题名

申購積極性對新上市公司股票績效的影響

并列篇名

Investors' Aggressiveness in Open Subscription and the Performance of Initial Public Offerings

DOI

10.6504/JOM.2008.25.02.06

作者

王朝仕(Chao-Shi Wang)；陳振遠(Roger C. Y. Chen)

关键词

新上市公司股票 ； 申購積極性 ； 資訊不對稱 ； 評價偏誤 ； initial public offerings IPOs ； investors' aggressiveness ； information asymmetry ； valuation bias

期刊名称

管理學報

卷期/出版年月

25卷2期（2008 / 04 / 01）

页次

245 - 267

内容语文

繁體中文
中文摘要

本研究旨在探討投資人在申購市場之積極性對IPOs上市後績效的影響，並嘗試解釋影響投資人申購積極性的因素。實證結果顯示，當投資人對IPOs的申購高度積極時，雖然其上市初期的績效表現較佳，但長期投資績效卻會產生虧損。反之，雖然投資人申購積極性低的IPOs會有較差的上市初期績效，但其長期績效卻將超越投資人申購高度積極的IPOs。究其原因，應是資訊不對稱程度隨著IPOs上市日久而逐漸減輕，使得投資人評價偏誤能獲得矯正。因此，基於IPOs長期績效會產生復歸現象，本研究建議可買進投資人申購積極性低的IPOs，如此不但可避開申購市場嚴重資訊不對稱所可能衍生的風險，且更能大幅提升獲利機會。此外，本研究發現承銷價、市場時機、掛牌交易市場與所屬產業類別等因素，皆顯著影響IPOs投資人的申購積極性。
英文摘要

Based on the assumption of human rationality, the Efficient Market Hypothesis (EMH) asserts that security prices reflect all available relevant information. When new information is released, it is fully and spontaneously incorporated into the price. And thus, trading strategy is incapable of producing superior returns. The insight behind EMH is that no one can beat the market if the relevant information is equally shared among all market participants, which is not the case in practices. Due to prevailing information asymmetry between investors and corporate management, investors cannot access full disclosure information and thus would cause bias in security valuation. In spite of especially serious information asymmetry in the initial public offerings (IPOs) market, investors still aggressively take position in open subscription. Some literatures discuss IPOs price deviation with information availability and contend that IPOs' higher initial returns stem from fad investing under such chaotic circumstances. However, as more information is received over time, investors further amend valuation bias after analyzing IPOs' fundamental profiles and absorbing them into the structure of prices. In consequence, under the context of rationality, no investors would pursue new issued stocks as IPOs' long-term performance alleviate from fads investing through time. Therefore, investors' aggressiveness in open subscription for IPOs may imply the existence of valuation bias in the aftermarket. To verify the above conjecture, this study investigates the relation between investors' aggressiveness in open subscription and the performance of initial offerings. This research also tries to unveil the key factors that dominate investors' aggressiveness. The empirical results reveal that investors grasp higher initial returns of IPOs along with higher level of investors' aggressiveness but have negative returns in the long run. With lower level of investors' aggressiveness, on the contrary, IPOs will have comparatively worse initial returns and better long-term returns than those with higher investors' aggressiveness. The phenomena should be attributed to the descending level of information asymmetry due to more opportunities for investors to rectify valuation bias as time passes. In response to reverting situation in the long-term returns of IPOs, this research therefore suggests that investors should subscribe for IPOs with lower investors' aggressiveness. In doing so, investors can both reduce relevant risk resulting from severe information asymmetry in subscription market and increase the possibility of profit. Additionally, this study identifies underwriting prices, market timing, listing markets, and industry groupings have significant influence on investors' aggressiveness in open subscription of IPOs.
主题分类 社會科學 > 管理學
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被引用次数
  1. 陳振遠、王朝仕(2008)。熱發行與新上市公司股票績效。臺灣金融財務季刊，9(2)，33-68。
  2. 陳振遠、王朝仕(2010)。確實執行對後續股票購回計畫宣告效果之影響。管理學報，27(5)，503-526。
  3. 戴維芯、姜堯民(2016)。台灣股票初次上市櫃相關研究文獻回顧。經濟論文叢刊，44(1)，77-125。
  4. 黃明官、馬珂、周鍾成(2017)。台灣與中國大陸新上市股票短期與長期績效之比較研究—縱橫平滑移轉迴歸模型應用。兩岸金融季刊，5(3)，1-38。
  5. 簡明哲、沈鳳儀(2012)。事前不確定性假說、訊號發射假說及熱潮假說與IPO期初報酬率之關聯性分析。台灣金融財務季刊，13(1)，87-113。
  6. 王朝仕(2011)。申購熱潮是長期績效的反指標嗎？。臺大管理論叢，22(1)，31-66。
  7. 王朝仕(2011)。投資人對現金增資股票的過度反應行為－魅力性觀點。管理與系統，18(4)，633-662。
  8. 王朝仕(2015)。投資人是否過度反應新上市股票的申購結果？。臺大管理論叢，26(1)，33-64。
  9. 王朝仕(2015)。折價因素對現金增資股票申購決策的主導力。管理學報，32(2)，205-221。
  10. 王朝仕(2018)。新上市公司股票申購需求是否取決於折扣多寡？。管理學報，35(1)，79-102。
  11. 王朝仕、王朝仕(2010)。以新上市公司股票魅力性觀點探討投資人的非理性行為。管理評論，29(1)，51-73。
  12. 王朝仕、王朝仕(2014)。以樂透觀點檢視現金增資股票申購需求。臺大管理論叢，24(2)，53-82。
  13. 魏慧珊、歐仁和、黃志偉、張傳章(2016)。臺灣財務領域研究之回顧與展望。管理學報，33(1)，105-137。
  14. 周冠男、池祥萱、王韻怡(2016)。行為財務學文獻回顧與展望：台灣市場之研究。經濟論文叢刊，44(1)，1-55。
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