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第五章 研究結論
本研究旨在探討中國大陸實施 IFRS-based CAS 後，是否會因為該強制性規 範的實施，使資訊不對稱的情形降低，進而造成新股上市股票折價幅度降低。此 外，由於中國大陸各省份機制環境背景不同，各地方市場化的程度有別，在 IFRS-based CAS 實施後，新股上市股票折價幅度是否也會受到一定程度的影響。
研究樣本為 2001 年至 2010 年，共計 1,044 筆中國大陸上市公司，試圖以 2005 年 IFRS-based CAS 適用前後，對稱的時間區間，為新股上市股票折價現象提供 一個較完整的觀點。研究結果發現，實施 IFRS-based CAS 後，新股折價的幅度 的確顯著降低，新股上市的蜜月期也會因為準則實施後，資訊不對稱的情形降低，
有明顯的縮減。
此外，中國大陸的法律環境與資本市場與其他國家環境背景並不相同，故本 研究加入中國大陸市場化的指數，來探討中國會計準則實施後，新股上市股票折 價幅度受到的影響程度。根據研究結果，在中國會計準則實施後，若地方機制環 境較進步且發達，該地區市場化的程度愈高，新股折價的幅度會也會因資訊更加 公開而降低，然而，在中國會計準則實施之後，該強制性規範的要求下，卻使政 府透過政策的驅使需介入市場，造成反向的影響，新上市公司股價的折價幅度反 而上升。蜜月期亦如同前述，若政府在規範要求下介入市場，蜜月期也會因而增 長。
另外，因為市場會有反應過度的情況，本研究特別將新股折價分成純粹折價 與反應過度兩部份進行探討。研究結果發現，實施 IFRS-based CAS 後，新上市 公司純粹的股價折價的幅度的確會降低，受到市場反應過度所引起的報酬幅度，
也會因為實施中國會計準則後，資訊不對稱的情形減輕而降低。然而，若地方機 制環境較進步且發達，該地區市場化的程度愈高，新上市公司純粹股價折價的幅 度也會降低。但是該強制性規範的要求，使政府介入市場的程度上升，會造成反
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向的影響，新上市公司股價純粹的折價幅度也會因而上升。而市場反應過度引起 的報酬幅度部分，也會有同樣的影響結果。
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