IPO市場中風險資訊揭露之角色

THE ROLE OF RISK DISCLOSURE IN THE IPO MARKET

廖偉盛(Wei-Sheng Liao)

指導教授 ： 郭文忠

國立臺北大學/社會科學學院/經濟學系/碩士(2011年)

摘要

本論文以美國首次公開發行上市(Initial Public Offering, IPO)公司為研究對象，探討投資者對於IPO公司在公開說明書中風險揭露之資訊對承銷價格的影響。基於風險受公司所選擇之經營方式影響，本論文同時亦探討風險對長期績效的影響。另外，IPO首日折價的幅度由許多因素所組成，本論文亦試圖探討折價幅度對長期績效之影響。

本論文實證研究結果，首先本論文支持風險與折價呈現正相關。其次，IPO資金使用在研發支出上與長期績效呈現正相關。最終本論文亦發現，IPO公司長期績效為負，但是折價幅度越大長期績效越好。

關鍵字

初次公開發行 ； 折價 ； 長期績效 ； 研發支出

並列摘要

This thesis uses the American IPO (Initial Public Offering) companies as the sample and discusses the impact on underpricing and long-run performance by the revealed information in prospectus. In particular, this study emphasizes on the risks possibly influenced by the companies’ management strategy.
The main findings are as follows. Firstly, IPO underpricing is affected by many factors. There is positive correlation between risks and underpricing. Secondly, there is a positive correlation between R & D expenditures and long run performance. Finally, the average long run performance is negative, but the larger the underpricing is, the better the long run performance would be.

並列關鍵字

Initial Public Offering ； Underpricing ； Long run performance ； R & D expenditure

參考文獻

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Arnold , T.M. , R.P. Fishe , and D.S. North , 2010, “ The Effects of Ambiguous Information on Initial and Subsequent IPO Returns.” Financial Management , pp.1497-1520.

Beatty , R.P. , and J.R. Ritter , 1986 , “ Investment Banking Reputation , and The Underpricing of Initial Public Offerings. ” Journal of Financial Economics 15 , pp.213-232

Bhattacharya , S. , 1980 , “ Nondissipative signaling structures and dividend policy. ” Journal of Economics , pp.1-24.

Initial Returns, and the Long-Run Performance of IPO Stocks”, Journal of Finance 53 , pp.285-312.