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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

台灣市場上市(櫃)撤件因素之探討 / Evidence on Taiwan's withdrawn IPOs

鄭如君, Cheng, Ju Chun Unknown Date (has links)
本研究在探討申請上市(櫃)公司撤件的原因,分別從公司特性、承銷商特性、市場狀況及承銷案特性等面向,就初次申請上市(櫃)申請案及上櫃轉上市申請案,探討影響其申請上市(櫃)後發生撤件的原因。 研究對象是以民國95年至98年8月向台灣證券交易所或證券櫃檯買賣中心申請掛牌的公司為樣本,包括:初次申請上市(櫃)共計樣本153家公司,其中成功上市(櫃)案129家,撤件或退件案24家;上櫃轉上市共計42家,其中成功上櫃轉上市計35家,自行撤件7家。 在各項因素中,實證結果發現初次申請上市(櫃)的案件中,電子產業企業發生IPO撤件的機率較小。另外,創投公司持股的影響也在初次申請上市(櫃)的情形中顯著,說明有創投持股的公司發生IPO撤件的機率較小。 負債比率也被證實是區分成功案與失敗案的重大指標。在初次申請上市(櫃)案的迴歸模型中,正的迴歸係數也指出較高的負債比率發生撤件的機率較高。而成功案與失敗案在其餘財務特性,如:資產規模、銷貨收入、稅前息前折舊前淨利並無顯著差異。 在承銷商商譽及市場榮枯的代理變數方面,在初次申請上市(櫃)的情形下,實證結果顯示,成功案的承銷商商譽的確較失敗案為佳,申請後的市場報酬也較高。但對於申請上櫃轉上市的成功與否,承銷商商譽及市場榮枯兩面向的代理變數無證據顯示其有顯著影響。
2

證券市場不宜上市(櫃)條款之研究 / A Study on Standards for Determining Unsuitability for TSE(OTC) Listing on Securities Market

呂朝仁 Unknown Date (has links)
世界各國證券交易所為確保上市之股票符合一定品質,以保障投資大眾,對於公司申請股票上市,均設有一定之標準,合於其標準者,始准掛牌交易。我國除制訂上市(櫃)之積極標準(如設立年限、獲利能力等)外,尚制訂不宜上市(櫃)條款之消極標準。不宜上市條款之誕生,係彙總以往不同意上市之案例型態而訂定,創設初時為14款。正因其係彙總以往具體不同意上市之個案而訂立,是故,隨著時空環境之變遷,亦將有所調整,最多時有18款,現為11款,而不宜上櫃條款係仿效自不宜上市條款,再依其市場區隔之特性,予以增刪調整。 本文先從法制面了解不宜上市(櫃)條款規範之制訂沿革、法律性質並逐款闡析其合理性,再從實證角度出發,探究不宜上市(櫃)條款存在之必要性。蓋一個法案之推行必須考慮其社會成本及潛在效益,故按不宜上市(櫃)條款之不同層面檢驗其必要性,針對該負面表列條款為一經濟效益分析,企圖尋求適當之建議,以為結論。不論係從實際退件情形,抑或以世紀掏空大案-博達案為例,上開不宜條款似既無法提昇證券發行市場品質,也無法有效過濾篩選從事虛偽交易不實記錄之公司,防止掏空資產之情況再次發生,恐怕僅會導致社會成本因上市(櫃)申請準備難度提高而隨之增加,如此,與一個法案之推行其潛在效益應大於其社會成本之想法,背道而馳。 最後,本文將嘗試對我國不宜上市(櫃)條款制度未來發展提出可能修正方向及相關配套措施,期能兼顧上市(櫃)審查規範之妥適性及有效性,以作為日後證券主管機關修法之參考。
3

科技事業上市(櫃)後經營績效及股價表現之探討

林佩姻 Unknown Date (has links)
台灣證券交易所及證券櫃檯買賣中心為鼓勵對經濟發展具重大效益、風險性高且極需扶植之新興重要策略性產業公司申請上市(櫃),特規定公開發行公司取得經濟部工業局出具其係屬科技事業暨產品或技術開發成功具有市場性之意見書,得以科技事業身分申請上市(櫃),不受設立年限及獲利能力之申請條件限制。本研究旨在探討科技事業上市(櫃)後經營績效與股價之表現,以民國90年至92年初次上市(櫃)之半導體、光電、通信網路及生技醫療4個產業類別共計32家科技事業為研究樣本,採用總資產成長率、淨值成長率、負債比率、營收成長率、研究發展費用率、淨值報酬率、資產報酬率及個股累積異常報酬作為衡量經營績效及股價報酬之指標,而樣本資料分析期間為上市(櫃)前3年至上市(櫃)第5年底。另本研究同時選取與科技事業於同年度上市(櫃)且為同產業之ㄧ般類股作為比較對象。 本研究發現,全體科技事業上市(櫃)後總資產成長率、淨值成長率及營收成長率與一般類股相較,成長幅度較高,惟各年成長率間波動度較大。另科技事業之負債比率於上市(櫃)後並無明顯下降;而上市(櫃)後淨值報酬率及資產報酬率則較上市(櫃)前為高。整體科技事業於上市(櫃)後各項經營績效指標之波動程度較一般類股為高。而在股價報酬方面,長期持有科技事業投資組合之股票績效逐年增加。最後就產業別而言,半導體業及通信網路業在經營績效及股價報酬之整體表現上較同產業之一般類股為佳。
4

證券商資本結構之探討-以台灣上市櫃證券商為例

鄭蕙如 Unknown Date (has links)
研究以台灣上市櫃證券商為研究對象,並以1996年至2005年之財務報表資料來做資本結構之研究,發現台灣上市櫃證券商之負債比差異很大,可知台灣上市櫃證券商其舉債之策略有很大差異,且台灣上市櫃證券商之事業風險也有顯著差異,代表台灣上市櫃證券商之經營獲利不甚穩定,深受股市狀況之影響。另外,台灣上市櫃證券商之負債比與資產抵押價值、非負債稅盾、及償債能力成顯著負相關,與公司規模成顯著之正相關。
5

借殼上市櫃監理規範之研究 / Reverse Takeover Regulating

高于婷 Unknown Date (has links)
證券交易所與證券櫃檯買賣中心於2013年12月增訂借殼上市櫃監理新規範,借殼上市櫃監理規範之探討,須從借殼上市櫃者之動機、借殼上市櫃者之方法著手,同時對於一般上市櫃之標準及流程應有所了解,俾以比較其與借殼上市櫃監理規範之差別,以分析借殼上市對於借殼公司及被借殼公司之經營者、小股東有何利弊,並參酌外國之借殼上市監理規範,以歸納分析借殼上市櫃監理之法規範核心,從而檢驗外國及我國之借殼上市櫃監理規範是否充分達致法規範核心目的,作為提出我國借殼上市櫃監理規範之建議。 本文第二章先介紹借殼上市之定義,透過借殼者、被借殼之動機分析,始能清楚呈現借殼上市現象產生的原因;第三章簡介借殼上市各種案例類型,從這些案例中,使吾人更能全面而宏觀地了解借殼上市之可能發展,以期為後續法規範修定之妥適性提供依據;第四章將借殼上市對於各個關係人之利弊做一詳盡之分析,探討借殼上市監理規範的法規範核心為何;第五章分別介紹並且評析美國、英國、中國大陸、香港、新加坡之借殼上市監理規範,觀察各國對於借殼上市之監理方式之方法以及寬鬆程度,作為我國現行監理規範之參考;第六章介紹我國借殼上市櫃監理規範並分析之,再透過與其他各國之規範之比較,檢討我國現行規範是否有需要調整之處,作為將來修法之參考。
6

外國企業來台上市櫃股東權益保障之研究 / A Study on Protection of Shareholder Interests Regarding Foreign Issuers’ IPO in Taiwan

藍順得 Unknown Date (has links)
資本市場日趨國際化及自由化,國際主要證券市場大多允許外國企業可至當地第一上市,故開放外國企業來台第一上市櫃掛牌是一必然之趨勢。在各界積極建議下,97年3月政府正式開放未在海外上市之外國企業,得以原股來台申請第一上市櫃。 吾人樂見我國政府對於證券市場的規範跨出一大步,然而政策開放初期,證券交易法並未隨之檢討修正,衍生相關適法性疑義。嗣後雖於101年1月增訂外國公司專章,但對於外國企業股東權益保護事項,仍繼續沿用採「外國發行人註冊地股東權益事項檢查表」規範之作法,要求外國企業在不牴觸註冊地國法令之前提下修訂其公司章程,將我國股東權益保護重要事項(參照我國公司法及證交法之部分規定)納入公司章程。 上開要求,對於自97年起迄今來台第一上市櫃之註冊於開曼群島公司而言,執行上並無太大困難。然在101年起每股面額新台幣十元規定開放後,包括日本企業在內之實際營運實體公司,若擬直接來台第一上市櫃,將面臨我國與註冊地國兩地法令之重大差異,甚至部分股東權益保護重要事項無法修訂公司章程之問題。究竟我國股東權益保護重要事項得否定於章程對股東權益之影響為何?倘無法修正公司章程所採配套措施之可行性?亞洲鄰近證券市場如香港、新加坡之作法為何?等,均值得吾人加以關注。如何因應解決此一問題,勢必影響我國未來推動外國企業來台第一上市櫃之具體成效。因此,將再以日本企業來台第一上市櫃為例,進一步深入探討股東權益保護之議題。 本論文係就外國企業來台上市櫃所衍生相關法律適用與衝突問題為出發點,並以最基本之股東權益保護為中心加以探討,以實務運作之觀察對相關問題提出具體建議,期能對釐清問題有些許貢獻,俾有助在於推動優質外國企業來台上市櫃之同時,得以兼顧我國投資人權益。
7

撤銷上市櫃輔導公司盈餘品質之探討

劉采薇 Unknown Date (has links)
本研究主要針對我國上市櫃輔導之制度,探討撤銷上市(櫃)輔導公司之中,獲准上市(櫃)之公開發行公司,與其他自願撤銷輔導上市櫃之公開發行公司相較,於撤銷輔導上市櫃之前二年至後二年的研究期間,兩者之間的盈餘品質是否存在差異。 實證結果顯示,以損失認列時效性迴歸模型分析時,獲准上市(櫃)之公開發行公司較自願撤銷輔導上市櫃之公開發行公司有較佳的盈餘品質;以盈餘時效性迴歸模型分析時,自願撤銷輔導上市櫃之公開發行公司較獲准上市(櫃)之公開發行公司有較佳的盈餘品質。本研究推論此分歧結果,由我國臺灣證券交易所股份有限公司有價證券上市審查準則與財團法人中華民國證券櫃檯買賣中心證券商營業處所買賣有價證券審查準則對於申請上市(櫃)之獲利門檻要求所造成。 / Based on regulations on listing guidance released by the Taiwan Stock Exchange Corporation (TSEC) mission, this study investigates the difference in earnings quality between firms that voluntarily cancel their listing guidance applications and firm that complete their initial public offerings (IPOs) over the period of two years prior to the cancellation and two years after the cancellation of listing guidance application. The results show that, under timeliness in loss recognition regression model, using a two-year duration prior to the IPO or listing guidance application cancellation for research period, the earnings quality of IPO firms over the two-year-period prior to their IPOs is better than that of firms voluntarily cancelled their listing guidance applications. On the contrary, under timeliness in earnings regression model, earnings quality of firms cancelled their listing guidance application voluntarily is better than that of the IPO firms. The empirical evidence thus suggests that the inconsistence on earnings quality measured in terms of loss and earnings recognition may due to the profitability threshold imposed by TSEC and GreTai Securities Market on rules governing the review of stock listings.
8

董事會組成與我國IPO電子產業盈餘管理之關聯性──兼論家族企業因素之影響 / Board composition and Real Earnings Management of Initial Public Offerings,electronics industry in Taiwan.──with analysis of the effect of family business

張雅涵 Unknown Date (has links)
本研究旨在探討家族企業及非家族企業兩種不同的公司治理型態,其董事會各組成區塊與企業進行實質盈餘管理之間的關聯性。實質盈餘管理係以異常營運活動現金流量、異常生產成本及異常裁決性費用為衡量指標,並以2004年至2011年間我國初次上市櫃(IPO)的電子產業為樣本範圍。 實證結果發現,在家族企業中:(1)最終控制者控制席次過半及經理人董事席次比率愈高,愈可顯著抑制企業進行實質盈餘管理。(2)外部董事席次比率愈高,對企業進行實質盈餘管理有反向助長之傾向。(3)獨立董事席次愈多,愈能顯著監督企業進行實質盈餘管理,唯在企業以裁決性支出方式操弄盈餘方面較無監督能力。在非家族企業中:(1)最終控制者控制席次過半及外部董事席次比率的增加,對抑制企業從事實質盈餘管理無顯著效果。(2)獨立董事席次的增加可顯著抑制企業操弄盈餘。(3)經理人董事席次比率愈高,愈顯著助長企業進行實質盈餘管理。 / This thesis aims to discuss the relationship between board composition and real earnings management (hereafter, REM) under family business and non-family business. This study uses abnormal cash flow from operations, abnormal production costs, and abnormal discretionary expenses as a measure of real earnings management. Data is collected from electronics industry in Taiwan which applied for Initial Public Offerings (IPO) from 2004 to 2011. The empirical results show that in family business: (1) If the ratio of board seat-control of ultimate controller is over 50 percents, or the ratio of board seats of manager is higher, it is helpful to restrain firms from manipulating earnings by REM.(2) Once the ratio of board seats of outside directors is higher, it is prone to promote firms to do REM.(3) Once the board seats of independent directors are more, it is significant to reduce the degree of REM. However, they seem to have no abilities to restrain firms from manipulating earnings by varying discretionary expenses. In non-family business: (1) The board seat-control of ultimate controller over 50 has nothing to do with decreasing the degree of REM. Also,the increase of the ratio of board seats of outside directors is not significantly to suppress the degree of REM. (2)The increase of board seats of independent directors is effectively to reduce the extent of REM. (3) If the ratio of board seats of manager is higher, it will push firms to manipulate earnings by REM.
9

興櫃公司初次申請上市(櫃)(IPOs)股票蜜月現象及影響因素之研究

陳崇生, Chen, Boss Unknown Date (has links)
民國91年1月2日啟動交易的「興櫃市場」,提供投資者一個合法、安全及透明的未上市(櫃)股票交易市場,而依台灣證券交易所(TSEC)上市審查準則及櫃檯買中心(OTC)上櫃審查準則之規定欲申請初次申請上市(櫃)股票之公開發行公司,必先登錄興櫃股票,並掛牌交易達六個月以上,先熟悉市場交易規則及充分透明的資訊揭露,進而才有資格申請成為上市櫃公司。然興櫃市場是否具有「價格發現」機制,又影響其申請上市櫃(IPOs)股票蜜月現象因素為何,係本研究之探討重點。 本研究主要探討興櫃公司初次申請上市(櫃)(IPOs)股票蜜月現象及其影響因素,研究目的在於「暸解檢驗興櫃公司從興櫃登錄至申請上市(櫃)(IPOs)期間是否存在超額報酬,並從公司基本因素、公司於興櫃市場表現因素、公司上市(櫃)時條件因素、市場景氣與制度因素與公司治理因素等五大類,瞭解其對於IPOs蜜月現象的影響。此外,並以實際登錄興櫃公司申請上市櫃進度,從興櫃股票在登錄興櫃日、上市(櫃)送件日、上市(櫃)審議委員會通過日等三個不同時點的兩個超額報酬,相對於上市(櫃)審議委員會通過日至上市(櫃)掛牌日這段期間之超額報酬的影響。另解析個案公司SWOT分析結果,探討個案公司相對於其所面對外部環境之機會與威脅,以及公司內部環境所具備的優勢與劣勢等相關影響因素。 本研究運用複迴歸分析,得到實證結果發現興櫃申請上市(櫃)公司: 1.「登錄興櫃日至上市(櫃)送件日之超額報酬」主要與產(行)業別、興櫃交易天數、登錄興櫃日至上市(櫃)送件日之大盤漲幅、會計師事務所聲譽等因素有關。 2.「上市(櫃)送件日至審議委員會通過日之超額報酬」受到公司成立年數、興櫃交易天數、稅後EPS、登錄興櫃日至上市(櫃)送件日之大盤漲幅、上市(櫃)送件日至審議委員會通過日之大盤漲幅的影響。 3.「審議委員會通過日至上市(櫃)掛牌日收盤價之超額報酬」與產(行)業別、興櫃個股日平均成交金額、興櫃交易天數、中籤率、承銷價、登錄興櫃日至上市(櫃)送件日之大盤漲幅、上市(櫃)送件日至審議委員會通過日之大盤漲幅、審議委員會通過日至掛牌日收盤價之大盤漲幅、首五日無漲跌幅限制、會計師事務所聲譽有關。 4.「議定承銷價至上市(櫃)掛牌日收盤價之超額報酬」則是受到公司成立年數、興櫃交易天數、承銷價、稅後EPS、首五日無漲跌幅限制等變數的影響。 除上述影響因素外,個案分析興櫃申請上市櫃(IPOs)公司可發現若該公司在產業皆具有領導地位、產品當紅有競爭利基(如IC設計等)具有國際競爭力及成長潛力、掌握關鍵研發創新技術、營收或獲利不斷成長、有較高毛利率及稅後每股盈餘、部份有富爸爸資源支持及垂直整合從與外資青睞,從登錄興櫃經審議委員會到上市(櫃)掛牌皆有超額報酬現象。 / Emerging Stock Market, which was started the transaction on January 2, 2002, provides the investors a legitimate, safe and transparent stock transaction market of unlisted company. According to the listed examination criterion of TSEC and OTC, an initial public offerings (IPOs) company has to be listed and transacted on Emerging Stock Market for over than six months to be familiar with the transaction rule of market and disclose the information of the company fully transparently. Then it has the admissibility of applying to transfer to listed market. This thesis mainly explores the honeymoon effect of IPOs stock and its influence factors. The five purposes including: 1. To examine whether there is exceed return when an emerging company transferring to an IPOs company. 2. To discuss the influence to the exceed return of IPOs by the five group factors, including the company fundamental, the performance in Emerging Market, the conditions of the company at IPOs, the market situations and systems, and the company governance. 3. To discuss the influence to the exceed return of IPOs by the two time period factors between the three time points: listed day in the Emerging Market, the apply day to TSEC and OTC, and the day the application approved by Examination Committee of TSEC or OTC. 4. To give SWOT analysis (combined with five forces analysis) in the case studies to explore, of the target companies, the opportunities and threats of the external environment and the strengths and weakness of the internal environment. 5. To apply the exploration in Purpose 1, Purpose 2, and Purpose 3 to the target companies in the case studies. By using multiple regression model, we found the following results: 1. The exceed return from the listed day in Emerging Market to the apply day to TSEC or OTC is related to the industry, the days staying in Emerging Stock Market, the performance of TSEC index, and the reputations of accountant business offices. 2. The exceed return from the day applying to TSEC or OTC to the day the application approved by Examination Committee is related to the company age, the days a company staying in Emerging Stock Market, the EPS after tax, and the performance of TSEC index. 3. The exceed return from the day the application passed by Examination Committee to the closing price at listing day is related to the industry, the average amount of transaction in Emerging Stock Market, the days a company staying in Emerging Stock Market, the transaction lot size, the stock offering price, the performance of TSEC index, the 7% price limit has been cancelled under the new underwriting system in five trading days after IPO, the reputations of accountant business offices. 4. The exceed return from the IPOs price to the closing price at listing day is related to the company age, the days a company staying in Emerging Stock Market, the stock offering price, the EPS after tax, the 7% price limit has been cancelled under the new underwriting system in five trading days after IPO. Besides the above factors, we found, from the case studies, that IPO companies have the exceed return when they possess: the leadership in the industry, the international competitiveness and growth potential of their niche products, the key creative technology of R&D, the continuation growing of revenue and profit, the higher profit rate and the EPS after tax, the support of the parent group, and the foreign capital investors.
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新股初次上市(櫃)報酬分析與興櫃市場價格發現機能 / An Analysis of the IPO stocks return return andand emerging merging merging merging stock market market market price discovery mechanism

黃茂欣, Huang, Mao Shin Unknown Date (has links)
本文主要探討新股初次上市(櫃)前後期間的股價反應,並藉由觀察準上市(櫃)公司正式上市(櫃)前於興櫃市場交易的股價反應,來驗證興櫃市場的價發現機能。實證結果顯示,上市(櫃)申請日起至興櫃市場最後交易日止期間平均持有報酬47.01%、上市(櫃)首日異常報酬為58.37%、正式掛牌上市(櫃)第二交易日起至一年後的報酬表現,新上櫃股票報酬為14.01%普遍優於新上市的-1.23%。 興櫃市場的價格發現機能相關研究方面,興櫃市場的價格發現機能相關研究的結論為:IPO首日超額報酬在興櫃市場就已經能率先適當反應,興櫃市場是有價格發現機能的,IPO首日超額報酬存在,很有可能是因為承銷價低估。 / This research aims to investigate the performance of IPO stocks during their offering. Our sample consists of IPO announced from March 1, 2005 to February 28, 2010 drawn from the Taiwan Economic Journal. The empirical results show that (1) the return from the day applying to TWSE or OTC to the last trading day on emerging stock market is 47.01%. (2)The IPOs market adjusted return on the first trading day is 58.37%. (3) The performance of IPO stocks listed on OTC is better than stocks listed on TWSE after their offering. We also observed the stock price before listing to test price discovery function of emerging stock market. Our research show that stocks price on emerging stock market has appropriately reacted before listing. Emerging stock market has price discovery mechanism.

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