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題名 臺灣地區新上市普通股承銷價格之硏究
作者 侯欣榮
貢獻者 張春雄<br>陳隆麒
侯欣榮
日期 1993
上傳時間 10-May-2016 18:52:11 (UTC+8)
摘要 　　股票初次公開銷售時最重要的議題即是承銷價的訂定。若是承銷價訂得太高，雖有利於發行公司，投資者卻須承擔高估新股價格的風險；另外一方面，承銷商採包銷制來承銷這支股票，可能因為價格太高，乏人問津，造成承銷商必須自己買下無法銷售出去的股票，因此承銷價格過高不利於承銷商和投資者。若是承銷價過低，則有利於投資者，但是造成發行公司的權益資金成本的增加，對發行公司不利，因此承銷價格的訂定是股票初次公開銷售時重要的議題。
第一章 緒論
參考文獻 "一、中文部份
1.于正平，投資銀行契約中訂價與配銷授權問題之研究，政治大學企業管理研究所碩士論文，民76 年
2.王瑞儀，新上市股票異常報酬影響因素之檢討—臺灣股票市場會證之分析，淡
江大學管理科學研究所碩士論文，民79 年
3.李存修，股票股利及現金增資之除權與股價行為:理論與實証，臺大管理論叢，
第二卷第一期，民80年5 月
4.林煜宗，現代投資學，三民書局，民國77 年2 月
5.柯百鈴，臺灣新上市股票短期報酬之探討，政治大學企業管理研究所碩士論文，民78 年
6.胡致仁，新上市股票外部資訊與短期股價行為之探討—臺灣，淡江大學管理科學研究所碩士論文，民77 年
7.許水聲，新上市股票異常價格績效之驗證與探討，東海大學企業管理研究所碩士論文，民78 年
8.陳秀亮，新上市股票價格行為探討，中央大學產業經濟研究所碩士論文，民76 年
9.陳伯昌，我國承銷競爭行為之研究，中山大學企業管理研究所碩士論文，民79 年
10.陳隆麒，現代財務管理--理論與應用，台北華泰書局，民國81 年2 月
11.張志成，我國證券承銷商策略群組與經替緒效閻係之研究，政治大學企業管理研究所碩士論文，民80年
12.楊國樞、文崇一、吳聰賢、李亦園，社會及行為科學研究法--下冊，民國七十四年八版，東華書局
13.楊泓文，新上市股票報酬之研究，交通大學管理科學研究所碩士論文，民69年
14.賈武建，上市公司股票價值之評價模式研究，臺灣大學商學研究所碩士論文，民80年6
15.潘中孚，中華民國證券承銷方式之承銷報酬設計，政治大學企業管理研究所碩士論文，民79 年
16.鄒永芳，臺灣地區股票承銷之實證研究---選擇權計價模式之應用，中央大學財務管理研究所碩士論文，民80年
17.劉燕澄，現金增資宣告對股票價格影響之探討，東海大學企業管理研究所碩士論論文，民78 年
18.賴英照，證券交易法逐條釋義第一冊，台北，三民書局，民國79年3月，第五版
19.羅祺昌，現金增資公告對股票價格影響之實証研究，政治大學企業管理研究所碩士論文，民76 年
20.羅贊興，我國新上市公司股票短期報酬率之研究，淡江大學金融研究所，民79年
二、英文部份
1.Affleck·Graves, John and Robert E. Miller, `Regulatory and Procedural Effects on the Underpricing of Initial Public Offerings ,` Journal of Financial Research, 12:3, Fall 1989, 193·202.
2.Allen, Franklin and Gerald R. Faullhaber, `Signaling By Underpricing in the IPO Markel,` Journal of Financial Economics, 23, 1989, 303·323 .
3. Barelay, Michael J. and Robert H. Litzenberger, `Announcement Effects of New Equity Issues and the Use of Intraday Prices,` Journal of Financial Economics, 21,1988,71·100.
4. Baron, D. P. and B. Holmstrom, The Investment Banking Contract For New Issues Under Asymmetric Information : Delegation and The Incentive Problem,` Journal of Financial, 35, 1980, 1115·1138.
5 . Baron, D. P., `A Model of the Demand for Investment Banking and Advising
and Distribution Services for New Issues,` J Journal of Financial, 37, Sep . 1982, 955·976.
6. Beaty, Randolph P. and Jay R. Ritter , Investment Banking, Reputation ,
and the Underpricing of IPO`, Journal of Financial Economics, 21, 1986, 213-232,
7, Benveniste, Lawrence M, and Paul A, Spindt, How Investment Bankers Determine the Offer Price and Allocation of New Issues,` Journal of
Financial Economics, 24, 1989, 343- 362,
8,Bhandari, Arvind, `Risk and Return on Newly listed Stocks: the Post-Listing
Experience,` Journal of Financial Research, 12:3, Fall 1989, 93 - 10 2 ,
9,Carter, Richard and Steven Manaster, `Initial Public of erings and Underwriter
Reputation,` Journal of Finance 45,1990, 1045-1067,
10,Dawson, S, M"" `Initial Public offer Underpricing: The Issuer`s View - A
Note,` Journal of Finance, 42, Mar, 1987, 159 - 162,
11.DeAngelo, H. and R. Masulis, “Optimal Capital Structure Under Corporate and Personal Taxation, Journal of Financial Economics 8,1980,3-29.
12.Downes, Divid H. and Robert Heinkel, “Signaling and the Valuation of Unseasoned New Issues ,” Journal of Finance 37, March 1982,1-10
13,Grinblatt, Mark and Chuan y, Hwang, 1989, `Signalling and the Pricing
of New Issues,` Journal of Finance 44, 393- 420,
14 ,Grammatickos , Thoharry and George J, Papaionannou , `The Informational
Value of Listing on the New York Stock Exchange` , The Financial Review, 1986, 485-499,
15.,Hess, Alan C, and Peter A, Frost, `Tests for Price Effects of New Issues
of Seasoned Securities, Journal of Finance 37 , March 1982, 11· 25 ,
16,Hess, Alan C, and Sanjai Bhagat, `Size Effects of Seasoned Stock Issues :
EmpiricaI Evidence,` Journal of Business, 59, 1 986, 567 - 584,
17.lbbotson, Roger G., “Price Performance of Common Stock New Issues”
Journal of Financial Economics, 3, 1975,235-272,
18, lbbotson, Roger G., and Jeifrey F, Jaffe, `Hot issue Market ""Journal of Finance 30, 1975, 1027·1042,
19.Koh, Francis and Terry Walter, “A Dirrect Test of Rock’s Model of the Pricing
Of Unseasoned issues”, Journal of Financial Economics 23, 1989, 251-272
20.Loderer, Claudio F., Dennis P. Sheehan and Gregory B. Kadlec, “The Pricing of Equity Offerings, “ Journal of Finanical Economics, 29 1991,35-57
21.Logue, D. E. “Premia on Unseasoned Equity Issues “ Journal of Economics and Buessiness 25 Spring Summer 1973, 133-141
22.Megginson, William L. and Kathleen A. Weiss, “Venture Capitilist Certi-fication in Initial Public Offerings, Journal of Finance 46:3, July 1991, 879-883
23.Mandelker,Gershon and Artur Raviv, `Investment Banking :An Economic
Analys is of Optimal Underwriting Contracts,` Journal of Finance, 32: 3, 1977, 683- 694.
24.David C. Mauer and Lemma w. Senbet “The Effect of The Secondary Market on The Pricing of Initial Public Offerings: Theory and Evidence” Journal of Financial and Quantitative Analysis 27:1, March 1992 75-76
25.McConnel, John J. and Gray C. Sanger, “The Puzzle in Post-Listing Common Stock Return,” Journal of Finance 1987,119-140
26.McDonld, J. G. and A. K. Fisher, “New-lssue Stock Price Behavior”, Journal of Finance, 1972,100-102
27.Masulis, Ronald W. and Ashok N. Korwar, “Seasoned Equity Offerings: An Empirical Investigation, “ Journal of Financial Economics, 15,1986,91-118
28.Miller, M. and K. Rock, “Dividend Policy Under Asymmetric Information,” Working Paper (University of Chicago, Chicago, IL),1984
29.Miller, R. E. and F. K. Reilly, “An Examination of Mispricing, Returns, and Uncertinty for Initial Public Offerings, “ Financial Management, 16, Summer 1987, 33-38
30. Muscarella, Chris J. and Micheal R. Vetsuypens, `The Underpricing of
`Second` Initial Public Offerings,` Journal of Financial Research 12:3,
Fall 1989,183·192.
31. Myers, S. and N. Majluf, “Corporate Investment and Financing Decisions When Firms Have Information That Investors Do Not Have, “Journal of Financial Economics, 13 , 1984, 187 - 221 .
32.Parsons, John E. and Artur Raviv, `Underpricing of Seasoned Issues,` Journal of Financial Economics, 1985, 377- 397.
33.Reilly, Frank K., `Further Evidence on Short Run Result for New Issue
Investors,` Journal of Financial and Quantilative Analysis, 1973,83-90.
34 .Reilly, Frank K. and Kenneth Hatfield, `Investor Experience with New Stock
Issues,` Financial Analysis Journal, 1969, 73-80.
35.Ritter, J. R. “The Hot lssues Market of 1980 Journal of Business 57 Apr. 1984,215 -240 .
36.Ritter, Jay R., `Signaling and the Valuation of Unseasoned New Issues: A
Comment,` Journal of Finance 39, September 1984, 1231 -1237.
37.Ritter, Jay R., `The Costs 01 Going Public,` Journal of Financial Economics,
19, Dec. 1987, 269-281 .
38.Ritler, Ray R, ` The long - Run Performance of Initial Public Offerings,`
J 0 urn a I 0 I Fin a nee 46, Ma r chi 99 1, 3 - 29.
39.Rock , Kevin, `Why New Issues Are Unseasoned,` Journal of Financial
Economics, 15 , 1986, 187-212.
40.Sligler, George T., `Public Regulation of the Securities Markel`,
Journal 01 Business, 1964, 117-142.
41.Sloll, H. R. and A. J. Cruley, `Small Business and The New Issues Market
for Equities, ` Journal of Financial and Quantitative Analysis,
5, 1970, 313.
42.Tinic, S. M. `Anatomy of Initial Public Offerings of Common Stock,`
Journal of Finance, 43, Sep. 1988, 135-148.
"
描述 博士
國立政治大學
企業管理學系
資料來源 http://thesis.lib.nccu.edu.tw/record/#G91NCCW0212012
資料類型 thesis
dc.contributor.advisor 張春雄<br>陳隆麒zh_TW
dc.contributor.author (Authors) 侯欣榮zh_TW
dc.creator (作者) 侯欣榮zh_TW
dc.date (日期) 1993en_US
dc.date.accessioned 10-May-2016 18:52:11 (UTC+8)-
dc.date.available 10-May-2016 18:52:11 (UTC+8)-
dc.date.issued (上傳時間) 10-May-2016 18:52:11 (UTC+8)-
dc.identifier (Other Identifiers) G91NCCW0212012en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/96256-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理學系zh_TW
dc.description.abstract (摘要) 　　股票初次公開銷售時最重要的議題即是承銷價的訂定。若是承銷價訂得太高，雖有利於發行公司，投資者卻須承擔高估新股價格的風險；另外一方面，承銷商採包銷制來承銷這支股票，可能因為價格太高，乏人問津，造成承銷商必須自己買下無法銷售出去的股票，因此承銷價格過高不利於承銷商和投資者。若是承銷價過低，則有利於投資者，但是造成發行公司的權益資金成本的增加，對發行公司不利，因此承銷價格的訂定是股票初次公開銷售時重要的議題。zh_TW
dc.description.abstract (摘要) 第一章 緒論en_US
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G91NCCW0212012en_US
dc.title (題名) 臺灣地區新上市普通股承銷價格之硏究zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) "一、中文部份
1.于正平，投資銀行契約中訂價與配銷授權問題之研究，政治大學企業管理研究所碩士論文，民76 年
2.王瑞儀，新上市股票異常報酬影響因素之檢討—臺灣股票市場會證之分析，淡
江大學管理科學研究所碩士論文，民79 年
3.李存修，股票股利及現金增資之除權與股價行為:理論與實証，臺大管理論叢，
第二卷第一期，民80年5 月
4.林煜宗，現代投資學，三民書局，民國77 年2 月
5.柯百鈴，臺灣新上市股票短期報酬之探討，政治大學企業管理研究所碩士論文，民78 年
6.胡致仁，新上市股票外部資訊與短期股價行為之探討—臺灣，淡江大學管理科學研究所碩士論文，民77 年
7.許水聲，新上市股票異常價格績效之驗證與探討，東海大學企業管理研究所碩士論文，民78 年
8.陳秀亮，新上市股票價格行為探討，中央大學產業經濟研究所碩士論文，民76 年
9.陳伯昌，我國承銷競爭行為之研究，中山大學企業管理研究所碩士論文，民79 年
10.陳隆麒，現代財務管理--理論與應用，台北華泰書局，民國81 年2 月
11.張志成，我國證券承銷商策略群組與經替緒效閻係之研究，政治大學企業管理研究所碩士論文，民80年
12.楊國樞、文崇一、吳聰賢、李亦園，社會及行為科學研究法--下冊，民國七十四年八版，東華書局
13.楊泓文，新上市股票報酬之研究，交通大學管理科學研究所碩士論文，民69年
14.賈武建，上市公司股票價值之評價模式研究，臺灣大學商學研究所碩士論文，民80年6
15.潘中孚，中華民國證券承銷方式之承銷報酬設計，政治大學企業管理研究所碩士論文，民79 年
16.鄒永芳，臺灣地區股票承銷之實證研究---選擇權計價模式之應用，中央大學財務管理研究所碩士論文，民80年
17.劉燕澄，現金增資宣告對股票價格影響之探討，東海大學企業管理研究所碩士論論文，民78 年
18.賴英照，證券交易法逐條釋義第一冊，台北，三民書局，民國79年3月，第五版
19.羅祺昌，現金增資公告對股票價格影響之實証研究，政治大學企業管理研究所碩士論文，民76 年
20.羅贊興，我國新上市公司股票短期報酬率之研究，淡江大學金融研究所，民79年
二、英文部份
1.Affleck·Graves, John and Robert E. Miller, `Regulatory and Procedural Effects on the Underpricing of Initial Public Offerings ,` Journal of Financial Research, 12:3, Fall 1989, 193·202.
2.Allen, Franklin and Gerald R. Faullhaber, `Signaling By Underpricing in the IPO Markel,` Journal of Financial Economics, 23, 1989, 303·323 .
3. Barelay, Michael J. and Robert H. Litzenberger, `Announcement Effects of New Equity Issues and the Use of Intraday Prices,` Journal of Financial Economics, 21,1988,71·100.
4. Baron, D. P. and B. Holmstrom, The Investment Banking Contract For New Issues Under Asymmetric Information : Delegation and The Incentive Problem,` Journal of Financial, 35, 1980, 1115·1138.
5 . Baron, D. P., `A Model of the Demand for Investment Banking and Advising
and Distribution Services for New Issues,` J Journal of Financial, 37, Sep . 1982, 955·976.
6. Beaty, Randolph P. and Jay R. Ritter , Investment Banking, Reputation ,
and the Underpricing of IPO`, Journal of Financial Economics, 21, 1986, 213-232,
7, Benveniste, Lawrence M, and Paul A, Spindt, How Investment Bankers Determine the Offer Price and Allocation of New Issues,` Journal of
Financial Economics, 24, 1989, 343- 362,
8,Bhandari, Arvind, `Risk and Return on Newly listed Stocks: the Post-Listing
Experience,` Journal of Financial Research, 12:3, Fall 1989, 93 - 10 2 ,
9,Carter, Richard and Steven Manaster, `Initial Public of erings and Underwriter
Reputation,` Journal of Finance 45,1990, 1045-1067,
10,Dawson, S, M"" `Initial Public offer Underpricing: The Issuer`s View - A
Note,` Journal of Finance, 42, Mar, 1987, 159 - 162,
11.DeAngelo, H. and R. Masulis, “Optimal Capital Structure Under Corporate and Personal Taxation, Journal of Financial Economics 8,1980,3-29.
12.Downes, Divid H. and Robert Heinkel, “Signaling and the Valuation of Unseasoned New Issues ,” Journal of Finance 37, March 1982,1-10
13,Grinblatt, Mark and Chuan y, Hwang, 1989, `Signalling and the Pricing
of New Issues,` Journal of Finance 44, 393- 420,
14 ,Grammatickos , Thoharry and George J, Papaionannou , `The Informational
Value of Listing on the New York Stock Exchange` , The Financial Review, 1986, 485-499,
15.,Hess, Alan C, and Peter A, Frost, `Tests for Price Effects of New Issues
of Seasoned Securities, Journal of Finance 37 , March 1982, 11· 25 ,
16,Hess, Alan C, and Sanjai Bhagat, `Size Effects of Seasoned Stock Issues :
EmpiricaI Evidence,` Journal of Business, 59, 1 986, 567 - 584,
17.lbbotson, Roger G., “Price Performance of Common Stock New Issues”
Journal of Financial Economics, 3, 1975,235-272,
18, lbbotson, Roger G., and Jeifrey F, Jaffe, `Hot issue Market ""Journal of Finance 30, 1975, 1027·1042,
19.Koh, Francis and Terry Walter, “A Dirrect Test of Rock’s Model of the Pricing
Of Unseasoned issues”, Journal of Financial Economics 23, 1989, 251-272
20.Loderer, Claudio F., Dennis P. Sheehan and Gregory B. Kadlec, “The Pricing of Equity Offerings, “ Journal of Finanical Economics, 29 1991,35-57
21.Logue, D. E. “Premia on Unseasoned Equity Issues “ Journal of Economics and Buessiness 25 Spring Summer 1973, 133-141
22.Megginson, William L. and Kathleen A. Weiss, “Venture Capitilist Certi-fication in Initial Public Offerings, Journal of Finance 46:3, July 1991, 879-883
23.Mandelker,Gershon and Artur Raviv, `Investment Banking :An Economic
Analys is of Optimal Underwriting Contracts,` Journal of Finance, 32: 3, 1977, 683- 694.
24.David C. Mauer and Lemma w. Senbet “The Effect of The Secondary Market on The Pricing of Initial Public Offerings: Theory and Evidence” Journal of Financial and Quantitative Analysis 27:1, March 1992 75-76
25.McConnel, John J. and Gray C. Sanger, “The Puzzle in Post-Listing Common Stock Return,” Journal of Finance 1987,119-140
26.McDonld, J. G. and A. K. Fisher, “New-lssue Stock Price Behavior”, Journal of Finance, 1972,100-102
27.Masulis, Ronald W. and Ashok N. Korwar, “Seasoned Equity Offerings: An Empirical Investigation, “ Journal of Financial Economics, 15,1986,91-118
28.Miller, M. and K. Rock, “Dividend Policy Under Asymmetric Information,” Working Paper (University of Chicago, Chicago, IL),1984
29.Miller, R. E. and F. K. Reilly, “An Examination of Mispricing, Returns, and Uncertinty for Initial Public Offerings, “ Financial Management, 16, Summer 1987, 33-38
30. Muscarella, Chris J. and Micheal R. Vetsuypens, `The Underpricing of
`Second` Initial Public Offerings,` Journal of Financial Research 12:3,
Fall 1989,183·192.
31. Myers, S. and N. Majluf, “Corporate Investment and Financing Decisions When Firms Have Information That Investors Do Not Have, “Journal of Financial Economics, 13 , 1984, 187 - 221 .
32.Parsons, John E. and Artur Raviv, `Underpricing of Seasoned Issues,` Journal of Financial Economics, 1985, 377- 397.
33.Reilly, Frank K., `Further Evidence on Short Run Result for New Issue
Investors,` Journal of Financial and Quantilative Analysis, 1973,83-90.
34 .Reilly, Frank K. and Kenneth Hatfield, `Investor Experience with New Stock
Issues,` Financial Analysis Journal, 1969, 73-80.
35.Ritter, J. R. “The Hot lssues Market of 1980 Journal of Business 57 Apr. 1984,215 -240 .
36.Ritter, Jay R., `Signaling and the Valuation of Unseasoned New Issues: A
Comment,` Journal of Finance 39, September 1984, 1231 -1237.
37.Ritter, Jay R., `The Costs 01 Going Public,` Journal of Financial Economics,
19, Dec. 1987, 269-281 .
38.Ritler, Ray R, ` The long - Run Performance of Initial Public Offerings,`
J 0 urn a I 0 I Fin a nee 46, Ma r chi 99 1, 3 - 29.
39.Rock , Kevin, `Why New Issues Are Unseasoned,` Journal of Financial
Economics, 15 , 1986, 187-212.
40.Sligler, George T., `Public Regulation of the Securities Markel`,
Journal 01 Business, 1964, 117-142.
41.Sloll, H. R. and A. J. Cruley, `Small Business and The New Issues Market
for Equities, ` Journal of Financial and Quantitative Analysis,
5, 1970, 313.
42.Tinic, S. M. `Anatomy of Initial Public Offerings of Common Stock,`
Journal of Finance, 43, Sep. 1988, 135-148.
"		zh_TW