| Summary: | 碩士 === 國立交通大學 === 管理學院財務金融學程 === 101 === The thesis aims to find the correlation between valuation error and asymmetric information in Taiwan Stock Market. The dataset employed in this essay is acquired from the top 5, including listed and OTC, Taiwan IC design companies. The period under analysis is focused on the year 2010, which is a recovering year after the global financial crisis.
The study takes Residual Earnings Model as a valuation way to reflect the intrinsic value of the IC Design companies, and evaluates the range of intrinsic values combining with 3 scenarios of different risk premiums and 5 scenarios of different residual earning growth rates. The difference between the market price and the intrinsic value determines the scale of valuation error, and the difference between the 12-month target prices forecasted by 4 different institutional investors determines the scale of asymmetric information.
The conclusions are drawn as follows. (1) Valuation error is positively related to asymmetric information：There are 10 scenarios showing obviously positive correlation between the scale of valuation error and the scale of asymmetric information within 15 kinds of scenarios in total. (2) In terms of asymmetric information：Asymmetric information in descending order is MediaTek、Phison、Realtek、Novatek、Sunplus that the empirical results show. (3) In terms of valuation error：Descending order of valuation error depends on different kinds of scenarios. Overall, MediaTek and Phison have much severer valuation error and Sunplus has slighter valuation error.
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