廣告、承銷商聲譽與會計師評等 對首次上市公司股票折價之研究

Advertisement Expenditures, Underwriter Reputation, Auditor Ranking and IPOs Underpricing-Evidence of Taiwanese Listed Companies-

陳劍虹(CHIEN-HUNG CHEN)

指導教授 ： 俞海琴

中原大學/商學院/國際貿易研究所/碩士(2008年)

https://doi.org/10.6840/cycu200900647

摘要

本研究旨在探討公司初次公開發行時(Initial Public Offerings)，發行公司的廣告支出等對於股票折價(underpricing)幅度的影響，研究樣本為1991年至2006年間於台灣初次公開發行之公司。相對於過去的文獻，本研究具下列特色：第一，由於廣告的溝通方式一次就能傳達到廣大的群眾，非只針對個人或某群體，因此其影響力相當大而深受公司的青睞。另外，許多學者認為公司投資於廣告活動會有效的吸引投資人的注意並進而影響其投資決策，因此本研究旨在探討公司初次公開發行時，發行公司投資於廣告支出對於股票折價的影響。本研究實證發現公司投資於廣告支出愈高時，公司初次公開發行時折價幅度也會愈大。第二，過去文獻多數都使用傳統迴歸分析來探討IPOs之相關議題，而且初始報酬(Initial Return)樣本具有左偏分配的情況，可能會導致複迴歸分析結果產生偏誤，因此本研究除了利用複迴歸分析之外，將以分量迴歸分法檢視觀察變數與IPOs初始報酬之關係的整體特性。然而實證結果發現在較高的初始報酬分量下，公司投入於廣告活動愈多，公司折價發行的幅度也會愈大。

關鍵字

資訊不對稱 ； 廣告支出 ； IPO折價

並列摘要

This study examines the relationship between the Advertisement Expenditures, and IPO Underpricing in the Taiwanese IPO firms listed in Taiwan Exchange Market over 1991 to 2006. This paper is different from the previous literature in a number of ways. First, the way of communication of the advertisement can be transmitted to the masses once, not only transit to individual or some group, so the influence of the advertisement is quite greatly, therefore the advertisement favor by the company. A lot of researches demonstrate that the advertisement can attract investors’ attention and purchasing, and then influence its portfolio choices. Thus the study examines the relationship between advertisement expenditures and IPO underpricing. The results find that more advertisement expenditures firms are more likely to be underpricing. Second, the extant literature employed OLS regression to estimate the parameters. Given that the distribution of the initial return is skewed to the left in our sample that may yield bias by traditional OLS. To avoid this bias Quantile regression is being utilized. Our findings suggest that the higher advertisement expenditures IPO firms have higher underpricing at higher quantiles.

並列關鍵字

Asymmetric Information ； IPO Underpricing ； Advertising Expense.

參考文獻

1. 莊家彰，「台灣與美國股市價量關係的分量迴歸分析」，中央研究院經濟研究所經濟論文，民國94年

1. Baron, D. P. (1982), “A Model of the Demand for Investment Banking Advising and Distribution”, Journal of Finance, 37, 955-976.

2. Carter, R. and S. Manaster (1990), “Initial Public Offerings and Underwriter Reputation”, Journal of Finance, 45, 1045-1067.

3. Carter, R, F. H. Dark. And A. K. Singh (1998), “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks”, Journal of Finance, 53, 285-311.

4. Chauvin, K. W. and M. Hirschey (1993), “Advertising, R&D expenditure and the market value of the firm”, Financial Management, 22, 128-140.