2019-02-012024-05-18https://scholars.lib.ntu.edu.tw/handle/123456789/713656摘要：本研究計畫，旨在探討產業內的公開上市數量及資訊，對於新創公司被併購機率的影響。併購對於新創公司的成長扮演著越來越重要的角色。但新創公司由於屬於非公開發行公司，在市場上缺乏公開的資訊。加上新創公司的無形資產比重高，公司價值衡量不易。因此當新創公司希望透過與既有著名公司併購，以獲取新的成長機會或資源時，既有著名公司往往面臨著較高的資訊蒐集成本與評價風險。然而，隨著一個產業的公開上市數量的增加，這代表著這產業存在著新興的成長機會，在資訊外溢下，可能會吸引既有著名公司對該產業新創公司的觀注，從而提高新創公司被併購的機率。因此，本研究計畫希望提出理論來驗證此資訊外溢的效果，以及此資訊外溢的傳播途徑，和此資訊外溢對哪些欲併購新創公司的買方有較強的效果。<br> Abstract: This study focuses on the informational effect of industry IPOs on a new venture`s likelihood of being acquired. Acquisitions have become an increasingly exit strategy for new ventures. However, due to the lack of publicly available information and the possession of intangible assets, potential acquirers bear huge costs and risks when looking for new ventures as their acquisition targets. With the occurrence of IPOs in an industry, information regarding the industry`s growth opportunities will be revealed, and thus potential acquirers would utilize information so produced to identify and evaluate their targets, thereby increasing new ventures` likelihood of being acquired. We try to examine such information spillover effects and outline their boundary conditions.首次公開發行併購資訊外溢新創公司Initial Public OfferingsMergers and AcquisitionsInformation SpilloversVentures