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| 研究生： |
曾則睿 Tseng, Tse-Jui |
|---|---|
| 論文名稱： |
投資人關注度、財務績效與IPO散戶參與度：台灣市場實證研究 Investor Attention, Financial Performance, and Retail Participation in IPOs: Evidence from Taiwan |
| 指導教授： | 周冠男 |
| 口試委員: |
盧建霖
邱健嘉 周冠男 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2026 |
| 畢業學年度： | 114 |
| 語文別： | 英文 |
| 論文頁數： | 39 |
| 中文關鍵詞： | 初次上市櫃 (IPO) 、投資人關注度 、Google Trends 、資訊不對稱 |
| 外文關鍵詞： | Initial Public Offering (IPO), Investor Attention, Google Trends, Information Asymmetry |
| 相關次數： | 點閱：205 下載：15 |
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本研究探討台灣初次上市櫃 (IPO) 市場中，投資人關注度對散戶申購行為之影響，並檢驗傳統財務基本面的解釋力。以2006至2025年間814筆案件為樣本，本研究引入Google Trends搜尋熱度衡量上市前的散戶情緒，實證結果指出，在控制預期資本利得等變數後，網路搜尋量顯著提升了散戶的超額認購倍數，相對地傳統財務指標的影響力甚微甚至呈現負相關，顯示散戶決策時較看重網路搜尋關注度而相對忽略基本面。
次樣本分析進一步揭示，此關注度效應受資訊不對稱程度調節，在技術門檻較高的高科技產業中，散戶更傾向依賴網路搜尋量輔助決策，然而在生技醫療產業，因上市初期伴隨較高不確定性，投資人往往捨棄基本面與搜尋量訊號，將申購決策轉向單純的定價溢價。最後，跨期互動模型證實，這種依賴網路關注度的現象並非疫情後的短期波動，而是跨越過去二十年總體經濟循環的穩定行為模式。
This study investigates how investor attention affects retail subscription behavior in Taiwan’s initial public offering (IPO) market, while examining the explanatory power of traditional financial fundamentals. Using a sample of 814 IPOs from 2006 to 2025, we introduce Google Trends search volume as a proxy for pre-IPO retail sentiment. Empirical results show that, after controlling for expected capital gains and offering characteristics, pre-IPO internet search volume significantly increases the retail over-subscription ratio. Conversely, traditional financial metrics show weak or even negative impacts, indicating that retail investors weigh online attention more heavily than fundamental data during the subscription process.
Sub-sample analysis reveals that this attention effect is moderated by information asymmetry. Retail investors rely more heavily on search volume (SVI) in high-tech industries with high technical barriers. However, due to the high uncertainty accompanying the biotechnology sector's initial listing phase, investors tend to disregard both fundamentals and search-driven signals, shifting their decisions entirely toward the pure pricing premium. Finally, intertemporal models confirm that this attention-reliant behavior is not merely a post-pandemic fluctuation, but a stable pattern that transcends two decades of macroeconomic cycles.
1. Introduction 1
1.1 Research Background 1
1.2 Motivation 1
2. Literature Review 3
2.1 Investor Attention and Behavioral Finance 3
2.2 Pricing Strategy and IPO Underpricing 4
2.3 Financial Fundamentals and Firm Quality 5
2.4 Industry Heterogeneity in Capital Markets 6
2.5 Hypothesis Development and Summary 7
3. Data and Methodology 9
3.1 Data and Sample 9
3.2 Variable Definitions 10
3.3 Empirical Model 14
4. Empirical Results 16
4.1 Descriptive Statistics and Correlation Analysis 16
4.2 Main Regression and Robustness Analysis 22
4.3 The Moderating Effect of Industry Characteristics 29
4.4 The Intertemporal Stability of the Attention Effect 32
5. Conclusion 35
6. References 37
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