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    Title: IPO承銷機制決定因素與其對折價之影響
    Other Titles: Determinants of IPO Selling Mechanism and the Associated
    Authors: 徐燕山
    Keywords: 初次公開上市;承銷方法;公開申購;競價拍賣
    Initial Public Offerings;Selling Mechanisms;Fixed-price Open Offer;Auction
    Date: 2002
    Issue Date: 2007-04-18 16:41:52 (UTC+8)
    Publisher: 臺北市:國立政治大學財務管理學系
    Abstract: 本研究的目的,在探討研究 IPO 發行公司的特質以及其他市場因素是否會影響承銷方法之選擇,以及其影響折價的幅度。本文首先將臺灣 IPOs 市場中自民國 85 年至民國 89 年間首次公開發行的公司,按高科技與否分成兩組樣本,分別求出影響其承銷機制的因素後,再將發行前的因素用以探討其對折價程度的影響。實證結果顯示,不論高科技與否,新股發行前的市場波動程度影響了承銷機制的選擇。此外,創投公司的參與也影響高科技公司的決策;同時期其他 IPO 之折價程度則影響非高科技公司之決策。至於發行後折價程度的影響,主要是受發行當時市場行情之影響,承銷機制的選擇則無顯著的影響力。
    The purpose of this research is to empirically study the determinants of the IPO selling mechanism and its associated underpricing. We collect all IPOs during the period from January 1996 to June 2000 and divide them into two groups: high-tech and non-high-tech. Evidence from both groups indicates that market uncertainty before affect issuers' decision. Besides, contemporaneous market conditions dominate underpricing of IPOs.
    Description: 核定金額:336000元
    Data Type: report
    Appears in Collections:[Department of Finance ] NSC Projects

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