本研究探討台灣公司法人初次上市(櫃)( Initial Public Offerings，以下稱IPO)異常報酬與蜜月期。本研究主要針對2011年到2019年台灣公司法人IPO期間，探討其折價幅度、蜜月期及異常報酬之間的關聯性及可能影響的因素。本研究分別就公司規模、成立時間、董(監)事持股比率、大股東持股比率、會計師事務所品質、證券承銷商商譽、流動比率、負債比率、交易市場別(上市/ 上櫃)、產業別等實驗變數，運用多變量迴歸分析，分析各變數與折價幅度、蜜月期及異常報酬之關聯是否具有顯著性。實證結果顯示，公司規模及產業別對折價幅度有顯著影響，公司規模愈小，承受不確定性風險較高，承銷價格的議價能力較差，產業別以航運業、塑膠工業、電子工業有較大折價幅度，電子工業有較長的蜜月期。此外，公司規模也是影響蜜月期的主要因素，公司規模愈大，承銷價折價幅度較小，股票發行後能快速反映公司真實價值，較無蜜月行情產生，折價幅度、蜜月期長短、公司規模、產業類別為影響IPO長短期績效表現的主要因素。

This study analyzes abnormal returns and honeymoon duration of initial public offerings (hereinafter referred to as IPO’s). This study examines IPO’s in Taiwan from 2011 to 2019.The study uses regression analysis, where variables include the company size, the establishment year, director’s shareholding ratio, the shareholdings of majority shareholders, the quality of the accounting firm, the reputation of the underwriter, the current ratio, the debt ratio, the trading market and the industry. The results indicate that the size of the company and the industry classification have significant impacts on underpricing. Small companies have poor bargaining power about the offering prices. The shipping industry, the plastic industry, and the electronics industry have larger underpricing. The electronic industry has a longer honeymoon period. In addition, the size of the company affects the honeymoon duration. Larger companies tend to experience smaller underpricing. Furthermore, underpricing, honeymoon duration, the company size, and industry classification affect the stock abnormal returns of IPO.

目錄
審定書 i
誌 謝 ii
摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 vii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的與貢獻 2
第三節 研究架構與流程 3
第二章 文獻回顧與探討 4
第一節 IPO折價幅度文獻探討 4
第二節 IPO蜜月期文獻探討 5
第三節 IPO長短期績效表現文獻探討 6
第三章 研究架構與流程 8
第一節 研究流程 8
第二節 探討研究問題 9
第三節 研究樣本 12
第四節 資料收集 13
第五節 研究設計與相關變數定義 13
第六節 模型架構 22
第四章 實證結果與分析 25
第一節 敘述統計 25
第二節 多變量迴歸結果與分析 27
第五章 結論與研究建議 35
參考文獻 37

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