• Refine Query
  • Source
  • Publication year
  • to
  • Language
  • 3
  • 3
  • Tagged with
  • 3
  • 3
  • 3
  • 3
  • 3
  • 2
  • 2
  • 1
  • 1
  • 1
  • 1
  • 1
  • 1
  • 1
  • 1
  • 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

台灣承銷配售制度與股市期初報酬相關性之研究 / The studies on the relationship between initial returns and the underwriting allocation methods in Taiwan

游為仰, Yu, Wei-Yang Unknown Date (has links)
台灣自民國五十一年至九十七年期間歷經了七次的承銷制度改革,配售方式由原先的公開抽籤,歷經競價拍賣與公開抽籤並行,一直到民國九十三年,市場旋以詢價圈購為主流。本文除整理台灣承銷市場於此段時期的制度沿革外,並探究民國八十年至九十七年間,三種制度的施行是否直接地造成期初異常報酬的差異。 透過實證研究發現,初次上市上櫃公司選擇不同的承銷配售方式確實對期初報酬的影響程度確有著顯著的不同,而三種方式的期初報酬以詢價圈購為最高,公開申購次之,競價拍賣為價格發現能力最好的承銷配售方式,其結果與國外文獻相同。但對於制度改革而言,與期初報酬並沒有直接關連性。如民國八十四年就已開放詢價圈購方式,但由於其相關承銷規定背離市場習慣,導致此方式乏人問津,直至民國九十三年做更進一步的放寬限制,方才改變市場的承銷配售方式,由此可知法令變革的宣告並無法直接影響期初價格,而是待法令改革之後,實際落實於市場方會改變市場期初報酬的現象。 / There are seven main reforms of initial public offering methods in Taiwan during 1962 to 2008. From the fixed price method transform to auction, and in 2004 the bookbuilding became the mainstream in the IPO market. In this thesis we not only compile the reform processes in IPO methods in Taiwan capital market but also study the relationship between the initial returns and the IPO methods during 1991 to 2008. Through the empirical studies, there are significant differences between the initial returns and three IPO methods. The auction owns the highest initial return and bookbuilding own the best price discovering mechanism. However the reform announcements could not affect the initial returns directly. The bookbuilding method is allowed in 1995 but due to deviating from custom, no firms applied it in the IPO until the further reform in 2004. The simple reform announcement could not affect the initial returns directly.
2

IPO期初報酬影響因素探討: 以2005-2011年台灣上市企業為例 / The determinants of IPO initial return in Taiwan stock market (2005-2011)

林鼎堯 Unknown Date (has links)
企業初次公開發行(IPO,Initial Public Offering)向來是股票市場炙手可熱的話題之一,在財務經濟領域中,探討股票初次上市發行的相關議題更是多如過江之鯽,而關於IPO期初報酬率影響因素之探討更可溯及至1970年代。本研究主要係探討台灣初次上市企業期初報酬率的影響因素及影響情形,並以2005年承銷新制上路以後、直至2011年的初次上市企業為研究對象,除利用傳統的最小平方法觀察影響期初報酬的因素外,有鑑於期初報酬率普遍具有右偏分配的現象,本研究亦輔以分量迴歸分析法觀察影響期初報酬的因素,經由分量值的變動,可將解釋變數影響被解釋變數的各種情形加以估計出。再來,本研究在探討期初報酬率影響因素之基礎上,以分量迴歸分析法尋找出交易準則,並進一步檢驗當投資人遵循交易準則下,是否得以獲取顯著異於同期間大盤指數之報酬績效。在上市首日買入並持有至第五日收盤賣出之案例中,以分量迴歸結果所設定之交易準則並無法為投資人帶來顯著優於大盤指數之報酬水準;然而,在上市首日買入並持有至第二十日收盤賣出之案例,以分量迴歸結果所設定之交易準則卻可為投資人帶來顯著優於大盤指數之報酬水準。總體而言,本研究試圖將近年影響台灣企業IPO期初報酬率之因素加以剖析,進而從中尋找一些潛在規則,讓投資人得以一窺初級市場的變化及其所可能帶來之潛在獲利良機。
3

更換主辦輔導推薦證券商對興櫃掛牌公司 及上市櫃後期初報酬率之影響 / How does the replacement-of-leading-securities effect the IPO initial return

鄭聖儒 Unknown Date (has links)
鑒於興櫃市場股票交易逐漸熱絡,投資人愈趨關注該市場的相關事件,本研究以興櫃市場中受輔導之公司為樣本、更換主辦輔導推薦證券商為研究事件,探討有更換券商之情事的樣本公司,在事件發生前後是否存有異常報酬,並接續研究這些公司成功上市櫃後,期初報酬率是否顯著異於未有更換之情事發生的新上市櫃公司,進而判斷「更換主辦輔導推薦證券商」事件是否為影響期初報酬率的其中一項因子。 本研究以事件研究法分析事件發生日前後是否存在顯著異常報酬,雖然不論是平均異常報酬率或累積平均異常報酬率都呈下降趨勢,但統計檢定結果顯示並未顯著異於零,因此可判定投資人對於更換主辦券商之情事有負面的反應,但反應程度並不顯著,沒有賺取超額報酬的機會。本研究另外設計多元迴歸模型觀察各項自變數,包含是否更換過主辦輔導推薦證券商、上市或上櫃公司、公司規模、發行總金額、內部人持股比例、平均中籤率、產業別、發行公司年齡等,對期初報酬率的解釋能力,實證結果顯示,平均中籤率愈低、內部人持股率愈高、有更換過主辦輔導推薦券商的公司會有較高的期初報酬率,投資人可依上述三項公司性質作為選取股票的參考。 / In view of the stock trading in “Emerging Market” is becoming more and more popular, Investors are concerned with related event or information about the market. I selected several companies traded in Emerging Market as samples, leading counseling securities replacement as the research event, investigating the sample companies with replacement and whether the abnormal return exists before or after the event happened. I also tracked these sample companies until IPOs, testing the statistical significance of initial return to judge if the “replacement-of-leading-securities” event is one of the factors explaining the existence of initial return. I used event study to test the significance of abnormal return. Both the average abnormal return and the cumulative average abnormal return display a downturn trend during event window, not statistical significant though. Based on the result, I presume the investors have adversely impact on the replacement event, but the impact is not remarkable. There’s no chance to gain the abnormal return. Besides, I set a multiple regression to test the coefficient of each control variable. The empirical result implied that the average success rate, the shareholding ratio of insiders and the companies with replacement event influence the initial return significantly. Investors could follow those three company characters as reference of choosing stocks.

Page generated in 0.023 seconds