臺灣IPO與股價表現

淡江大學機構典藏 > 商管學院 > 管理科學學系暨研究所 > 學位論文 > Item 987654321/87524

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题名:	臺灣IPO與股價表現
其它题名:	IPO and stock price performances in Taiwan 台灣IPO與股價表現
作者:	曹育賢;Tsao, Yu-Hsien
贡献者:	淡江大學管理科學學系碩士班倪衍森
关键词:	IPO折價;IPO績效表現;公司價值;IPO Underpricing;IPO Performance;firm value
日期:	2012
上传时间:	2013-04-13 11:20:40 (UTC+8)
摘要:	股價的高低不僅會影響IPO的意願與籌措資金的多寡，而且IPO後之股價表現，也是未來投資人是否要決定繼續投資該公司的重要依據。而本研究探討的構面有IPO折價幅度、IPO後長短期績效、發行IPO的因素，以及IPO之於該公司價值等議題之探討。實證結果顯示電子業的IPO表現並不出色，此應與電子業的景氣下滑有關。而找聲譽較佳的承銷商與事務所，其績效的表現並無相關。董監持股比例高的企業對IPO的意願相對較低，而質押比率高的IPO公司短期績效表現不菲，但長期則不理想。上述的實證結果似可以用行為財務的觀點來加以說明，亦為公司的IPO決策往往是以控制股東的主要利益來作為其考量。 The stock prices not only affect the desires of the IPO but also the amount of fund raising, and investors would take the subsequent performance of the IPO into account, which would have impact on the future fund raising for the enterprises. Several dimensions are investigated such as IPO underpricing, the short- and long-term performance of IPO, the influenced factors for issuing IPO, and the effect of IPO on firm value. The result show the subsequent performance of electronic companies is not as good as those of other companies, which may results from the downturn of the electronics industry. In addition, the IPO firms, either whose underwriters have good reputation or whose financial reports signed by famous CPA firms, might not have better subsequent performance. Furthermore, the companies whose directors have high shareholding may not incline to implement IPO. The firms whose directors have higher pledged ratio may have better short-term performance, but these firms might not have better long-term performance. In fact, the above results might be easily interpreted by a psychological behavior reflected by human being, since decision making are often decided by the benefit of the controlling directors.
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