初次上市上櫃集團股與非集團股股價報酬率表現之探討

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Title:	初次上市上櫃集團股與非集團股股價報酬率表現之探討
Other Titles:	The research on IPO of conglomerate and non-conglomerate to stock prices reward rate
Authors:	黃重銘;Huang, Chung-ming
Contributors:	淡江大學財務金融學系碩士在職專班林允永;Lin, Yun-yung;李進生;Lee, Chin-shen
Keywords:	集團股;非集團股;初次上市上櫃;股價報酬率;Conglomerate;Non-Conglomerate;IPO;Stock Prices Reward Rate
Date:	2009
Issue Date:	2010-01-11 01:08:33 (UTC+8)
Abstract:	對一家公司而言，該公司股票若能公開上市上櫃，除了能夠從資本市場取得較便宜之資金，增加公司籌資之管道外，尚能夠提升該公司在國內外市場之知名度及能見度。一般而言，公司在景氣較為繁榮時上市上櫃，則經濟效益較高可籌措的資金較多；相對的，公司在市場經濟蕭條時上市上櫃，則經濟效益較彽即可籌措的資金較少。而又在初次上市上櫃公司中，屬於集團股之公司其股價報酬的表現是否會優於非集團股公司股價報酬呢？我想，這個議題應該是大部份的人都會想要瞭解，想要一窺究竟的。爰本研究主要係來探討自91年至95年止共453家初次上市上櫃公司，其集團股公司與非集團股公司在股價報酬之表現。研究結果發現： (一) 持股上市上櫃公司股份20%以上之集團企業，其第一年股價報酬，較非集團企業顯著，代表台灣的股票市場似有因結構性的改變，使的母集團效應慢慢消失。 (二) 但本研究又更深入探討發現，集團股在承銷價、掛牌價及滿一年收盤價上表現顯著性較大；在滿一個月收盤價上之表現顯著性較小。 (三) 另又發現： 1.持股20%以上之集團股滿一年收盤價之wald值最高(4.081)，表示其可能具有「代理問題」效果，當投資人在投資擁有20%之集團股之股票時，若作一年期之中長期性之投資操作較佳。 2.持股25%以上之集團股滿一年收盤價之wald次高(2.595)，其在承銷價與掛牌日之表現上亦適中。 3.持股50%以上之集團股滿一年收盤價之wald值很低(0.002)，表示暫時股價的上漲，最後依然回到原點；但其在承銷價與掛牌日上之所表現很高，表示當投資人在投資擁有50%之集團股之股票時，應作一週左右之短期性操作為宜。 Study on Stock Price Performance of IPO for Conglomerates and Non-conglomerate For a company, if it can have its stocks traded over the counter or at the market, that company not only can get capital at a lower rate, but also can enhance its image. Generally speaking, a company can get gather more funds when the market is booming, and vice versa. The question is whether the return on the stock of a conglomerate would outperform that of a conglomerate? I personally think this is a topic most of people are interested in. The goal of this study is to research the stock price performances of 435 companies on their IPO from 2002 to 2006 and how differently the stock prices of conglomerates and non-conglomerates will perform. Based on the study, the findings are as follows: 1. The return on the stocks of the listed companies owned by a conglomerate more than 20% for the first year is more significant than those of the companies not owned by a conglomerate, and that means the structure of Taiwanese stock market seems to be changing, and the conglomerate effect is fading away. 2. A further finding in this study is that the stock price performances of companies belonging to a conglomerate are significantly better than those of counterparts after one year, and lese significantly better after one month. . 3. And we’ve also found the fact in companies separately 20%, 25%, and above 50% owned by a conglomerate: i. WALD of companies owned by a conglomerate above 20 % could reach 4.080 at its highest, which means there could be the “agency-problem effect”; so to speak, investors can get a higher return on the stock of companies owned by a conglomerate above 20% as a medium-term or a long-term investment, such as over one year. ii. WALD of companies owned by a conglomerate above 25% could reach at 2.595 at its 2nd highest, and the underwriting stock price performances of these companies are moderate significant. iii. WALD of companies owned by conglomerate above 50% could reach 0.002, which means the temporary rise of the stock price will drop to its original point, but its underwriting stock price and the stock price on the first listed day perform very well, and investors will be better off to keep those stocks for only one week.
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