影響上市公司IPO期初報酬因素之研究

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Title:	影響上市公司IPO期初報酬因素之研究
Other Titles:	The study of factors affect initial public offering initial return
Authors:	林煥庭;Lin, Huan-ting
Contributors:	淡江大學國際貿易學系國際企業學碩士班謝志柔;Hsieh, Chih-jou
Keywords:	期初報酬;內部人提撥比率;價格調整;Initial Return;share overhang;Partial adjustment
Date:	2008
Issue Date:	2010-01-11 01:52:31 (UTC+8)
Abstract:	初次上市櫃公司大多存在著折價的情形，故在發行初期往往具有異常報酬的現象，因此許多國內外的學者皆致力於探討承銷價低估的原因。根據學者Leland and Pyle（1977）提出的「訊息傳遞模型」，董監事及大股東在IPO股票承銷時，需提撥老股承銷，故會影響其自身的利害關係。董監事及大股東相對於投資大眾對於公司的真實價值擁有較完整的資訊，董監事及大股東對於公司未來的前景看好時，會提撥較少的股數，保留較多的持股，因此本研究推論董監事及大股東提撥的比例愈高，其承銷價愈可能被高估，造成較低的期初報酬。除此之外，根據學者Hanley（1993）的研究顯示，承銷價和參考價格之間的調整會對於期初報酬有著一定的影響，故本研究探討就我國IPO而言是否也存在在此種現象，本文以民國86至民國96年179家新上市掛牌公司為樣本，實證的結果顯示，董監事及大股東所提出的承銷股數愈多，期初報酬則會愈低，符合Leland and Pyle（1977）的假說，而就價格調整方面，其實證結果顯示，其調整價格確實與股票的期初報酬有著明確的關聯性。 Previous studies document that initial public offering (IPOs) are underpriced. The directors、supervisors and the main holders will withdraw shares from themselves when IPOs. According signaling hypothesis , the directors、supervisors and the main holders have more completed and circumstantial information than investors,. the directors will retain more percentage IPOs shares when they are expect company to grow up in the future, we assume the higher of the percentage which IPOs shares withdraw by the directors、supervisors, the lower of the IPOs initial return. According Partial adjustment hypothesis, the more adjust range of the file price between the offer price, the higher fluctuation of initial return. The study aims to analyze IPOs from 1996 to 2006，we selectected 131 samples to analyze.Our empirical results support signaling hypothesis, but doesn’t support the Partial adjustment hypothesis.
Appears in Collections:	[Graduate Institute & Department of International Business] Thesis

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