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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/4159


    Title: 新股上市競價拍賣制對承銷商競爭的影響
    Other Titles: The Impact of the New Auction System on the Competition among Underwriters
    Authors: 姜堯民
    Keywords: 新上市股票;競價拍賣制度;承銷商;折價
    Initial public offering;Auction system;Underwriter;Underpricing
    Date: 2000
    Issue Date: 2007-04-18 16:41:59 (UTC+8)
    Publisher: 臺北市:國立政治大學財務管理學系
    Abstract: 本研究成果共分三部份,第一部分是新股上市制度中有關競價拍賣及公開抽籤制的比較;第二部分是競價拍賣制的短期績效(超常報酬)與公開抽籤制的短期績效比較,並探討造成差異的原因;第三部分是探討承銷商選用競價拍賣對其市場佔有率的影響。新的承銷制度的提出是為了要增加承銷價格的市場性及效率性,這樣的理想是否真能減少低價上市的現象,以及承銷商使用競價拍賣是否能增加其市場佔有率。研究結果發現使用競價拍賣的承銷案並沒有較使用公開抽籤案具有顯著性低的短期超常報酬,也就是說使用競價拍賣並無法降低低價上市的現象。但更進一步分析發現,藉由分析競價拍賣的投標需求的價格彈性,投標數量分配的變異係數(coefficient of variation),偏度(skewness)及峰度(kurtosis),我們可找出在何種需求狀況之下,使用競價拍賣確實能幫助減低低價上市的現象,也就是上市的價格能更具有市場性及效率性。同時方法也發現,一般而言使用競價拍賣並無法全面有效提昇承銷商的市場佔有率,但搭配公開抽籤制的使用能增加承銷商的競爭力。也就是與上述的降低低價上市現象的結果相輝映,那就是要能明確找出使用競價拍賣的時機,而後搭配公開抽籤使用,方能有效提昇承銷商的競爭力。本研究對於將來做制度的修正有以下建議:提高競價拍賣成數至百分之百;提高投標的數量的下限;承銷金額龐大的個案,改採代銷方式。
    The outcome of this research contains three parts: the first part is the comparison of different approaches of initial public offerings. The second part is to compare the initial abnormal return of auction IPOs and fixed-price IPOs. The last part is to discuss how the using of auction method can help underwriters to improve their competitive edge. Using auction approach is hoped to improve the efficiency of the IPO price. If this goal has been achieved, IPO underpricing should be alleviated, and underwriters using auction IPOs can improve their market shares. Results show that auction IPOs do not have significantly lower initial abnormal returns than fixed-price IPOs have. However, we further investigate properties of the demand curve and demand distribution, and find that given certain demand properties, auction IPOs have significantly lower initial abnormal returns than fixed-price IPOs. We also find that underwriters can strategically use auction IPOs and fixed IPOs to improve their competitive edges. This research provide three suggests for further revision of the IPO system: increase shares for auction IPOs, increase the minimum bidding amount, and using the best selling approach instead of using the firm commitment approach.
    Description: 核定金額:170600元
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

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