我國初次上市公司依據現行證券交易所上市審查規範，需經由承銷商出具承銷價格評估報告，該報告中需揭露依國際慣用評價方法評定之企業價值。本研究主要探討承銷商評估報告中揭露之評價方法對承銷價格及上市後股價與評定價值間差距幅度之影響。選取民國94年後實施承銷新制，並解除新股上市首五日漲跌幅限制之公司，研究期間起至民國94年，終至民國100年底。以三類評價方法：市場基礎法、收益基礎法及資產基礎法為解釋變數，承銷價格及上市後股價與評定價值間差距幅度為被解釋變數，運用實證測試達到本研究之目的。
實證結果顯示，不管選用何種評價方法，其對承銷價格及上市後股價與企業價值之差距幅度均為顯著影響。但選用市場法中本益比法及收益法中現金流量折現法為評價方法時，其承銷價格及上市後股價與衡量之企業價值差距幅度影響較資產法小。 / Taiwan Stock Exchange Corporation (TWSE) regulates IPO pricing in the IPO Underwriter Evaluation Reports, which should include the disclosure of valuation methods, namely, the market, income, and asset approaches. This research aims to explore whether the valuation methods are associated with the gap between the offer price and stock prices with the business valuation. The sample consists of 107 Taiwan IPO cases that took place during the period of 2005 to 2011.
The empirical results are as follows. The market approach using the PE ratio as value multiple results in a gap between the offer price or stock prices and the calculated business value. The result of the income approach using the discounted cash flow method is almost the same as the market approach. Under the asset approach, the gap between the offer price or stock prices and calculated business value is the largest among the three approaches.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0099353024 |
| Creators | 黃珊珊 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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