Changes in the political environment influence on the stock price of IPO

[[abstract]]國內政治因素對股價市場之變化一直是一重大影響因素，對於新上市股票異常報酬率之研究，國內文獻中鮮少將政治因素與IPO股價加以探討，過去研究發現前總統李登輝先生執政期間中華開發持有IPO股票相對於大華、台証承銷的IPO股票有顯著的超額報酬；其研究以前總統李登輝先生在位期間於民國八十一年任用劉泰英先生擔任中華開發之董事長後至民國八十九年間中華開發持有之IPO股票與大華、台証承銷IPO股票報酬率為樣本，發現中華開發持股比例越高的股票，其超額報酬愈大；中華開發持股之絕對金額越高，超額報酬亦愈大。本研究則以政黨輪替後，探討前總統李登輝先生卸任後中華開發持有之IPO股票之報酬率是否仍顯著異於大華與台証。結果發現，政黨輪替之後，中華開發持有IPO股票於上市後之異常報酬率為正之家數相較於大華與台証證券並無明顯之差距；無論是原始異常報酬率亦或是扣除大盤指數成長率之IPO股票報酬率，中華開發與大華、台証做獨立樣本Ｔ檢定，皆無顯著相關且中華開發持有IPO股票之原始報酬率相對大華以及台証為低。[[abstract]]Domestic political factors on changes in stock market has been a major influencing factors the literature rarely domestic political factors will be explored with the raw initial return of initial public offering on stock market research The past study found that former President DENG-HUI-LI appointed TAI-YING-LIU to be a chairman of China Development Financial Holdings in 1992 The empirical results indicate hold return of China Development Financial Holdings higher than Grand Cathay Securities Corporation and Taishin Securities Corporation In 90 days hold return of China Development Financial Holdings was significantly higher than merging firms This study treats the governing party change in 2000 as a confounding variable to see whether return is affected by political change