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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/34068
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34068


    Title: IPO承銷價格決定因素與IPO折價因素之探討-以詢價圈購案件為例
    Exploration of Factors on IPO Pricing and Underpricing
    Authors: 伍思吟
    Wu, Szu Yin
    Contributors: 徐燕山
    伍思吟
    Wu, Szu Yin
    Keywords: 詢價圈購
    折價
    bookbuilding
    underpricing
    IPO
    Date: 2007
    Issue Date: 2009-09-17 19:20:32 (UTC+8)
    Abstract: 美國初級市場採用詢價圈購做為訂價與配售方式已趨成熟,而非美國地區也有八成採用詢價圈購。在過去幾年中,我國IPO案件仍以全面公開申購作為主要承銷方式,近年主管機關透過制度改革與承銷應與國際接軌聲浪中,我國IPO市場已出現詢價圈購取代全面公開申購之趨勢。為了解詢價圈購的定價效率性,本文以94年承銷改制後採用詢價圈購為訂價方式的初次上市(櫃)公司為例,探討IPO承銷價格的決定因素以及IPO的折價幅度。結果發現承銷商商譽、初始價格區間幅度以及定價日前一個月的興櫃市場價格與IPO價格調整具有顯著關聯,掛牌前一日的興櫃成交均價、掛牌前一個月的大盤與同產業報酬率則與IPO期初報酬率具有顯著正向關連,而掛牌前一日興櫃交易成交均價應可預測掛牌日之收盤價。
    Bookbuilding has traditionally dominated the primary market in terms of pricing and allocation in the US as well as in the worldwide.While in Taiwan, open offer is the major IPO underwriting method. After several rounds of reformation, bookbuilding has gradually replaced open offer.To examine the efficiency of bookbuilding, we study how underwriters set their offering prices, and the consequent initial returns. We find that underwriter reputation, initial price range, and OTC price are related to the range of price adjustment, while the lagged market return, the lagged industry return and the OTC price of the IPO issue preceeding the offer date are positively related to initial return.
    Reference: 1.王方伶,2005,「淺談上市(櫃)制度及上市(櫃)後管理制度改革方案」,證券暨期貨管理月刊,第23卷,第1期,頁62-74。
    2.王方伶、楊慧敏,「淺談承銷制度改進措施」,證券暨期貨管理月刊,第23卷,第6期,頁26-33。
    3.黃蘭霙,2005,「承銷新制對資本市場的影響」,證券暨期貨管理月刊,第23卷,第6期,頁4-14。
    4.劉玉珍、陳薇如,2004,「為何詢價圈購方式逐漸取代競價拍賣?」證券暨期貨管理月刊,第22卷,第5期,頁16-32。
    5.林坤宏,2006,「承銷制度變革對新上市櫃股票短期報酬績效之影響」,台灣大學財務金融學系碩士未出版論文。
    6.張翠玲,2003,「初次公開發行蜜月行情之探討─興櫃股票設立前後」,逢甲大學財務金融學系碩士未出版論文。
    7.姜堯民、戴維芯,2007,「興櫃交易對於初次上櫃績效的影響」,證券櫃檯月刊,第129期,頁17-32。
    8.金成隆、林修葳、洪郁珊,2003,「無形資產、新股折價與內部人持股關係之研究」,會計評論,第36期,頁23-53。
    9.馬黛、胡德中,2003,「承銷配售機制之決定及其對IPO折價之影響─競價拍賣、詢價圈購與公開申購」財務金融學刊,第11卷,第1期,頁1-40。
    10.施光訓、蔡明春、陸仲華,2005,「IPO議價因素之探討─承銷商觀點」,會計與公司治理,第二卷,第二期,頁79-108。
    11.許石睦,2004,「我國新上市櫃股票訂價效率性之研究─以興櫃制度實施後為例」,國立台北大學企業管理系碩士在職專班未出版論文。
    12.楊雅婷,2003,「興櫃交易與上市(櫃)股票之蜜月效果」,國立台北大學經濟學系碩士未出版論文。
    【英文】
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    Description: 碩士
    國立政治大學
    財務管理研究所
    94357013
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094357013
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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