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題名 台灣公開申購IPOs之折價幅度與承銷商市占率變化關係
The relationship between the IPOs discounts and the underwriter`s market shares in Taiwan`s fixed-price offerings
作者 萬雅玲
Wan, Ya Ling
貢獻者 姜堯民
萬雅玲
Wan, Ya Ling
關鍵詞 公開申購
IPO折價
承銷商市占率
日期 2009
上傳時間 9-May-2016 15:16:19 (UTC+8)
摘要 本研究探討以公開申購方式辦理初次上市(櫃)股票之折價幅度與承銷商市占率變化間之關係。實證結果指出IPO折價發行情形顯著存在於民國88年至95年的公開申購市場；公開說明書所載之資金用途數，為承銷案件事前不確定性之代理因子，與折價幅度呈現顯著的正向關係。至於訂價偏離程度過大的承銷商，本研究並無足夠證據支持其日後市占率下滑的推論。
參考文獻 【中文參考文獻】
     1. 王元章，1991年，新上市股票折價、承銷商信譽及日後增資發行-台灣股市之實證研究，第三屆證券暨金融市場之理論與實務研討會論文集。
     2. 邱煥翔，2003年，不同配售方式對公司初次上市(櫃)發行與上市(櫃)後折價幅度及變異程度的影響，政治大學財務管理研究所碩士論文。
     3. 胡德中、馬黛，由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO折價，經濟論文，2004.1：p.227-272。
     4. 馬黛、胡德中，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，2003.1：p.1-40。
     5. 陳安琳、李文智、林宗源，新上市公司股票之發行折價－代理成本與公司控制之研究，中國財務學會1999年會暨財務金融學術論文研討會論文集。
     6. 陳安琳、林士哲，初次發行市場承銷商市場佔有率之研究，中華管理評論國際學報2002.5。
     7. 郭峻豪，2009年，競價拍賣折價程度與承銷商市占率之關係，政治大學財務管理研究所碩士論文。
     8. 劉郁純，1992年，我國新上市股票承銷價格決定因素之實證研究，政治大學企業管理研究所碩士論文。
     9. 謝冠冕，1995年，波動性及過度波動性與外資關係之研究，成功大學會計研究所碩士論文。
     【英文參考文獻】
     1. Allen, F., and Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303-323.
     2. Amihud, Y., Hauser, S., and Kirsh, A. (2003). Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange. Journal of Financial Economics, 68(1), 137-158.
     3. Arosio, R., Giudici, G., and Paleari, S. (1999). What Drives the Initial Market Performance of Italian IPOs ? An Empirical Investigation on Underpricing and Price Support. Unpublished working paper.
     4. Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18.
     5. Baron, D. P. (1982). A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues. The Journal of Finance, 37(4), 955-976.
     6. Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings. The Accounting Review, 64(4), 693-709.
     7. Beatty, R. P., and Ritter, J. R. (1986). Investment Banking, Reputation, and the Underpricing of Initial Public Offerings. Journal of Financial Economics, 15(1,2), 213.
     8. Benveniste, L. M., and Busaba, W. Y. (1997). Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs. The Journal of Financial and Quantitative Analysis, 32(4), 383-403.
     9. Benveniste, L. M., and Spindt, P. A. (1989). How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics, 24(2), 343-361.
     10. Benveniste, L. M., and Wilhelm, W. J. (1990). A comparative analysis of IPO proceeds under alternative regulatory environments. Journal of Financial Economics, 28(1-2), 173-207.
     11. Booth, J. R., and Smith, R. L. Capital raising, underwriting and the certification hypothesis. Journal of Financial Economics, 15(1-2), 261-281.
     12. Brennan, M. J., and Franks, J. (1997). Underpricing, ownership and control in initial public offerings of equity securities in the UK. Journal of Financial Economics, 45(3), 391-413.
     13. Carter, R., and Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation. The Journal of Finance, 45(4), 1045-1067.
     14. Carter, R. B. (1992). Underwriter Reputation and Repetitive Public Offerings. Journal of financial Research, 15(4 ), 341-354.
     15. Chemmanur, T. J. (1993). The Pricing of Initial Public Offerings: A Dynamic Model with Information Production. The Journal of Finance, 48(1), 285-304.
     16. Chen, A., Hung, C. C., and Wu, C.-S. (2002). The Underpricing and Excess Returns of Initial Public Offerings in Taiwan Based on Noisy Trading: A Stochastic Frontier Model. Review of Quantitative Finance and Accounting, 18(2), 139-159.
     17. Dunbar, C. G. (2000). Factors affecting investment bank initial public offering market share. Journal of Financial Economics, 55(1), 3-41.
     18. Fama, E. F., and French, K. R. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance, 47(2), 427-465.
     19. Ibbotson, R. G. (1975). Price performance of common stock new issues. Journal of Financial Economics, 2(3), 235-272.
     20. Ibbotson, R. G., Sindelar, J. L., and Ritter, J. R. (1988a). Initial public offerings. The Continental Bank Journal of Applied Corporate Finance, 1, p. 37.
     21. Ibbotson, R. G., Sindelar, J. L., and Ritter, J. R. (1988b). INITIAL PUBLIC OFFERINGS. Journal of Applied Corporate Finance, 1(2), 37-45.
     22. Koh, F., and Walter, T. (1989). A direct test of Rock`s model of the pricing of unseasoned issues. Journal of Financial Economics, 23(2), 251-272.
     23. Kumar A., M., V., Womack, K.L. (1998). Underwriter value added in IPOs. Unpublished working paper.
     24. Ljungqvist, A., and Wilhelm, W. J., Jr. (2003). IPO Pricing in the Dot-Com Bubble. The Journal of Finance, 58(2), 723-752.
     25. Lowry, M., and Schwert, G. W. (2002). IPO Market Cycles: Bubbles or Sequential Learning? The Journal of Finance, 57(3), 1171-1200.
     26. Maug, E. (1998). Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control? The Journal of Finance, 53(1), 65-98.
     27. Mello, A. S., and Parsons, J. E. (1998). Going public and the ownership structure of the firm. Journal of Financial Economics, 49(1), 79-109.
     28. Menon, K., and Williams, D. D. (1991). Auditor Credibility and Initial Public Offerings. The Accounting Review, 66(2), 313-332.
     29. Michaely, R., and Shaw, W. H. (1994). The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories. The Review of Financial Studies, 7(2), 279-319.
     30. Muscarella, C. J., and Vetsuypens, M. R. (1989). A simple test of Baron`s model of IPO underpricing. Journal of Financial Economics, 24(1), 125-135.
     31. Ritter, J. R. (1984). The "Hot Issue" Market of 1980. The Journal of Business, 57(2), 215-240.
     32. Ritter, J. R., and Welch, I. (2002). A Review of IPO Activity, Pricing, and Allocations. The Journal of Finance, 57(4), 1795-1828.
     33. Spatt, C., and Srivastava, S. (1991). Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings. The Review of Financial Studies, 4(4), 709-726.
     34. Stoughton, N. M., and Zechner, J. (1998). IPO-mechanisms, monitoring and ownership structure. Journal of Financial Economics, 49(1), 45-77.
     35. Tim, L., and Jay, R. (2004). Why Has IPO Underpricing Changed Over Time? Financial Management, 33(3), 5.
     36. Welch, I. (1989). Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings. The Journal of Finance, 44(2), 421-449.
     37. Welch, I. (1992). Sequential Sales, Learning, and Cascades. The Journal of Finance, 47(2), 695-732.
描述 碩士
國立政治大學
財務管理研究所
96357022
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096357022
資料類型 thesis
dc.contributor.advisor 姜堯民zh_TW
dc.contributor.author (Authors) 萬雅玲zh_TW
dc.contributor.author (Authors) Wan, Ya Lingen_US
dc.creator (作者) 萬雅玲zh_TW
dc.creator (作者) Wan, Ya Lingen_US
dc.date (日期) 2009en_US
dc.date.accessioned 9-May-2016 15:16:19 (UTC+8)-
dc.date.available 9-May-2016 15:16:19 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 15:16:19 (UTC+8)-
dc.identifier (Other Identifiers) G0096357022en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95145-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 96357022zh_TW
dc.description.abstract (摘要) 本研究探討以公開申購方式辦理初次上市(櫃)股票之折價幅度與承銷商市占率變化間之關係。實證結果指出IPO折價發行情形顯著存在於民國88年至95年的公開申購市場；公開說明書所載之資金用途數，為承銷案件事前不確定性之代理因子，與折價幅度呈現顯著的正向關係。至於訂價偏離程度過大的承銷商，本研究並無足夠證據支持其日後市占率下滑的推論。zh_TW
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究動機 1
     第二節 研究目的 3
     第三節 研究架構與流程 3
     第二章 文獻探討與假說設定 6
     第一節 公開申購制度 6
     第二節 折價發行 10
     第三節 影響折價幅度的因素 13
     第四節 折價對承銷商市占率的影響 17
     第三章 研究方法 19
     第一節 樣本蒐集 19
     第二節 研究方法 22
     第三節 變數定義 26
     第四章 實證結果分析 31
     第一節 樣本特性分析 31
     第二節 前、後期報酬率變化分析 32
     第三節 預期折價與不確定因子 33
     第四節 訂價偏離程度與市占率變化 35
     第五章 結論 41
     第一節 結論 41
     第二節 研究限制 42
     第三節 後續研究建議 43
     參考文獻 44		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096357022en_US
dc.subject (關鍵詞) 公開申購zh_TW
dc.subject (關鍵詞) IPO折價zh_TW
dc.subject (關鍵詞) 承銷商市占率zh_TW
dc.title (題名) 台灣公開申購IPOs之折價幅度與承銷商市占率變化關係zh_TW
dc.title (題名) The relationship between the IPOs discounts and the underwriter`s market shares in Taiwan`s fixed-price offeringsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 【中文參考文獻】
     1. 王元章，1991年，新上市股票折價、承銷商信譽及日後增資發行-台灣股市之實證研究，第三屆證券暨金融市場之理論與實務研討會論文集。
     2. 邱煥翔，2003年，不同配售方式對公司初次上市(櫃)發行與上市(櫃)後折價幅度及變異程度的影響，政治大學財務管理研究所碩士論文。
     3. 胡德中、馬黛，由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO折價，經濟論文，2004.1：p.227-272。
     4. 馬黛、胡德中，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，2003.1：p.1-40。
     5. 陳安琳、李文智、林宗源，新上市公司股票之發行折價－代理成本與公司控制之研究，中國財務學會1999年會暨財務金融學術論文研討會論文集。
     6. 陳安琳、林士哲，初次發行市場承銷商市場佔有率之研究，中華管理評論國際學報2002.5。
     7. 郭峻豪，2009年，競價拍賣折價程度與承銷商市占率之關係，政治大學財務管理研究所碩士論文。
     8. 劉郁純，1992年，我國新上市股票承銷價格決定因素之實證研究，政治大學企業管理研究所碩士論文。
     9. 謝冠冕，1995年，波動性及過度波動性與外資關係之研究，成功大學會計研究所碩士論文。
     【英文參考文獻】
     1. Allen, F., and Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303-323.
     2. Amihud, Y., Hauser, S., and Kirsh, A. (2003). Allocations, adverse selection, and cascades in IPOs: Evidence from the Tel Aviv Stock Exchange. Journal of Financial Economics, 68(1), 137-158.
     3. Arosio, R., Giudici, G., and Paleari, S. (1999). What Drives the Initial Market Performance of Italian IPOs ? An Empirical Investigation on Underpricing and Price Support. Unpublished working paper.
     4. Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18.
     5. Baron, D. P. (1982). A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues. The Journal of Finance, 37(4), 955-976.
     6. Beatty, R. P. (1989). Auditor Reputation and the Pricing of Initial Public Offerings. The Accounting Review, 64(4), 693-709.
     7. Beatty, R. P., and Ritter, J. R. (1986). Investment Banking, Reputation, and the Underpricing of Initial Public Offerings. Journal of Financial Economics, 15(1,2), 213.
     8. Benveniste, L. M., and Busaba, W. Y. (1997). Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs. The Journal of Financial and Quantitative Analysis, 32(4), 383-403.
     9. Benveniste, L. M., and Spindt, P. A. (1989). How investment bankers determine the offer price and allocation of new issues. Journal of Financial Economics, 24(2), 343-361.
     10. Benveniste, L. M., and Wilhelm, W. J. (1990). A comparative analysis of IPO proceeds under alternative regulatory environments. Journal of Financial Economics, 28(1-2), 173-207.
     11. Booth, J. R., and Smith, R. L. Capital raising, underwriting and the certification hypothesis. Journal of Financial Economics, 15(1-2), 261-281.
     12. Brennan, M. J., and Franks, J. (1997). Underpricing, ownership and control in initial public offerings of equity securities in the UK. Journal of Financial Economics, 45(3), 391-413.
     13. Carter, R., and Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation. The Journal of Finance, 45(4), 1045-1067.
     14. Carter, R. B. (1992). Underwriter Reputation and Repetitive Public Offerings. Journal of financial Research, 15(4 ), 341-354.
     15. Chemmanur, T. J. (1993). The Pricing of Initial Public Offerings: A Dynamic Model with Information Production. The Journal of Finance, 48(1), 285-304.
     16. Chen, A., Hung, C. C., and Wu, C.-S. (2002). The Underpricing and Excess Returns of Initial Public Offerings in Taiwan Based on Noisy Trading: A Stochastic Frontier Model. Review of Quantitative Finance and Accounting, 18(2), 139-159.
     17. Dunbar, C. G. (2000). Factors affecting investment bank initial public offering market share. Journal of Financial Economics, 55(1), 3-41.
     18. Fama, E. F., and French, K. R. (1992). The Cross-Section of Expected Stock Returns. The Journal of Finance, 47(2), 427-465.
     19. Ibbotson, R. G. (1975). Price performance of common stock new issues. Journal of Financial Economics, 2(3), 235-272.
     20. Ibbotson, R. G., Sindelar, J. L., and Ritter, J. R. (1988a). Initial public offerings. The Continental Bank Journal of Applied Corporate Finance, 1, p. 37.
     21. Ibbotson, R. G., Sindelar, J. L., and Ritter, J. R. (1988b). INITIAL PUBLIC OFFERINGS. Journal of Applied Corporate Finance, 1(2), 37-45.
     22. Koh, F., and Walter, T. (1989). A direct test of Rock`s model of the pricing of unseasoned issues. Journal of Financial Economics, 23(2), 251-272.
     23. Kumar A., M., V., Womack, K.L. (1998). Underwriter value added in IPOs. Unpublished working paper.
     24. Ljungqvist, A., and Wilhelm, W. J., Jr. (2003). IPO Pricing in the Dot-Com Bubble. The Journal of Finance, 58(2), 723-752.
     25. Lowry, M., and Schwert, G. W. (2002). IPO Market Cycles: Bubbles or Sequential Learning? The Journal of Finance, 57(3), 1171-1200.
     26. Maug, E. (1998). Large Shareholders as Monitors: Is There a Trade-Off between Liquidity and Control? The Journal of Finance, 53(1), 65-98.
     27. Mello, A. S., and Parsons, J. E. (1998). Going public and the ownership structure of the firm. Journal of Financial Economics, 49(1), 79-109.
     28. Menon, K., and Williams, D. D. (1991). Auditor Credibility and Initial Public Offerings. The Accounting Review, 66(2), 313-332.
     29. Michaely, R., and Shaw, W. H. (1994). The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories. The Review of Financial Studies, 7(2), 279-319.
     30. Muscarella, C. J., and Vetsuypens, M. R. (1989). A simple test of Baron`s model of IPO underpricing. Journal of Financial Economics, 24(1), 125-135.
     31. Ritter, J. R. (1984). The "Hot Issue" Market of 1980. The Journal of Business, 57(2), 215-240.
     32. Ritter, J. R., and Welch, I. (2002). A Review of IPO Activity, Pricing, and Allocations. The Journal of Finance, 57(4), 1795-1828.
     33. Spatt, C., and Srivastava, S. (1991). Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings. The Review of Financial Studies, 4(4), 709-726.
     34. Stoughton, N. M., and Zechner, J. (1998). IPO-mechanisms, monitoring and ownership structure. Journal of Financial Economics, 49(1), 45-77.
     35. Tim, L., and Jay, R. (2004). Why Has IPO Underpricing Changed Over Time? Financial Management, 33(3), 5.
     36. Welch, I. (1989). Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings. The Journal of Finance, 44(2), 421-449.
     37. Welch, I. (1992). Sequential Sales, Learning, and Cascades. The Journal of Finance, 47(2), 695-732.		zh_TW