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興櫃股票公允價值估價模型探討 = A Study on Fair Val...

國立高雄大學金融管理學系碩士班

興櫃股票公允價值估價模型探討 = A Study on Fair Value Pricing Models of Emerging Stock

Record Type:	Language materials, printed : monographic
Paralel Title:	A Study on Fair Value Pricing Models of Emerging Stock
Author:	林玫均,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2013[民102]
Description:	75面圖，表 : 30公分;
Subject:	公允價值
Subject:	Fair value
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/11627508075687299518
Notes:	參考書目：面66-68
Notes:	103年12月16日公開
Summary:	我國自2013年開始全面要求企業採用國際財務報導準則(IFRS)，而IFRSs規定權益工具皆須以公允價值來衡量。過去興櫃股票因為交易不活絡缺乏公開市價做為衡量基礎，只需使用成本法入帳即可，故衡量興櫃股票公允價值成為IFRS啟用後企業首當其衝面臨的問題。興櫃股票缺乏流動性，且公司資訊透明度不似上市櫃公司高，資訊取得不易的情況下，過去常用的評價模型沒有辦法完全適用來衡量興櫃公司的公允價格。本研究參照Silber(1991)，利用現成的已公開的會計與市場資料，發展流動性折價後模型以衡量興櫃股票的公允價值，並和三種現況計算興櫃股票公允價值的價格做比較：第一種為興櫃收盤價；第二種為券商間所使用的簡易月均價衡量模型；第三種為證期會承銷價公式。結果發現流動性折價幅度確實跟公司獲利能力和私募規模有顯著相關，使用Theil's U值去判斷其適用性，將這三種價格和所計算出來的理論價格相比，研究結果證實有些興櫃股票價格有過於高估的現象。 Taiwan Stock Exchange (TSE) adopts International Financial Reporting Standards (IFRS) in 2013 and "Equity instruments" shall be accounted at fair value. However, firms used historical costs as the fair value for the financial statement. Therefore, measuring the fair value of emerging stock becomes the most important issue after adopting IFRS. Unlike the listed companies, the emerging stock is illiquid, and the financial information of emerging companies is less prevailed. The closing price of the emerging stock might be manipulated. Therefore, the models commonly used for the listed stocks might not be appropriate for assessing the fair value of the emerging stock. Referring Silber (1991), this study employs available publicly accounting and market data and develop a liquidity discount model to evaluation the fair price of the emerging stocks. The calculated fair price is compared with the prices commonly used in the market. Three commonly used fair prices are the closing price of emerging stock, the average monthly price used by security dealers, and the underwriting price developed by the Securities and Futures Institute (SFI) develop. The results show that the liquidity discount is significantly associated with the company profitability and the scale of the private placement. Furthermore, this study employs Theil's U to verify the fair price developed by the liquidity discount model. The results show the some emerging stock prices are overvalued.

興櫃股票公允價值估價模型探討 = A Study on Fair Value Pricing Models of Emerging Stock
林, 玫均

興櫃股票公允價值估價模型探討 = A Study on Fair Value Pricing Models of Emerging Stock / 林玫均撰 - [高雄市] : 撰者, 2013[民102]. - 75面 ; 圖，表 ; 30公分.
參考書目：面66-68103年12月16日公開.
公允價值Fair value

興櫃股票公允價值估價模型探討 = A Study on Fair Value Pricing Models of Emerging Stock
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