| Summary: | 碩士 === 淡江大學 === 國際貿易學系 === 84 === There was "honey moon" effect in the newly listed stocks in
the Taiwan stock market before 1994. However, the latter part of
the year in 1994, there were many initial public offering (IPO)
prices of the newly listed stocks broken down on and on. Thus,
the main motive of this thesis is to find out the reason why the
"honey moon" effect is no longer normal and the IPO prices of
the newly listed stocks were usually broken down after the
latter part of 1994. The reaserching period of this thesis
is from 1987 to 1995. In this thesis we will investigate the
status of the whole environment in the Taiwan stock market
first. Secondly, by the historical datum, we will try to analyze
the characteristics of the newly listed stocks whose IPO prices
have been broken down. Thirdly, we will observe the foudation of
IPO prices system and justify if there are some unreasonable
phenomenons when founding the IPO prices. The "test of mean
valye difference", "stepwise regress The results of this
refearch are as follows: 1.The reasons why a part of the IPO
prices were broken down are that the newly listed stocks
suffered from the stock market in bearish and unstable situation
or from their wrongly listed timing. 2.The main reason of the
bredakdown in "the whole industries" and "the other industries"
is that the received captial amount is too large. 3.The main
reason why the IPO prices of the newly listed stocks in the
electronic industry were broken down is that the level of the
offering prices is too high. Besides, from the concept of the
macroeconomic environment, the electronic industry incurred the
rapidly reversed industry business cycle, its products and
production technologies changed fast, and the size and the price
of the newly listed stocks in the electronic industry tend to be
large and high in the later period, so the stocks of the
eletronic industry become the largest proportion in the newly
listed stocks whose IPO prices have been broken down, the ratio
is 27.78%. 4.The breakdown of the IPO
prices of the newly listed stocks in the construction industry
is caused by their bad operational performance; in addition,
along with the economic recession and the worse relationship
between Taiwan and Mainland China, the construction stocks
become a large proportion in the whole newly listed stocks whose
IPO prices have been broken down, its ratio is 22.22%. 5.In
practice, the variables that truly lead and affect the IPO
prices of the stocks are the same with the theoretical
variables, except "the time deposit interest rate". 6." The
Tai Li-Ning Effect" is the main factor that leads the newly
listed stocks to be broken down in the latter period (after May
30, 1994). 7.The bad relationships between Taiwan and
Mainland China after Taiwan President Lee''''s visit in the USA
also influence the breakdown of IPO prices of the last 12 newly
listed stocks.
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