博碩士論文 etd-0720111-170716 詳細資訊


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姓名 蕭畹琪(Wan-chi Hsiao) 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 99學年第2學期
論文名稱(中) 承銷制度改變下對IPO市場評價與承銷商報酬之影響
論文名稱(英) The Effect of Underwriting Regulation on IPO Market Valuation and Underwriters’ Profits
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    論文語文/頁數 中文/71
    統計 本論文已被瀏覽 5563 次,被下載 2809 次
    摘要(中) 隨著金融市場的發展,在資金的大量需求之下,向公開市場募集資金已經是必要的方式之一。進而也帶貣了承銷市場的興貣。使得新上市上櫃其市場發行的相關議題也開始受到注意,而承銷市場當中發行公司、承銷商以及投資人之間的更是備受討論。而承銷制度在2005年提出改革方案,改善了原有制度的問題,而承銷新制的四大重點為1.為反映市場需求,強調初次上市(櫃)承銷價格訂定合理化2.引進初次上市(櫃)價格穩定措施。3.承銷配售方式多元化,以便提高承銷商配售自主性。4.承銷商專業能力的強化和發揮。而尤其新制之下強調承銷商應有之專業能力,以加強承銷品質。而本研究對象期間為從2001年至2009年之新上市上櫃公司,橫跨新舊制期間,欲探討新上市上櫃公司市場評價及承銷商報酬。而本研究發現在新制之下IPO市場價格較舊制有受到投資人過度預期的影響;而在承銷商報酬改變方面,由原本舊制自行認購率可獲得的資本利得,新制之下取消自行認購率,轉為提高成承銷手續費的部分,更是強調專業承銷商專業能力的重要。
    關鍵字:新上市上櫃、承銷制度、市場價值、承銷商報酬、承銷價差
    摘要(英) In Taiwan, the initial public offerings (hereafter IPOs) market is growing mature. Especially in 2005, it is the turning point of the regulations for IPOs. The FSC plans to achieve four main goals by implementing the new underwriting system. (1) Making the underwriting price more reasonable (2) Increasing the stability of price of a listing stock (3) Increasing the underwriter’s independence in distribution stocks. (4) Enforcing the professional ability of underwriters. Most importantly, it puts the emphasis on the ability of underwriters that involve in the quality for IPOs. This paper compares the IPO market performance between new underwriting system and old underwriting system, and collects the data from 2001 to 2009 about IPOs companies’ related information to figure out the IPO market valuation and profits for underwriters. Finally, this paper finds out that: first one is, in the new underwriting system, the market valuation is more affected by investors’ optimum growth forecast than old underwriting system. In the aspect of the rewards for underwriters, the difference between new underwriting system and old underwriting one is cancelling self-subscription method in new underwriting system. Therefore, the underwriter can’t gain the underwriter proceeds from that; the issuer should make up them by giving more underwriter’s fee which depends on the performance of underwriters. In conclusion, the professional underwriters play an important role in new regulation system.
    Keywords: IPOs, underwriter regulation, underwriter, market value, underwriter proceeds
    關鍵字(中)
  • 承銷價差
  • 市場價值
  • 承銷制度
  • 新上市上櫃
  • 承銷商報酬
  • 關鍵字(英)
  • IPOs
  • underwriter proceeds
  • market value
  • underwriter regulation
  • underwriter
  • 論文目次 中文摘要 i
    Abstract iii
    表次 v
    圖次 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 3
    第三節 研究流程與架構 4
    第二章 文獻探討 6
    第一節 台灣承銷新制的影響與舊制的差異 6
    一、承銷價格訂定合理化 6
    二、引進初次上市(櫃)價格穩定措施 8
    三、承銷配售方式多元化 9
    四、承銷商專業能力的強化和發揮 9
    第二節 IPOs發行成本相關文獻 13
    一、IPOs直接成本-支付承銷商報酬 13
    二、IPOs間接成本-發行折價 18
    第三章 研究方法 22
    第一節  研究樣本 22
    一、樣本選取 22
    二、資料來源 23
    第二節 研究方法 23
    一、變數探討 23
    二、實證迴歸模式 33
    第四章 實證結果 38
    第一節 敘述統計 38
    第二節 迴歸模式結果分析 46
    一、IPOs價值與初始報酬影響 46
    二、影響初始報酬之相關因子 49
    三、承銷商集中度與可獲得報酬 53
    第五章 結論與建議 56
    第一節 研究結論 56
    第二節 研究限制 58
    參考文獻 59
    附錄、一 64
    參考文獻 一、中文部分
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    口試委員
  • 高蘭芬 - 召集委員
  • 盧正壽 - 委員
  • 陳安琳 - 指導教授
  • 口試日期 2011-06-13 繳交日期 2011-07-20

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