查詢結果分析
來源資料
頁籤選單縮合
題名 | 興櫃初期與興櫃轉上市櫃初期股票異常報酬之研究=A Study on Stock Price Abnormal Return of Initial Emerging Stock Market and Initial Public Offerings |
---|---|
作者 | 賴建成; 林坤輝; | 書刊名 | 遠東學報 |
卷期 | 25:4 2008.12[民97.12] |
頁次 | 頁617-630 |
分類號 | 563.54 |
關鍵詞 | 興櫃; 異常報酬; 事件研究法; Emerging stock market; Abnormal returns; Event study; |
語文 | 中文(Chinese) |
中文摘要 | 由於台灣新上市(櫃)股票(Initial Public Offerings,IPOs)交易初期,往往會 有「蜜月效果」的現象,以造成投資人會於股票上市(櫃)前,先行於興櫃市場 購入其股票,等到股票上市(櫃)後再出脫持股,便可獲得異常報酬。而登錄興 櫃及興櫃轉上市(櫃),猶如新上市(櫃)股票一樣,也往往會有「蜜月效果」的 現象產生。台灣的興櫃股票交易制度於民國 91 年 1 月 2 日起開始實施,其主 要目的為將未上市(櫃)股票納入制度化的管理,並且提供一個公開透明合法的 交易管道,以維護投資人的權益。本研究是以事件研究法中的市場模式為主 要研究方法,來探討民國 95 年至民國 96 年間登錄興櫃與興櫃轉上市(櫃)的股 票否有顯著的異常報酬現象,並探討兩者股票異常報酬之間有無顯著差異。 最後探討興櫃交易資訊是否影響興櫃轉上市(櫃)股票異常報酬。 本研究實證結果發現:(1)登錄興櫃初期無存在顯著異常報酬,即登錄興 櫃無蜜月效果的現象。(2)興櫃轉上市(櫃)存在顯著正的異常報酬,即興櫃轉上 市(櫃)有蜜月效果的現象,且登錄興櫃與興櫃轉上市(櫃)兩者之間有顯著差 異。(3)興櫃股本、承銷價分別與異常報酬呈顯著負相關;興櫃相對股價與異 常報酬呈顯著正相關。 |
英文摘要 | InitialPublicOfferingsstock(IPOs),oftenwillhave“thehoneymooneffect” phenomenon in Taiwan. This phenomenon makes investors to buy stock in IPOs market. When after stock being public, investors will sell off their stocks, and then may obtain the abnormal returns. Companies registered in emerging stock market or emerging stockmarkettransferringtoIPOsmarketthatwillhave“the honeymooneffect”aswell.Emergingstockmarket,startedonJanuary2,2002, which provides the investors with a legitimate, safe and transparent stock transaction market of unlisted company. This market model was designed to discuss whether there is significant difference in abnormal returns of the period of 2006 to 2007. And it also studies whether there is significant difference of abnormal returns between both stocks. Finally, discuss does information in emerging stock market effects emerging stock market transfer to IPOs market on abnormal returns. Our empirical result shows: (1) Emerging stock show no significant difference in abnormal returns. (2) IPOs show significant difference in abnormal returns. (3) Size variable and price variable is negatively related with abnormal returns respectively. Relative price variable is positively related with abnormal returns. Hence, emerging stock and IPOs has significant difference in abnormal return. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。