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題名 | 承銷商與新上市公司關係之研究=Relationship-Specific Assets between Underwriters and Issuers |
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作者 | 林象山; 霍熾榮; 何聖芬; Lin, Timothy H.; Fok, Robert C. W.; Ho, Sheng Fen; |
期刊 | 證券市場發展季刊 |
出版日期 | 19970000 |
卷期 | 9:4=36 1997[民86.] |
頁次 | 頁1-22 |
分類號 | 563.55 |
語文 | chi |
關鍵詞 | 新上市; 現金增資; 承銷商; 特殊關係資產; Initial public offering; Seasoned equity offering; Underwriter; Relationship-specific assets; |
中文摘要 | 承銷市場競爭激烈,主辦新股上市的輔導承銷商,莫不希望能掌握與上市公司建立的關係,繼續擔任該公司上市後現金增資的主辦券商。為了維繫這樣的關係,證券商對承銷新上市股的收費方式應會受該公司未來現金增資決策的影響。本文發現新上市公司承銷規模愈大,上市後現金增資,以及使用原承銷商為主辦券商的機率愈高,初次上市的承銷費愈低。此外,若該公司屬於家族企業、或是銷貨成長率較高則上市後辦理現金增資機率愈低。更換主辦券商的機率則隨現金增資離上市日漸遠而增高。 |
英文摘要 | This paper investigates the relationship-specific assets between underwriters and issuers. Initial public offering fees are negatively associated with the issue size, probability of seasoned equity offering and whether the lead underwriter in seasoned equity offerings is the same as the one in the initial public offering. The likelihood of seasoned equity offerings is lower in cases when the company is a family-owned business and when the revenue growth rate of the issuer is high. The replacement of lead underwriters in seasoned equity offerings is more likely to occur when the seasoned offering elapses away from the date of going public. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。