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    Title: 初次上市櫃前股權結構與IPO公司承銷價及新股折價之關連性
    Other Titles: The relationship among pre-IPO ownership structure, offer price and underpricing of IPOs.
    Authors: 林翊庭;Lin, Yi-ting
    Contributors: 淡江大學會計學系碩士班
    陳薇如
    Keywords: 初次上市櫃公司;股權結構;承銷價;承銷折價;Initial public offerings;ownership structure;offer price;UNDERPRICING
    Date: 2010
    Issue Date: 2010-09-23 16:38:34 (UTC+8)
    Abstract: 本研究主要探討初次上市櫃前內部人持股比率、董事會持股比率、機構法人持股比率與股權集中度對承銷價、新股折價的影響。研究樣本為台灣2001至2008年的613家上市櫃公司。實證結果顯示在全體樣本中,IPO前董事會持股比率與承銷價格之間呈顯著先降、後升、再降的關係,而IPO前的股權集中度與承銷價格之間亦呈顯著先降、後升、再降的三段式關係。表示IPO前董事會持股比率及股權集中度均與承銷價格呈非線性相關。這樣的關係顯示IPO前之董事、大股東會因為持股比率的不同,而有不同的動機去議定承銷價格。而IPO前內部人持股比率、機構法人持股比率對承銷價格則不具非線性關係。另外,初次上市櫃前內部人持股比率、董事會持股比率、機構法人持股比率、股權集中度對新股折價則不具顯著影響。
    The main purpose of this study is to examine the determinants and interrelationships among pre-IPO ownership structure, offer price and underpricing by using a sample of Taiwan’s initial public offerings’ firms. We find that firms with ‘low’ and ‘high’ levels of pre-IPO directors’ ownership and ownership concentration experience negative relationships between directors’ ownership, ownership concentration and offer price, while firms with ‘intermediate’ level of pre-IPO directors’ ownership and ownership concentration exhibit a positive relationships between directors’ ownership, ownership concentration and offer price. The results are strongly supported the non-linear relationship between pre-IPO directors’ ownership and offer price as well as pre-IPO ownership concentration and offer price. And we find no statistically significant relationship between pre-IPO ownership structure and underpricing. According to the result of this study, it should be useful information to the security market.
    Appears in Collections:[會計學系暨研究所] 學位論文

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