台灣IPO與股價表現

IPO and Stock Price Performances in Taiwan

曹育賢(Yu-Hsien Tsao)

指導教授 ： 倪衍森

淡江大學/管理學院/管理科學學系碩士班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.00128

摘要

股價的高低不僅會影響IPO的意願與籌措資金的多寡，而且IPO後之股價表現，也是未來投資人是否要決定繼續投資該公司的重要依據。而本研究探討的構面有IPO折價幅度、IPO後長短期績效、發行IPO的因素，以及IPO之於該公司價值等議題之探討。實證結果顯示電子業的IPO表現並不出色，此應與電子業的景氣下滑有關。而找聲譽較佳的承銷商與事務所，其績效的表現並無相關。董監持股比例高的企業對IPO的意願相對較低，而質押比率高的IPO公司短期績效表現不菲，但長期則不理想。上述的實證結果似可以用行為財務的觀點來加以說明，亦為公司的IPO決策往往是以控制股東的主要利益來作為其考量。

關鍵字

IPO折價 ； IPO績效表現 ； 公司價值

並列摘要

The stock prices not only affect the desires of the IPO but also the amount of fund raising, and investors would take the subsequent performance of the IPO into account, which would have impact on the future fund raising for the enterprises. Several dimensions are investigated such as IPO underpricing, the short- and long-term performance of IPO, the influenced factors for issuing IPO, and the effect of IPO on firm value. The result show the subsequent performance of electronic companies is not as good as those of other companies, which may results from the downturn of the electronics industry. In addition, the IPO firms, either whose underwriters have good reputation or whose financial reports signed by famous CPA firms, might not have better subsequent performance. Furthermore, the companies whose directors have high shareholding may not incline to implement IPO. The firms whose directors have higher pledged ratio may have better short-term performance, but these firms might not have better long-term performance. In fact, the above results might be easily interpreted by a psychological behavior reflected by human being, since decision making are often decided by the benefit of the controlling directors.

並列關鍵字

IPO Underpricing ； IPO Performance ； Firm Value

參考文獻

朱心蘅、陳怡諠、邱惠貞(2010)，興櫃市場首次公開發行超額報酬與資訊揭露效果之探討，台灣金融財務季刊，第11卷，第1期，頁69-92。

李春安、劉維琪(2005)，監督、首次公開上市釋股策略與價格低估現象之研究，管理學報，第22卷，第1期，頁63-84。

吳桂燕(2006)，新上市時機與異常報酬之關聯性，交大管理學報，第26卷，第1期，頁39-67。

林象山、薛富井、陳長利(1999)，新股訂價偏誤對承銷商公司價值的影響，管理評論，第18卷，第1期，頁97-111。

邱正仁、周庭楷、陳育如(2007)，創投聲譽對初次上市櫃公司長期股價與營運績效影響之研究，交大管理學報，第27卷，第1期，頁115-167。