Using Real Options Viewpoint to Study Underwriting Price of Seasoned Equity Offerings

• Main Authors: LIN, YONG-CHIH, 林勇志
• Other Authors: LEE, KUO-JUNG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/s295b7

碩士 === 國立屏東大學 === 商業自動化與管理學系碩士班 === 105 === The securities and stock market is indispensable to a country’s economic development. In Taiwan, the stock market has become a major channel for the supply and demand of capitals market. Seasoned equity offerings, SEOs is a important channel of fund-raising to listed companies. In this paper, we use Taiwan listed companies undertaking seasoned equity offerings during 2007-2016 as empirical subject. Primary data information published by each Taiwan's listed electronics industry company. And is used in this research. And covers 187 sets of data. The purposes of this paper are aimed at (1) Examining the relationship between the SEOs companies underwriting price and average days of close price of discounting rate;(2) Testing the relationship between intangible value(firm’s market value not accounted for by its assets-in-place),and firm’s discounting rate of underwriting price;(3) The electronics industry sub-industry, semiconductor, optoelectronics and electronic components industry analysis, to explore the different sub-industry between the intangible value for the discount rate.(4) Exploring the control variable of major shareholders holding ratio, gross profit margin, R & D ratio, the three factors impact on the discount rate of underwriting price. The empirical result is that the firm’s close price of average days as long as possible have a great effect on discounting rate;(2) The greater the ratio of intangible value is also the greater the price discount ;and(3) The semiconductor industry has a significant negative impact on the invariable value and underwriting price discounts, but has a significant positive impact in the electronic component industry. (4) The major shareholders holding ratio, gross profit margin, R & D ratio, the three factors will not influence the underwriting prices.