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系統識別號 U0026-1607202016531000
論文名稱(中文) IPO超額申購與經理人過度投資之關聯性分析
論文名稱(英文) A Study On the Relationship between IPO’s Oversubscription and Managers’ Overinvestment
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 廖彥勛
研究生(英文) Yen-Hsun Liao
學號 R86071018
學位類別 碩士
語文別 英文
論文頁數 36頁
口試委員 指導教授-顏盟峯
口試委員-許永明
口試委員-許英麟
中文關鍵字 初次上市公司  中介效果  過度自信  過度投資  超額認購 
英文關鍵字 IPO  mediator  overconfidence  overinvestment  oversubscription 
學科別分類
中文摘要 本研究以台灣初次公開上市為主,並從2006-2018年期間的IPO公司作為樣本,探討超額申購如何影響公司經理人的投資行為,進而產生過度投資的問題。在推導假說過程中,我們檢測以過度自信作為中介效果的模型。雖然在最後中介效果並不成立,但我們仍發現超額申購對過度投資是呈現顯著正向,我們推測在IPO過程中,市場訊息如超額認購對經理人具一定程度影響,且根據文獻顯示投資人情緒高昂時,經理人容易造成過度投資的行為。除此之外,我們也發現超額認購和過度自信存在顯著正向關係,同時驗證了過度自信對過度投資的正向影響。
英文摘要 This paper investigates how the oversubscription influences the manager’s investment decision especially the overinvestment problem. We use the overconfidence as the mediator to test our hypotheses. Despite the failure of verification to the mediating effect, we still show the significantly positive between the oversubscription and overinvestment, and we speculate that managers rely on the market information to a certain degree during IPO process. Previous studies show that managers may exist the overinvestment problem under the high level of investor sentiment. Besides, we also show the significantly positive correlation between oversubscription and overconfidence, even we verify the significantly positive correlation between overconfidence and overinvestment.
論文目次 中文摘要................................................i
Abstract...............................................ii
誌謝...................................................iii
Contents...............................................iv
List of Tables..........................................v
List of Figures........................................vi
CHAPTER 1. INTRODUCTION.................................1
CHAPTER 2. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT.5
2.1 Literature Review...................................5
2.2 Hypothesis Development..............................8
CHAPTER 3. SAMPLE SELECTION, VARIABLES MEASUREMENT, AND RESEARCH DESIGN........................................10
3.1 Sample Selection...................................10
3.2 Mediating Effect Model.............................10
3.3 Measuring Overinvestment...........................11
3.4 Measuring Oversubscription.........................13
3.5 Measuring Overconfidence...........................13
3.6 Control Variables..................................13
3.7 Research Design....................................14
CHAPTER 4. EMPIRICAL RESULTS...........................18
4.1 Descriptive Statistics.............................18
4.2 Hypotheses Testing.................................26
CHAPTER 5. CONCLUSIONS.................................33
REFERENCES.............................................34

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