Short-term Return Analysis and Discussion of Public Subscription

• Main Authors: Yen-Yu Chuo, 卓晏瑜
• Other Authors: HSU,AI-CHI
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/x3ez7e

碩士 === 國立雲林科技大學 === 財務金融系 === 106 === It is commonly believed that the discount rate of stock public subscription is a crucial factor in determining the demand of purchasing and the stock success rate. This research is based on the announced information of Taiwan Stock Exchange (TWSE) from January of 2007 to December of 2017, excluding the preferred stock and central government debt, totally 1291 records to analyze the yield rate under the stock purchase system and figure out the main factors which affect the yield rate. This research is mainly focusing on the short-term return, assuming investors sell the stocks at the opening price in the day of the call right after they publicly purchase stock. And comparing with the way that selling at the opening price of the next day in order to analyze the different yield rate of both. Notably, the research result points out that the yield rate to the day of holding the call is higher than the debt arbitrage, but the average return of debt arbitrage is higher. In addition, the multiple regression model is applied to analyze the six variables, which are: stock success rate, the scale of company, the reputation of securities underwriter, debt ratio, dividend yield, and the impact of the number of qualified parts on return rate. The research reveals the number of qualified parts shows a significantly positive correlation. However, the scale of company and leverage ratio present a significant negative correlation.