蜜月期報酬之訊息回饋研究－以上市前後之投資決策為例

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Title:	蜜月期報酬之訊息回饋研究－以上市前後之投資決策為例 IPO’s information feedback rearch- the manager how to make decision before and after offering
Authors:	柯冠任
Contributors:	國際企業管理研究所
Keywords:	期初報酬市場回饋假說資本支出採權益法之長期股權投資
Date:	2007
Issue Date:	2010-07-05 10:06:09 (UTC+8)
Abstract:	公司初次公開發行（IPO）牽動公司原始股東與資本市場參與者之間的財富移轉，並且新上市公司先天即存在較嚴重的資訊不對稱，加深了投資者評估公司未來成長性的困難度。因此公司上市前後之決策與後市股價表現，持續受到研究者的高度重視。本研究基於前人研究成果，就公司經理人的觀點而言，進一步探討初次公開發行公司Initial Return (IR)高低與初次公開發行前後經理人對公司的預期成長及資本支出水準等因素之關係。投資決策的成敗關係整個公司的營運與生存，而企業的投資活動可被視為企業未來競爭優勢與成長幅度的先行指標，因此透過對於「公司財務決策構面」的分析；針對IPO前之投資決策，期初報酬的表現，及期後投資決策及股價績效表現進行完整的因果關係檢定。本研究實證結果發現新上市、櫃前資本支出水準與權益法認列長期投資對期初報酬之間以電子業而言呈現顯著正相關，非電子則否；期初報酬對於上市後資本支出水準與上市後權益法認列長期投資對期初報酬之間，電子業顯示關，資本支出與權益法長期投資有抵換關係，非電子則無；非電子類僅在上市前後權益法認列長期投資兩期間有顯著關係，其餘皆不顯著。 This research is because of forefathers' research results, as regards company's manager's view, one step is probed into to disclose issue company Initial Return for the first time (IR) With the relation in such factors as expectancy growing up and capital expenditure level to the company of manager before and after the first public publication,etc. at last. Operation and existence of the whole company of relation between success or failure of the investment decision, and the investment activities of enterprises can be considered as enterprise's future competition advantage and indicator of going ahead of the rest of the range of growth, so through the analysis to that ' company's financial affairs make policy and construct the surface '; To the investment decision before IPO, the behavior of the initial remuneration, and investment decision and stock price performance display intact causality to assay after one, this research real example result is it list newly to find, cupboard capital expenditure level and equity method admit arrange long-term investment appear positive correlation of showing as for electron industry to initial remuneration, it is not the electron that is denied; For capital expenditure level and equity method admit arrange between long-term investment and initial remuneration after listing after listing initial remuneration, the electron industry shows and closes, capital expenditure and equity method long-term investment substitute for relations, it is not the electron that does not have; Only in list equity method admit arrange two long-term investment there is relation of showing from beginning to end electron, the others are all not apparent.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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