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私募定價與公司價值之探討-以臺灣上市上櫃公司為例 / Pricing and frim value for private placements - evidence from Taiwan's public corporations陳以姍 Unknown Date (has links)
民國90年代初期,我國參照美、日私募之規定,正式引進私募制度。此後,企業得以選擇公開現金增資,或透過私募發行新股,來募集所需的營運資金。根據統計,民國94年以後,台灣的私募市場日趨成熟,私募逐漸成為企業最重要的籌資管道之一,特別是讓原先不能符合公開募集資格之公司,合法迅速取得資金。雖然私募之平均發行金額仍小於公開現金增資,但近年來私募件數平均都有超越公開現金增資之表現,顯示私募在資本募集市場的重要角色,也肯定其對於企業和經濟發展之正面功效。
過去文獻指出,美國之私募平均以折價發行,且有顯著正的宣告股價效果。針對不同樣本之特性,Wruck(1989)、Hertzel and Smith(1993)和Barclay, Holderness and Sheehan(2007)分別提出監督假說(monitoring hypothesis)、資訊不對稱假說(information asymmetry hypothesis)和自利假說(entrenchment hypothesis)解釋之。雖然我國之私募制度多參照美國而訂定,但法律架構和私募流程仍有相當程度的差異。因此,本研究將以上述三大假說為基礎,藉由樣本敘述統計和線性迴歸分析,探討我國上市上櫃公司私募之定價與宣告股價效果。
我們自公開資訊觀測站收集民國91年至98年7月底之私募股權樣本,扣除變數資料不全者,最後共有398筆,包含上市公司174筆,上櫃公司224筆。研究發現,我國私募多以折價發行。其中,特別股之折價幅度低於普通股,電子科技類普通股之折價幅度又高於普通股之平均。而且,根據迴歸結果,私募金額、私募比率和公司規模三個變數最能解釋我國私募之折溢價幅度,但並沒有傾向支持任一個私募假說。
至於宣告股價效果,我國私募董事會和股東會皆不顯著為正,且宣告股價效果的迴歸解釋力也偏低,只有股價淨值較具顯著性。探究其原因,可能是因為我國私募制度不同所致。依證交法之規定,私募股權需先經由董事會和股東會同意後,始得募集。然而,最後私募成功與否常與市況和發行公司能否找到適當投資人等密切相關。既然兩事件日都不能保證私募可以如期完成,我們也就無法預期投資人會對私募有明確迅速的反應。 / In the beginning of 2000, Taiwan’s Securities Transaction Law was amended to introduce the new way of financing- private placements. Since then public corporations are allowed to issue new securities either by public offerings and private placements. According to statistics, after 2005 private placements have become one of the most important funding sources for corporations, especially for those who are disqualified for public offerings. Although the average proceed of private placements is still relatively small, the number of private placements has already surpassed that of public offerings in recent years. This manifests the important role of private placements in building a sound financial market.
Private placements in the U.S., despite selling at discounts, are associated with significant positive abnormal returns on the announcement date. With different sample characteristics, Wruck (1989), Hertzel and Smith (1993) and Barclay, Holderness and Sheehan (2007) suggest monitoring hypothesis, information asymmetry hypothesis and entrenchment hypothesis respectively. Our study is based with these three most accepted hypotheses and aims to give an insight in Taiwan’s private placement of equities for public corporations.
I search the Market Observation Post System for all private placements from 2002 to July of 2009, and obtain a sample of 398 private equities with complete data. Empirical evidence shows that Taiwan’s private equities are selling at discounts as well and “proceeds of private equity”, “placement fraction” and “corporate size” are the three significant explanatory variables for discounts. However, all the results seem not to fully support any hypothesis as mentioned above.
On the other hand, the announcement stock price effects on the board and shareholders’ meeting are insignificantly positive in Taiwan. The regressions on the announcement stock price returns also indicate low explanatory power with only “Tobin’s Q” variable being significant overall. This may be attributed to the legislation differences between U.S. and Taiwan. According to Taiwan’s Securities Transaction Law, private equities should be first approved by the board and shareholders’ meeting, but might not be a successful private equity placement due to market condition, lack of proper investors and others. As a result, we can’t expect investors would instantly, correctly respond to this resolution information on those announcement dates.
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中國實施新會計準則對新股上市價格影響之研究 / The Effect of China Accounting Standards on the Price of Initial Public Offerings楊子霆, Yang, Tzu Ting Unknown Date (has links)
本論文探討2007年中國大陸實施以IFRS為基礎的中國會計準則後,是否因為會計準則要求更多資訊的公開,影響新上市公司股票發行折價的幅度。由於中國大陸資本市場有獨特的機制環境,本研究更進一步探討,中國大陸新上市公司在中國會計準則實施後,新上市公司股票發行折價的幅度,是否會因為各省份機制環境背景有不同的影響。實證結果發現,實施中國會計準則後,新股折價的幅度的確顯著降低,新股上市的蜜月期也會因為準則實施後,資訊不對稱的情形降低,有明顯的縮減。亦發現若中國大陸地方機制環境較進步且發達,該地區市場化的程度愈高,新股折價的幅度會也會因資訊更加公開而降低。 / In 2007, China passed the IFRS-based Chinese Accounting Standards (therefore IFRS-based CAS) to converge with IFRS. This paper examines the effect of implementation of IFRS-based CAS on IPO uncerpricing. In addition, there are different institutional features of transition economy from other countries. This paper also examines the effect of the interaction between implementation of IFRS-based CAS and institutional features of transition economy on IPO uncerpricing. The empirical results show that post-2005 IPOs in China are significantly less underpriced, and IPO honeymoon periods have similar outcomes. Furthermore, the results also show that the magnitude of underpricing will be decreased in those provinces with higher degrees of marketization.
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Closed-end Fund Discounts and Investor Sentiment: Evidence from U.K. Investment Trusts黃伯偉, HUANG, PO-WEI Unknown Date (has links)
封閉型基金的掛牌買賣價格,與其投資標的淨資產價值(NAV, net asset value)間,總是存在一定程度的差距,且幾乎為10%~20%的折價現象,被視為財務學上的一種異常(anomaly)。早期研究學者們由經濟理性的角度解釋此種現象,認為是基金管理的績效表現、投資標的流動性或是稅制上的差異等等角度來解釋此一現象,但並沒有獲得一致的結論。
近期以來,有學者嘗試從行為財務學的角度,認為封閉型基金的折溢價現象及其幅度的變化,是由於投資人情緒(investor sentiment)的波動所造成。除了傳統的迴歸模式,更有不少學者以嚴謹的計量方式分析,例如財務時間序列的許多技巧。本研究即以時間序列之單根檢定(unit root test)、共整合現象檢定(co-integration test)及Granger因果關係檢定(Granger Causality test)等等方式,分析封閉型基金折溢價現象是否由投資人情緒所造成,及其兩者間是否有共整合現象。
雖然已有部分文獻探討類似議題,但跨國比較分析通常僅限於英、美兩國,且英、美兩國市場連動程度太高,可能影響分析結果的正確性;除此之外,樣本分析期間亦通常不超過十年。本研究以1991-2005年英國掛牌之封閉型基金為研究樣本,並包含投資標的為日本的封閉型基金,進行英國、日本之間的跨國性比較;不但有更足夠的樣本時間長度,亦能驗證是否不同跨國分析亦會有相同結論。
共整合現象檢定及Granger因果關係檢定大致支持行為財務學的角度。但英國、日本跨國比較的結果,似乎並不完全等同於前述英、美跨國比較的結果。建議後續可從掛牌國與投資標的區域連動程度較低的封閉型基金作為研究方向。 / The closed-end funds discounts have been an interesting phenomenon for a long period. Some theories based on economic rationale try to solve the puzzle but fail to get consistent conclusions. Recently some theories based on behavioral finance, such as the investor sentiment hypothesis, have been proposed to solve this puzzle. This study examines the investor sentiment hypothesis based on various time-series tests and finds some interesting results.
Briefly, our conclusions are as follows: 1. The discounts can vary widely between funds and seem to be persistent in our sample period. 2. The local market indices are cointegrated with the domestic closed-end funds discounts and the information is flowed from the market to the closed-end funds, which support the investor sentiment hypothesis. 3. The causality relationship between the foreign closed-end funds and the local indices is not obvious. Based on this, the market segmentation hypothesis seems to hold in our sample, which indicates that investing in the foreign funds provide investors with the benefit of diversification.
For future researches, we suggest that more the foreign funds should be included in the sample and the classification of the degree of investor sentiment and the categories of funds can also be improved.
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內部人行為對私募折價幅度之影響 / The effects of insider activities on price discounts in private placement徐翊中, Hsu, Yi Chung Unknown Date (has links)
本研究以適用於民國九十九年九月一日修正前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司為研究對象,研究期間為民國九十四年十月十一日至九十九年八月三十一日,以探討內部人行為對私募折價幅度之影響。
研究結果發現,公司內部人若有參與私募者,則折價幅度會較純粹為外部人應募之私募案為大,顯示內部人可能藉由其職權,壓低私募價格以自肥,符合利益掠奪假說。此外,若內部人於應募前後,尚還有出售老股套利或隱瞞應募人與公司關係之情事者,其折價幅度越大。顯示內部人若意圖假私募手法圖利自身時,其確會運用其對公司之影響力,蓄意壓低私募價格以賺取折價之價差,或刻意隱瞞資訊以規避小股東之監督。因此,私募折價幅度與內部人是否參與應募以及續後之作為,確有密切關聯。 / This study examines the effect of insiders’ activities on the price discount of private placement. The sample period starts from October 11th, 2005 and ends August 31th, 2010, one day before the last revision on the regulation, Directions for Public Companies Conducting Private Placements of Securities.
The empirical result shows that the price discount under private placement with insiders involved is more than that with outsiders only. The insiders, in accordance with entrenchment hypothesis, may benefit by discounting the price in the private placement. In addition, more price discount may also be taken by the insiders who intend to benefit from selling stocks while purchasing stocks from the private placement or intentionally concealing information about their relationship with the company. It’s evident that the price discount under private placement has something to do with whether the insiders are involved and how they behave in response.
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探討台灣股票市場IPO後長期績效表現 :以首日報酬熱度及機構投資人拋售情況為觀察指標 / The Post-IPO Flipping by Institutional Investors and The First-Day Return:Predictive Factors for Long-Run Returns蘇詠竣, Su, Yong Jyun Unknown Date (has links)
本研究以台股初次公開上市櫃公司IPO後首日股價報酬熱度及機構投資人首月脫售持股情況兩指標,試著預測IPO後一年期股價表現。本篇論文蒐集自2010年起至2014年3月31日止252筆在台灣初次上市櫃公司資料,並將其依首日報酬熱度由低至高依序分為Cold、Cool、Hot及Extra-Hot四種群組。研究結果顯示,Cold IPOs長期傾向擁有較佳超額報酬,而首日報酬熱度最高的Extra-Hot IPOs長期則表現最差。也證實了IPOs股票折價承銷理論中所提,公司若在IPO初期出現較大幅度的折價讓利,長期將導致公司因降價求售股票而遭受價值損害。
另外,本文也以三大法人脫售持股比例為分組,探討法人是否具有長期股價預測能力。過去一些國內外文獻皆以全部樣本直接討論法人脫售行為對長期績效表現的影響,本研究進一步將252筆公司資料分為:(1)初次上市櫃前曾在興櫃市場掛牌交易及(2)上市櫃前未曾在興櫃市場掛牌交易 兩群組。結果顯示,機構投資人只有在對IPO個股具有優勢資訊時(曾在興櫃市場交易),才能顯著對公司優劣做出判斷,進而對長期績效表現做出預測;反之,若是未曾興櫃之IPO個股,機構投資人對其一年期股價表現則無顯著預測能力。本研究最後以首日報酬率、承銷商聲譽、IPO時大盤指數、法人首月脫售持股比例及IPO時個股市值等五大因素,做出IPO一年期超額報酬預測式。結果發現只有IPO時大盤指數、法人脫售持股比例及首日報酬熱度顯著影響一年期超額報酬率。其他變數如承銷商聲譽及IPO時公司市值皆只具經濟意義,對一年期超額報酬並無顯著影響。 / In this article, we are trying to predict the 1-year excess returns of the IPOs by observing two indicators:The first-day return and the flipping level by institutional investors. We use the 252 IPOs data in Taiwan stock market from 2010 to March 31th, 2014 and divide it into 4 different levels by the first-day return:Cold IPOs, Cool IPOs, Hot IPOs and Extra-Hot IPOs. And it turns out the Cold IPOs are inclined to have better long-run performances on the stock price, while the Extra-Hot IPOs have the worst performances in the 12-month excess returns. This study can prove the mispricing theory:The IPOs will suffer in losses in the long-term because of the underpricing behaviors.
This thesis also analyzes the predictive power of the flipping level of institutional investors. We divide our sample data into two different groups:(1) IPOs who have been traded in the dealer market (Emerging Stock Market, ESM) (2) IPOs who traded in the order driven market directly (without the dealer market experiences). It reveals that the predictive power is prominent only if the institutional investors have superior information about the IPOs (with dealer market experiences); In contrast to the first group, the predictive power seems to be weak when the IPOs have no dealer market experiences. In the end of this study, we are trying to construct a regression model with five indicators:the rank of the underwriters, the IPOs’ market capital, the market index during the IPO period, first-day return and the flipping level of institutional investors. We find out that in addition to the IPOs’ market capital and the rank of the underwriters, all other indicators are statistically significant to predict the 1-year excess returns of IPOs.
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未上市公司評價─以廣穎電通為例 / Valuing unlisted companies-case of silicon power computer & communications inc.蘇煒程 Unknown Date (has links)
興櫃股票是指已經申報上市(櫃)之公開發行公司的普通股股票,一般而言興櫃股票的流動性小、股本小,因此短線投資人多以即將掛牌上櫃的公司為主,至於中長線的投資人則以長期價值的觀點來投資,投入資金後必須等待一段時間,待上市(櫃)後,才能獲取較好的投資報酬率。長期投資須以自有資金投入,進一步瞭解該公司產業狀況及基本面表現後,應用適合未上市公司的評價模式,來做為投資的依據是很重要的。
本研究以興櫃市場中的半導體產業中的廣穎電通股份有限公司作為研究對象,以自由現金流量法為評價模型,並針對未上市公司在參數估計困難的部分作調整,使評價未上市公司時有一套可依循的流程,並加入考量未上市公司股票因流動性不足,所造成之流動性折價,以提升在評價上的合理性及正確性。
實證結果顯示,以2011 年年報來估計相關參數,運用現金流量折現法的每股理論價值為39.24 元。若考量流動性折價,以上市股票市場資料推估所得之流動性折價,廣穎電通之每股理論價值將為39.05 元;以興櫃股票市場資料推估所得之流動性折價,廣穎電通之每股理論價值將為37.93 元。
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我國指數股票型基金上市後之績效分析王韻晴 Unknown Date (has links)
從投資組合理論與效率市場假說來看,影響投資績效之主要因素為資產配置而非選股或擇時能力,相關之實証亦發現主動式投資策略並無法獲得持續優於大盤的報酬,因此被動式投資策略將是一較佳的選擇。自先鋒集團在1976年率先推出指數基金之後,此類指數化投資商品即呈現指數化成長。而我國亦在2003年6月30日正式推出第一檔指數股票型基金「臺灣50指數股票型基金,簡稱TTT」。
本論文以投資人的角度來分析TTT之報酬率及成交量,從追蹤誤差及溢折價來觀察基金之報酬率,研究造成追蹤誤差之主要影響因子為何與實物創造或贖回機制是否能有效發揮功用,使TTT之市價可貼進基金淨值,以免如同封閉型基金大都折價交易,而影響投資人之獲利率。此外,更進一步比較TTT與其他指數化商品之差異性以供投資人選擇投資標的時參考。
本研究發現影響追蹤誤差之因素主要為指數成份股之增刪、公眾流通係數之調整與現金股利的發放。雖然在短期下上述因素會影響基金報酬,但長期而言基金報酬與指數相當,甚或更為略高,故在衡量長期績效時臺灣50指數可做為一良好的報酬指標。而從溢折價來分析時,由於市場交易機制,使得TTT自上市以來之流動性不足,市場效率性不高,溢折價幅度較大。此點與成交量之分析結果一致,研究發現TTT之成交量並未因出現套利機會而顯著增加,投資人買賣TTT主要在於避險或投機需求。
雖然現階段我國尚未出現指數基金,但若未來有出現類似之商品時,在目前我國停徵證券交易所得稅的環境下,投資金額的大小將非決定選擇指數基金或TTT之關鍵因素,投資期間與「質」的因素才是主要關鍵。當投資期間愈長,TTT之高交易成本的影響程度將降低,其可在盤中隨時買賣及低追蹤誤差等「質」方面的優勢將提高,TTT將相對較具吸引力。而臺灣50指數期貨由於交易成本及流動性風險較高,因而投資人較不偏好操作臺灣50指數期貨。
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控制權溢價之研究—從凱雷收購東森媒體科技一案出發 / Discussion on control premium – the carlyle group cash-out the Eastern Media international corporation case report陳盈良 Unknown Date (has links)
近年來國內之併購事件隨世界之潮流日趨普遍,然於併購交易中常伴隨著控制權之交易,而我國法規對於控制權和控制股東之定義未明,因而常有不同之解釋空間而有諸多疑問,更遑論進一步討論控制股東之責任或義務。因此,於西元2006年所發生之凱雷收購東森媒體科技一案,論者雖多側重討論所謂「控制權溢價」是否應由全體股東均享,或得由控制股東獨享之議題,然本案實則牽涉議題甚廣,包括控制股東或經營階層的受託義務、公平價格之決定與少數股東之保護等相關問題。
本文認為,控制權之交易在追求效率極大化之同時,仍須於法律追求公平正義下之框架中進行,凱雷收購東森媒體科技案探討的「控制權溢價」存在與否,應僅為評估公平價格的其中一個考量因素。此外,控制權溢價實為一模糊之概念,從經濟學或法律學之角度觀察,其定義與計算方式或有不同,將會有不同的邏輯結果發生。因此,本文將以「控制權溢價」之概念為主軸,貫穿各章節探討控制權交易各層面之問題,並以歐盟與美國德拉瓦州之控制權交易的概念相互比較之,兩者對控制權交易所持立場之不同,因而有不同之法規建構。如歐盟採行之強制公開收購原則,雖直接防堵控制股東利用控制權不當攫取私利,然卻增加了收購成本,從而有礙有效率之控制權交易的進行;反觀美國德拉瓦州,雖允許控制權私利之存在,但亦強調交易程序之公平性,並以各種事前與事後機制,衡平控制股東與少數股東之權益。
本文認為,美國德拉瓦州關於控制權溢價之相關法規範設計較為可採,意即在控制權交易中,應肯認控制權私利的存在以及控制權溢價應可由控制股東獨享之原則,但必須同時強調控制股東之資訊揭露義務以及受託義務之履踐,以確保公平正義之結果。觀察美國法於控制權交易透過法院於具體個案中之細緻處理,我國法規範以及司法實務在相關議題上之論述則似有不足。本文期透過凱雷收購東森媒體科技一案為例,以控制權溢價與控制股東以及小股東之權益衡平為核心,分析美國法院判決及學說理論,並提出本文建議,以作為我國司法實務之基礎。
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亞洲央行干預外匯市場的有效性及對美國存託憑證價差的影響 / 無張美菁, Chang, Mei Ching Unknown Date (has links)
【第一篇論文中文摘要】
本文使用路透社央行干預匯市的新聞報導,探討哪些因素可以提高亞洲央行成功干預匯市的機率,研究期間為2005年1月至2011年4月。此研究期間涵蓋全球金融風暴和美國採行量化寬鬆政策,因此,亞洲貨幣在逐步對美元升值後發生大幅度的貶值。研究結果顯示印尼、馬來西亞、菲律賓、新加坡、台灣及泰國的央行採取逆風而行的策略是有效的干預方式,而且多個國家在同日干預匯市及第一日的干預會有較高成功的機率。
【第二篇論文中文摘要】
本文透過不同的研究方法針對亞洲國家央行干預匯率市場的有效性再次驗證,研究期間為2005年1月至2011年4月,實證結果顯示亞洲國家在次貸風暴期間面臨美元升值的壓力,央行會採取賣美元的方式來干預匯市,但是這種干預匯市的方式卻僅能減緩美元升值的趨勢,其中以印尼盾、新加坡元、新台幣紛紛對美元貶值較為明顯,而在次貸風暴發生之後,美國實施量化寬鬆政策造成亞洲國家卻面臨美元貶值的壓力,各國央行改採買美元的方式來干預匯市,但是此種干預匯市的方式也只造成美元緩慢貶值的趨勢,其中印尼盾、馬來西亞令吉、新加坡元、韓圜、泰銖分別對美元升值的趨勢較為明顯,此現象反應亞洲央行干預匯市是採取逆風而行的策略,雖然能降低匯率的波動,但無法改變匯率的升貶值趨勢。
【第三篇論文中文摘要】
本研究是在探討印度、印尼、南韓、馬來西亞、新加坡、泰國及台灣央行透過干預匯率市場,對其國家的公司在美國發行存託憑證折溢價的影響,研究期間為2005年1月至2011年4月。研究結果顯示央行對匯市干預造成的變動,確實會影響到該國公司在美國發行的存託憑證產生折價的情形。另外,亞洲央行使用買美元干預匯市的作法會對該國公司在美國發行的存託憑證產生溢價,而央行透過賣美元干預匯市的作法會對該國公司在美國發行的存託憑證產生折價的影響,但是由於樣本資料的限制,其效果在統計上並不顯著。由公司層面的分析可以看出央行透過賣美元來干預匯市對其國家的公司在美國發行的存託憑證會有明顯產生折價的影響。 / 【第一篇論文英文摘要】
Using Reuters’ news reports on central bank interventions, we investigate the factors that increase the odds of intervention success by Asian central banks in the foreign exchange market from January 2005 to April 2011. This period coincides with the global credit crisis and quantitative easing policy, which have engendered a sharp depreciation followed by a gradual appreciation of Asian currencies. The results show that leaning-against-the-wind intervention strategies are effective in Indonesia, Malaysia, Philippines, Singapore, Taiwan, and Thailand. We also find that joint and first day interventions are associated with higher odds of effective intervention.
【第二篇論文英文摘要】
This paper examines the effectiveness of central bank interventions in the foreign exchange market from January 2005 to April 2011 in Asia. The results show that the central banks in Asia intervene in the foreign exchange markets by selling U.S. dollars to prevent severe depreciation of local currencies during the global credit crisis. However, central bankers can only slow down the trend of depreciation of local currencies against U.S. dollar. The currencies apparently depreciate against U.S. dollar in Indonesia, Singapore, and Taiwan. After the global credit crisis, Asian countries confront appreciations of local currencies due to the US quantitative easing policy. The central banks in Asia intervene by purchasing U.S. dollars in the foreign exchange market. Nevertheless, intervention strategies slowly reduce U.S. dollar depreciations. The foreign exchange rate apparently appreciate against U.S. dollar in India, Malaysia, Singapore, South Korea, and Thailand. Results show that Asian central banks adopt leaning-against-the-wind intervention strategies during the sample period. Their interventions in the foreign exchange market can only reduce fluctuations in the foreign exchange rate, but fail to reverse the trend of Asian exchange rates.
【第三篇論文英文摘要】
This paper examines whether Asian central bank interventions in the foreign exchange market affect the discount or premium of American Depositary Receipt (ADR) of Asian companies from January 2005 to April 2011. The sample consists of companies from Indian, Indonesia, South Korea, Malaysia, Singapore. Empirical results show that central bank interventions increase ADR discounts of companies in Asian countries. In addition, interventions by purchasing U.S. dollars result in higher ADR premiums, and the strategies of selling U.S. dollars affect ADR discounts. Though some of the empirical results are not statistically significant due to limited sample size, results based on individual firms show that selling USD interventions by Asian central banks have a significant impact on their ADR discounts.
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生技產業IPO風險因子、策略聯盟與折價之關聯性研究 / The Association between the Risk Factor Disclosures in IPO Prospectus, Strategic Alliances and Underpricing of Biotech Firms洪上琄 Unknown Date (has links)
本研究主要探討生技產業公開說明書之風險因子揭露以及首次公開發行(IPO, initial public offering)前之策略聯盟關係對首次公開發行折價所產生之影響。本研究以美國生技產業首次公開發行公司為研究對象,樣本期間為1997年至2012年。
許多文獻指出當初級市場認購人間資訊不對稱程度越大時,IPO價值之事前不確定性(ex ante uncertainty)越高,因此以事前不確定性的概念來衡量資訊不對稱程度,並透過公開說明書中資訊之揭露作為事前不確定性的代理變數以探討其與IPO折價現象之關聯。本研究即利用公開說明書之風險因子揭露作為事前不確定性的代理變數,並預期揭露的數量多寡與內容描述將影響IPO折價。另外,由於文獻指出策略聯盟所傳達的正面訊號,可能有助於生技公司減少因產業特性所造成的不確定性,因此本研究預期生技公司於IPO前擁有策略聯盟關係將影響IPO折價。
本研究參考過去文獻,建立資訊揭露的四級指標加上風險因子所揭露的項目多寡,系統性地衡量生技公司公開說明書之風險因子,並以多元迴歸分析檢測假說。實證結果顯示:風險因子的內容描述越具量化或越具體,IPO折價越大,並且發現大公司之風險因子揭露數量與IPO折價具正向關係,而生技公司於IPO前擁有策略聯盟關係對IPO折價幅度具有顯著負向關係。研究結果顯示公開說明書之風險因子揭露及策略聯盟與事前不確定性所產生之IPO折價現象之關聯性。 / This study investigates whether disclosure of risk factors in the prospectus and the effect of strategic alliances before IPO date will influence underpricing of the biotech firms. Data is collected for biotech companies of U.S IPOs issued from 1997 to 2012 as the research sample.
Much literature indicates that the greater is the information asymmetry between different investors, the higher is the ex ante uncertainty about an initial public offering’s value. Hence, the ex ante uncertainty is measured as the degree of asymmetric information. And there are a number of studies that use different measurement as a proxy for ex-ante uncertainty including disclosures in the prospectus to examine its relation to underpricing. This study uses risk factors in the prospectus as a proxy for ex-ante uncertainty and expects that the quantity of risk factors and the content or description of risk factors will influence underpricing. Furthermore, since previous studies consider that strategy alliances convey a positive signal to investors which would reduce the uncertainty from the industrial characteristics of the biotech industry and would mitigate investors’ concern, this study expects that a biotech IPO with strategic alliances before IPO date will affect underpricing.
Referring to past literature, this study builds four-class index for disclosure score and uses the number of risk factors to systematically measure risk factors in the prospectus. The empirical results show that a biotech IPO with more quantitative information or some specific information of risk factors will experience higher underpricing. In addition, in larger firms the greater are risk factors disclosed no matter the quantity or the content and its description, the higher is underpricing. And there is a significantly negative relation between strategic alliances before IPO date and underpricing. In conclusion, disclosure of risk factors in the prospectus and the effect of strategic alliances are related to underpricing as expected.
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