家族
4.	歷史知識通俗化─以《封神演義》為例說明
5.	澎湖永續觀光發展之研究
6.	閱讀歷程之美感經驗探究
7.	戰後臺灣古典詩發展考述
8.	閱讀理解策略教學成效之行動研究：以國小中年級弱勢低閱讀能力學童為對象
9.	影響國小家長選擇學校偏好相關因素之研究
10.	數位學習計畫之模糊評估
11.	獨立機關治理結構與過程之研究：以我國選舉行政為例
12.	歷時與共時：范曄的文觀與史識
13.	戰後道教與都市社會之變遷 ─ 以高雄道德院之神職人員及其所參與儀式活動為討論中心
14.	潔淨能源消費和經濟成長之研究
15.	歷代楊柳賦研究--以書寫流變與詩賦對照為主

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫