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系統識別號 U0026-0812200914380668
論文名稱(中文) 取消初次公開上市首五日漲跌幅限制之影響:台灣個案研究
論文名稱(英文) The Effect of Removing First-Five-Days Price Limits on Taiwan IPOs
校院名稱 成功大學
系所名稱(中) 企業管理學系專班
系所名稱(英) Department of Business Administration (on the job class)
學年度 96
學期 2
出版年 97
研究生(中文) 賈芯玫
研究生(英文) HISN-MEI CHIA
學號 r4795119
學位類別 碩士
語文別 中文
論文頁數 28頁
口試委員 指導教授-江明憲
口試委員-許永明
口試委員-陳安琳
中文關鍵字 承銷新制  初次上市櫃  漲跌幅限制 
英文關鍵字 IPO  Price Limits 
學科別分類
中文摘要 行政院金融監督管理委員會宣佈自2005年3月1日起實施『初次上市櫃股票首五日無漲跌幅限制』之措施,期望制度之實施可使初次上市普通股的市場價格充分反應合理價值以符合市場需求。本研究針對2005年開放『初次上市櫃首五日無漲跌幅限制』措施進行探討,以瞭解開放首五日無漲跌幅是否能迅速反應股票合理價格,以達金管會制訂承銷新制與國際接軌、效率化及彈性化之重點訴求。研究選擇之樣本為2004年1月至2007年12月於集中市場新掛牌交易公司,比較於掛牌後新舊制度下,IPO公司股票價格表現與反應之效率性。
英文摘要 Financial Supervisory Commission, Executive Yuan announced the new policy to remove price limits on first five trading days of Initial Public Offering(IPO), executing on March 1, 2005. However, this is the first time that there are no price limits on stock-trading at Taiwan Stock Exchange(TSE) since 1962. This paper investigate whether the change that removing price limits make price discovery efficiently. We research the effects of the reform on the Sample that IPO on Taiwan Stock Market during 2004 to 2007; comparing the performance of initial returns and short-run market adjusted return. We find the reform make stock price discovery efficiently on the first trading day of IPO.
論文目次 第一章 緒論
第一節 研究背景.............1
第二節 研究動機與目的.......2

第二章 文獻探討
第一節 承銷新制介紹.........3
第二節 漲跌幅制度影響.......7
第三節 IPO股票期初報酬現象..8
第四節 研究假設.............9

第三章 研究設計
第一節 研究樣本............10
第二節 研究方法............11

第四章 實證結果與分析
第一節 樣本資料背景........14
第一節 期初報酬............16
第二節 短期報酬............19

第五章 結論與建議
第一節 結論................24
第二節 研究限制與建議......25
參考文獻...................26
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