頁籤選單縮合
題 名 | 現金增資新股承銷價格折價成數隱含訊息之研究=The Information Content of Seasoned Equity Offerings' Price Discount |
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作 者 | 李春安; | 書刊名 | 證券市場發展季刊 |
卷 期 | 10:1=37 1998[民87.] |
頁 次 | 頁123-151 |
分類號 | 563.54 |
關鍵詞 | 現金增資; 承銷價格; 內部人交易; Seasoned equity offerings; Offering price; Insider trading; |
語 文 | 中文(Chinese) |
中文摘要 | 臺灣股票上市公司現金增資發行新股時,普遍存在著價格壓低的現象。對此現象 ,本研究嘗試由內部人追求個人財富最大化的觀點,以訊息散佈觀念,建立理論模式,並推 論均衡條件與壓低現象有關的各種特性。研究結果顯示,在權衡內部人交易與認購新股的利 益後,若內部人交易會增加內部人個人財富, 則會有藉由折價成數 (= 承銷價格 / 除權參 考價格 ),散佈私有資訊的區別式均衡出現。在區別式均衡裡,未來每股現金流量較高的公 司,其承銷價格折價成數會大於較低的公司,並且內部人欲賣出的數量愈多、原股東可認 購的認股率愈高、營利事業所得稅率愈高,承銷價格最佳的折價成數將會愈小。此外,折價 成數與市場狀況有關,在股市空頭時期,折價成數較大;反之,在多頭時期,折價成數較小 。 |
英文摘要 | The phenomenon of seasoned equity offerings' price below market level is well acknowledged in Taiwan's stock market. Based on the concept of corporate insider's wealth maximization, this paper establishes a signalling model to study this phenomenon. The model shows that a signalling equilibrium exists if an insider trading increase the wealth of insider. In equilibrium, the gap between offerings' price and market price will be lower for a company with good prospect than bad prospect. The price gap is negatively related to the quantity of insider's net selling, the subscription rate of current stockholder and corporate income tax rate. Finally, the model shows that the gap between offerings' price has positive relationship to market situation. The price gap in a bull market will be larger than a bear market. |
本系統中英文摘要資訊取自各篇刊載內容。