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題名：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
書刊名：華人前瞻研究
作者：陳怡伶／王耀華
作者(外文)：Chen, Yi-ling／Wang, Yao-hua
出版日期：2015
卷期：11:2
頁次：頁1-32
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new window
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  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:20
  • 點閱點閱:117
本研究旨在探討承銷新制環境下影響承銷定價因素對最終議定承銷價格的影響以及承銷價格調整基礎的中介效果。研究方法採用普查方式，針對民國99年至101年之上市（櫃）公司所公告之資訊，逐筆蒐集本研究所需資料總計138家公司並進行迴歸檢定。另採問卷調查法，蒐集目前實務界先進認為承銷新制制度下之主要考量因素。研究結果發現企業的公司治理與財務資訊對最終議定承銷價格具有顯著影響；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中介效果；而經由問卷調查結果得知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。
This research considers the influence of factors affecting IPO to final underwriting pricing under the new underwriting environment. The adjusted underwriting price mechanism as intervening variables is also 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 138 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. The empirical result is that corporate governance and financial information are significant positive effect to final underwriting pricing, P/E ratio and emerging stock price cause the intervening effect to the relationship of the underwriting factor, and the resolved underwriting price, and 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.
期刊論文
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5.Prasad, D.、Vozikis, G.、George, S.、Ariff, M.(200601)。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。  new window
6.Pukthuanthong-Le, K.、Walker, T.(2008)。Family Control, Underwriter Prestige, and IPO Underpricing: A Cross Country Analysis。Multinational Business Review，16(2)，1-42。  new window
7.Zhou, J.、Lao, L. J.(2012)。Analysis of Influencing Factors of IPO underpricing in ChiNext。Physics Procedia，33，846-851。  new window
8.Lowry, Michelle、Schwert, G. William(2002)。IPO Market Cycles: Bubbles or Sequential Learning?。The Journal of Finance，57(3)，1171-1200。  new window
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10.李明哲(200111)。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。  延伸查詢new window
11.陳威榮、黃健柏(20091200)。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，21，43-65。  延伸查詢new window
12.Muscarella, C. J.、Vesuypens, M. R.(1989)。The Underpricing of Second Initial Public Offerings。The Journal of Financial Research，12，183-201。  new window
13.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，16，429-443。  new window
14.Lin, T. H.、Fok, R. C. W.(1997)。The Information Content of IPO Price Adjustment。International Journal of Finance，52，650-667。  new window
15.Easton, P. D.、Harris, T. S.、Ohlson, J. A.(1992)。Aggregate Accounting Earnings an Explain Most of Security Returns: The Case of Long Return Interval。Journal of Accounting and Economics，15，119-142。  new window
16.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，29，260-271。  new window
17.Reilly, R. F.(1990)。The Business Valuation of a Typical Construction Company。Cost Entineering，32(1)，13-22。  new window
18.Zheng, S. X.、Li, M.(2008)。Underpricing, Ownership Dispersion, and Aftermarket Liquidity of IPO Stocks。Journal of Empirical Finance，15，436-454。  new window
19.施光訓、蔡明春、陸仲華(20051200)。IPO議價因素之探討--承銷商觀點。會計與公司治理，2(2)，79-108。new window  延伸查詢new window
20.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，4(1)，246-255。  new window
21.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。  new window
22.Jiraporn, P.、Kim, Y. S.、Mathur, I.(2008)。Does Corporate Diversification Exacerbate or Mitigate Earnings Management? An Empirical Analysis。International Review of Financial Analysis，17(5)，1087-1109。  new window
23.范宏書、林彥廷、陳慶隆(20111000)。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  延伸查詢new window
24.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。  new window
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28.Carter, Richard R.、Manaster, Steven(1990)。Initial Public Offerings and Underwriter Reputation。The Journal of Finance，45(4)，1045-1067。  new window
29.Corwin, Shane A.、Schultz, Paul(2005)。The Role of IPO Underwriting Syndicates: Pricing, Information Production, and Underwriter Competition。Journal of Finance，60(1)，443-486。  new window
30.Rock, Kevin(1986)。Why New Issues Are Underpriced?。Journal of Financial Economics，15(1/2)，187-212。  new window
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32.Koh, Francis、Walter, Terry(1989)。A Direct Test of Rock's Model of the Pricing of Unseasoned Issues。Journal of Financial Economics，23(2)，251-272。  new window
33.Logue, Dennis E.(1973)。On the Pricing of Unseasoned Equity Issues: 1965-1969。Journal of Financial and Quantitative Analysis，8(1)，91-103。  new window
34.Loughran, Tim、Ritter, Jay R.(2002)。Why Don't Issuers Get Upset about Leaving Money on the Table in IPOs?。Review of Financial Studies，15(2)，413-444。  new window
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研究報告
1.林進富、穀湘儀、協和國際法律事務所(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。  延伸查詢new window
2.Helwege, J.、Liang, N.(2002)。Initial Public Offerings in Hot and Cold Markets。Ohio State University。  new window
學位論文
1.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(碩士論文)。國立臺北大學。  延伸查詢new window
圖書
1.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。  延伸查詢new window
2.Brealey, R. A.、Myers, S. C.、Marcus, A. J.(2004)。Fundamentals of Corporate Finance。New York：McGraw-Hill。  new window
3.徐中琦(2007)。投資學。台中：滄海書局。  延伸查詢new window
4.Damodaran, A.(2012)。Investment Valuation: Tools and Techniques for Determining the Value of Any Asset。John Wiley & Sons, Inc.。  new window
5.Copeland, T.、Koller, T.、Murrin, J.(2000)。Valuation - Measuring and Managing the Values of Companies。McKinsey & Company, Inc。  new window
6.Neter, J.、Wasserman, W.、Kutner, M. H.(1989)。Applied Linear Regression Models。Homewood, IL：New York：Irwin。  new window
 
 
 
 
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