- 學位論文
F 公司真的存在較高資訊不對稱嗎－來自新股折價不對稱
Do Foreign Companies have higher Information Asymmetry? Evidence from IPO Underpricing in Taiwan
摘要
IPO折價現象從公開發行首日之開盤價與收盤價之間的差額計算折價幅度，代表著發行者對事前不確定性之外部投資者補償付出的代價。因此，折價是經常被用來作為事前資訊不對稱的代理。為了檢查外國企業來台上市公司在台灣是否有較高的資訊不對稱，我們比較國外和國內企業之間的首次公開發行上市折價的差異幅度。資料來源為台灣證劵交易所從2010年至2013年底共有 98 家上市公司為數據，經研究實證後，我們發現，國外企業來台IPO 折價相較國內上市公司的差異為不顯著，這表明外國企業台上市不並未有較高的資訊不對稱問題。而在樣本期間裡，我們的研究結果顯示，IPO折價的顯著決定因素為會計師的聲譽和首次公開發行的中籤率。而且，這兩個決定因素不論是對國內或外國公司來台上市之折價都有顯著影響。就我所知，目前並未有研究這方面的實證數據。
並列摘要
The IPO underpricing phenomenon, measured by the difference between the closing price and the opening price on the first day of trading, represents the cost paid by the issuer for the ex-ante uncertainty perceived by external investors. Thus, underpricing is often used as a proxy of the ex-ante information asymmetry. To examine whether foreign IPO firms in Taiwan have higher information asymmetry, we compare the difference in IPO underpricing between foreign and domestic firms. With a dataset of 98 IPOs from 2010 to 2013, we find that firms from foreign countries have IPO underpricing insignificantly different from domestic IPO firms, suggesting that foreign IPO firms do not suffer higher information asymmetry problem. During the sample period, our results show that the significant determinants of IPO underpricing is auditor reputation and lottery ratio. And, these two factors have significant impacts on underpricing for both foreign and domestic IPO firms. To the best of my knowledge, this evidence has not yet been documented.