以新上市公司股票魅力性觀點探討投資人的非理性行為

The Charisma Initial Public Offerings and Investors’ Irrational Behavior

有別於過去文獻僅以申購市場的結果區分 IPOs 屬性，本研究更考慮各項攸關價值的因素，提出魅力性觀點，以討論投資人申購行為是否歸屬於理性決策。本研究所稱魅力性 IPOs，其是能夠在申購市場獲取投資人認同者。即使各項攸關 IPOs 價值因素並無法支持該公司為相對高度競爭力者，但卻仍然可以吸引投資人積極參與，促使申購市場反應熱絡，此就具備魅力性的特徵。實證結果顯示，就上市初期的階段而言，IPOs 魅力性對績效具有正向的影響；然而在此階段之後，IPOs 魅力性對績效的影響則轉趨為負向。針對此截然不同的差異，頗能符合投資人非理性行為之論述。 Compared with previous researches which classified IPOs’ characters through market’s response of subscription, this paper provides a new concept - charisma taking value relevant factors into discussion to investigate whether investors’ behavior is rational. This research defines charisma IPOs as those which investors are fond of. A charisma IPOs can draw investors’ participation without comparative advantage in value relevant factors, and then evoke a hot subscription phenomenon. The empirical results suggest that charisma has positive effect on IPOs’ performance in initial period; however, such effect turns to negative in the following terms. The difference fairly addresses the description of investors’ irrational behavior.