Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/24716
標題: 初次上市櫃公司之折價與長期績效
IPO Underpricing and Long-run Performance
作者: 張智惠
Chang, Chih-hui
關鍵字: http://etds.lib.nchu.edu.tw/etdservice/view_metadata?etdun=U0005-2407200921313500;初次公開上市;併購;承銷價;長期績效
出版社: 高階經理人碩士在職專班
引用: 參考文獻 一、中文部份 林象山 (1995),承銷商信譽對IPO 股票之影響。中國財務學刊,3 卷,1 期,119-143頁。 林象山、薛富井與陳長利 (1999),新股訂價偏誤對承銷商公司價值的影響。管理評論,18 卷,1 期,97-111 頁。 洪振虔、吳欽杉與陳安琳 (2003),新上市公司股票刻意偏低定價之影響因素—隨機前緣模式的運用。管理學報,20 卷,1 期,113-141 頁。 陳安琳、李文智與林宗源 (1999),新上市公司股票之發行折價-代理成本與公司控制之研究。中國財務學刊,6 卷,3 期,1-23 頁。 陳軒基、葉秀娟與陳右超 (2003),承銷商與折價程度:台灣初次上市櫃股票之實證分析(1980~2000)。證券市場發展季刊,14 卷,4 期,175-198頁。 劉燕妮 (2001),新股承銷折價率因素與配售方式選擇之研究。銘傳大學國際企業管理研究所碩士論文。 陳昭湖 (2004),經濟效率測度與IPO折價及公司績效關聯性之研究。東海大學經濟研究所碩士論文。 洪振虔 (2000),台灣地區IPO 股票價格績效與獲利績效之研究。國立中山大學企業管理研究所碩士論文。 二、英文文獻 Aggarwal, R. and R. Kunz (1994), “Why initial public offerings are underpriced:evidence from Switzerland.” Journal of Banking and Finance, 18, 705–723. Allen, F. and G. R. Faulhaber (1989), “Signaling by underpricing in the IPO market.” Journal of Financial Economics, 23, 303-323. Baron, David P (1982), “A model of the demand for investment banking advising and distribution services for new Issues.” Journal of Finance, 37, 955-976. Beatty, R. P. and J. R. Ritter (1986), “Investment banking, reputation, and underpricing of initial public offerings.” Journal of Financial Economics, 15, 212-232. Booth, J. and R. Smith (1986), “Capital raising, underwriting and the certification hypothesis.” Journal of Financial Economics, 15, 261-281. Booth, J. R. and L. Chua (1996), “Ownership dispersion, costly information, and IPO underpricing.” Journal of Financial Economics, 41, 291-310. Brav, Alon and Paul A. Gompers (1997), “Myth or reality? The long-run underperformance of initial public offerings: Evidence from venture and nonventure capital-backed companies.” Journal of Finance 52, 1791-1821. Carter, R.B., F.H. Dark, and A.K. Singh (1998), “Underwriter reputation, initial returns, and the long-run performance of IPO stocks.” Journal of Finance 53, 285-311. Chen, G. M., M. Firth, and J. B. Kim (2004), “IPO underpricing in China’s new stock market.” Journal of Multinational Financial Management 14, 283-302. Chiang, M. H. (2000), “Investigating the underpricing behavior of initial public offering: Tests of unfderpricing support and sigmaling theories.” Sun Yat-Sen Management Review, 8, 3-20. Clarke, J. E.,C. Dunbar, and K. M. Kahle (2003), “All-star analyst turnover, Investment Bank Market Share, and the Performance of Initial Public Offerings.” Georgia Tech Working Paper. Derrien, F. and K. L. Womack (2003), “Auction vs. bookbuilding and the control of underpricing in hot IPO maket.” The Review of Financial Studies, 16, 31-61. Fama, Eugene F. and Kenneth R. French (1997), “Industry costs of equity.” Journal of Financial Economics 43, 153-193. Henry M. K. and Y. V. Hui (1998), “Underpricing and aftermarket performance of IPO sin Shanghai, China.” Pacific-Basin Finance Journal, 6, 453-474. Ibbotson, R. G. and J. F. Jaffe (1975), “Hot Issue Market.” Journal of Finance, 30, 175, 235-275. Kooli, M, and J. M. SURET (2002), “The underpricing of initial public offering further canadian evidence.” Working Paper. Lee, P.J., S. L. Taylor, and T. S. Walter (1996), “Australian IPO pricing in the short and long run.” Journal of Banking and Finance, 20, 1189-1210. Loughran, Tim and Jay R. Ritter (1995), “The new issue puzzle.” Journal of Finance 50, 23-51. Nanda, V., and Y. Yun. (1997), “Reputation and Financial Intermediation: An Empirical Investigation of the Impact of IPO Mispricing on Underwriter Market Value.” Journal of Financial Intermediation, 6:39-63. Ritter, R., and S. Manaster (1990), “Initial public offerings and underwriter reputation.” Journal of Finance, 45, 1-10. Rock, Kevin (1986), “Why new issues are underpriced.” Journal of Financial Economics, 15(1,2), Jan/Feb, 187-212. Su, D. and B. M. Fleisher (1999), “An empirical investigation of underpricing in Chinese IPOs.” Pacific-Basin Finance Journal 7, 173-202. Welch, Ivo (1989), “Offering, imitation costs, and the underpricing of initial public Offerings.” Journal of Finance, 44, 421-449. White, Halbert (1980), “A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity.” Econometrica 48, 421-428.
摘要: 
本文探討初次公開上市公司的承銷價折價與上市後長期績效的研究,選取1985年至2002年之間於美國證券交易所上市櫃之樣本進行分析,並從中獨立出在上市前兩個會計年度進行併購的公司為另一組樣本,比較兩者之間在上市折價及長期績效的差異性。研究結果顯示影響折價幅度的有承銷商等級、選擇上市之交易所、網路產業與負債比率。上市時最初報酬越高的公司在長期表現較差,包括承銷商等級與上市交易所對長期績效有正面的效果。然而,初次公開上市股票的長期績效表現皆低於市場報酬。

This study examines the underpricing and the long-run post-issue performance of the initial public offerings (IPOs). The sample includes companies that went public on NYSE, AMEX and NASDAQ from 1985 to 2002. I separate the sample into two groups: “normal” IPOs and companys that undertook mergers and acquisitions (M&As) within the two years prior to the IPOs. The results show that similar to previous studies, IPOs exhibit poor long-run performance. I also find that underwriter ranking, going public on different exchanges, internet industry, and debt ratio significently affect underpricing. In addition, I find that higher initial returns tend to show lower long-run post-issue performance.
URI: http://hdl.handle.net/11455/24716
其他識別: U0005-2407200921313500
Appears in Collections:高階經理人碩士在職專班

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