交易活動、財務槓桿、資產風險對首次上市公司的風險影響

Risk Changes around Initial Public Offerings

鐘秀真(Hsiu-Chen Chung)

指導教授 ： 陳聖賢 教授 ； 夏侯欣榮 教授

元智大學/管理學院/管理研究所/碩士(2002年)

摘要

首次公開發行公司的股價存在股價表現不佳的現象，其原因來自於投資人對於風險調整。因次我們針對三大風險來源：財務風險、 資產風險及交易活動來做解釋，並且以迴歸模型來看究竟哪一個影響最大，結果證明，股價表現不佳的現象有一部份確實可以風險的改變來解釋。

關鍵字

首次公開發行 ； 風險 ； 財務風險 ； 資產風險 ； 交易活動

並列摘要

IPOs experience poor long-run stock price and underperformance. We examine the possible that this poor performance may be caused by an unexpected increase in risk. We find that risk come from three factors : equity risk, asset risk, trading activities. We also provide evidence which factors affect the change in risk.

並列關鍵字

IPO ； Risk ； Equity risk ； Asset risk ； Trading activity

參考文獻

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Hertzel, M., Jain, P.C., (1991). Repurchase tender offers and earnings information. Journal of Accounting and Economics. 14, 217-251.