博碩士論文 etd-0507114-123834 詳細資訊


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姓名 連智凱(Chih-Kai Lien) 電子郵件信箱 E-mail 資料不公開
畢業系所 企業管理學系研究所(Business Management)
畢業學位 碩士(Master) 畢業時期 102學年第2學期
論文名稱(中) 台灣新上市上櫃公司下市的影響因素:發行前特性變數、財務變數以及公司治理變數
論文名稱(英) Factors on IPO Delisting in Taiwan: IPO Characteristics, Financial Variables and Corporate Governance Variables in the Aftermarket
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    紙本論文:1 年後公開 (2015-06-08 公開)

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    論文語文/頁數 中文/84
    統計 本論文已被瀏覽 5562 次,被下載 1148 次
    摘要(中) 本研究在探討當新上市上櫃公司股票(IPOs)在上市發行之後,是否能透過發行前特性變數、發行後的財務變數與公司治理變數,來預測未來是否容易退出市場的可能性,以及存活時間的長短。
      以1990年至2012年間在台灣發行的1296支IPO為研究樣本,將其分為存活、主動下市和因財務危機而下市。採用Logistic迴歸進行分析,探討因為變數的不同,是否會影響其下市機率,再以多元迴歸分析,來了解變數對於存活時間的影響。經分析後,提出以下結論:
      (1) 從發行前特性變數來看,若由三大承銷商發行、發行規模夠大、公司在發行前成立年數越久與公司為科技類股會降低下市的機率。
      (2) 發行後的財務變數與公司治理變數會依企業的生命週期不同,而導致有不同的影響,如較高的成長率會導致企業在成長期時較不容易下市,但會增加成熟期的企業之下市機率。
      (3) 發行後的財務變數與公司治理變數對於企業存活期間的影響,有正相關的為獲利能力、公司規模、經理人持股比。負相關的為研發費用率、負債比例、大股東持股比、獨立董事席次、席次股份偏離差與公司為金字塔結構。
    摘要(英) This thesis assesses the probability of IPO delisting and the IPO’s survival time based on IPO characteristics, financial variables and corporate governance variables in the aftermarket.
    Our IPO sample consists of 1296 IPOs issued between 1990 and 2012 in Taiwan. There are three types of aftermarket status of IPOs after going public: including “survival”, “delisted voluntarily”, and “delisted due to financial crisis”. In this paper, we implement logistic regressions and multiple regressions to discuss how those variables influence the probability of delisting and IPO’s survival time. The results of this thesis are as follows:
    (1) According to IPO characteristics, IPO underwritten by prestigious underwriters, large proceeds, older in firm age before issued and high tech firms will decrease the probability of delisting.
    (2) Financial variables and corporate governance variables will affect delisting depending on their business life cycle. For example, the growth decreases the probability of delisting of growing firms, but increases the probability of delisting of mature firms. 
    (3) According to the financial variables and corporate governance variables, profitability, firms size and managerial ownership, are positively related to IPO’s survival time. R&D expenses, leverage, blockhold ownership, number of independent directors, the deviation between ownership and seats and pyramid structure are negatively related to IPO’s survival time.
    關鍵字(中)
  • 新上市上櫃公司股票
  • 發行前特性變數
  • 下市
  • 財務變數
  • 公司治理變數
  • 企業生命週期
  • 關鍵字(英)
  • business life cycle
  • corporate governance variables
  • IPO characteristics
  • IPO
  • delisting
  • financial variables
  • 論文目次 目錄
    摘要 ii
    目錄 iv
    圖目錄 v
    表目錄 vi
    第一章 緒論 1
    第一節 研究背景與動機 1
      第二節 研究目的 2
    第三節 研究流程 2
    第二章 文獻探討 4
    第一節 台灣IPO發行相關規定 4
      第二節 IPO折價發行 5
    第三節 IPO長期報酬 8
    第四節 公司治理 10
    第三章 研究方法 18
      第一節 研究樣本 18
    第二節 變數探討 18
    第三節 變數衡量與實證模型 27
    第四章 實證結果 30
      第一節 敘述統計 30
    第二節 Logistic迴歸結果分析 34
    第三節 多元迴歸結果分析 40
    第四節 發行時市場活絡程度分析 42
    第五章 結論與建議 68
    第一節 研究結論 68
    第二節 研究限制與建議 69
    參考文獻 71
    參考文獻 中文部分
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    口試委員
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  • 盧正壽 - 委員
  • 陳安琳 - 指導教授
  • 口試日期 2014-05-09 繳交日期 2014-06-08

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