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題名 美國直接上市制度優缺點之探討
Exploration of Pros and Cons of the Direct Listing in U.S.作者 李俊諺
Lee, Chun-Yen貢獻者 黃嘉威
Huang, Chia-Wei
李俊諺
Lee, Chun-Yen關鍵詞 直接上市
初次公開發行
承銷商
Direct listing
Initial public offering
Underwriter日期 2022 上傳時間 1-Jul-2022 16:08:00 (UTC+8) 摘要 自從2018 年2 月紐約交易所(NYSE)修改其直接上市相關規則，且於同年3月Spotify 以直接上市的方式闖入紐約證券交易所，成為一家公開上市公司後，直接上市(Direct listing)這個制度重新成為美國資本市場的焦點。所謂的直接上市，是指公司並不需要於上市過程中發行新股，而可以直接將目前現存的老股在次級市場進行登記上市，這對短期無資金募集需求，但又希望可以提升既有股東持股流動性的公司無疑是一大福音。本文主要探討直接上市(Direct listing)與初次公開發行(Initial public offering)對投資人的影響異同，以及直接上市是否有辦法解決部分初次公開發行長期面臨的問題。例如：初次公開發行上市流程冗長、需負擔高昂承銷費用以及既有股東面臨閉鎖期等問題。此外本研究也進一步驗證市場對直接上市的擔憂，如：缺少承銷商擔任守門人、缺少承銷商穩定股價、無新股發行及發行股數不確定導致成交量低迷、直接上市公司營運較差使投資人缺乏保護等問題是否真的存在。
Since February 2018, New York Stock Exchange (NYSE) revised its relevant rules for direct listing, and in March of the same year, Spotify broke into NYSE by direct listing and became a public listing company. Direct listing system has become focus of US capital market again. The so-called direct listing means that company does not need to issue new shares during listing process, but can directly register and list the existing shares in secondary market. It’s a great way to list for the company which doesn’t have short-term fund needed, but hopes to improve existing shareholders’ liquidity. This article focuses on the similarities and differences in the impact of direct listing and initial public offering on investors, and whether direct listing can solve some of the long-standing problems faced by initial public offerings. For examples, lengthy IPO listing processes, high underwriting fees, and lock-up periods for existing shareholders. In addition, this study further verifies the market’s concerns about direct listing such as, lack of underwriters to act as gatekeepers, lack of underwriters to stabilize stock prices, lack of new shares to issue and uncertainty about number of shares to be issued, resulting in sluggish trading volume, poor operation of direct listing companies, which may harm investors.參考文獻 Abrahamson, Mark et al., 2011, “Why Don`t U.S. Issuers Demand European Fees for IPOs,” The Journal of Finance, Vol.66, 2055-2057.Alon-Beck, Anat and Rapp, Robert N. and Livingstone, John, 2020, “Investment Bankers as Underwriters: Barbarians or Gatekeepers? a Response to Brent Horton on Direct Listings,” SMU Law Review Vol.73, 251-270.Baron, David P., 1982, “A model of demand for investment banking advising and distribution services for new issues,” The Journal of Finance, Vol.37, 955-976.Bower, Nancy L., 1989, “Firm value and the choice of offering method in initial public offerings,” The Journal of Finance, Vol.44, 647-662.Dambra, Michael et al., 2018, “The Consequences to Analyst Involvement in the IPO Process: Evidence Surrounding the JOBS Act,” Journal of Accounting and Economics, Vol.65, 302-330.Gilson, Ronald J. and Kraakman, Reinier H., 1984, “The Mechanisms of Market Efficiency,” Virginia Law Review, Vol.70, 549-644.Hong, Harrison et al., 2006, “Asset Float and Speculative Bubbles,” The Journal of Finance, Vol.61, 1073-1117.Horton, Brent J., 2019, “Spotify`s Direct Listing: Is It a Recipe for Gatekeeper Failure?,” SMU Law Review, Vol.72, 188-191.Ibbotson, Roger G., 1975, “Price performance od common stock new issues,” Journal of Financial Economics, Vol.2, 235-272.Jenkinson, Tim and Jones, Howard, 2007, “The Economics of IPO Stabilisation, Syndicates and Naked Shorts,” European Financial Management, Vol.13, 616-642.Lipke, Cody L., 2019, “Direct Listing: How Spotify Is Streaming on the NYSE and Why the SEC Should Press Play,” The Journal of Business, Entrepreneurship & Law, Vol.12, 149-180.Loughran, Tim and Ritter, Jay R., 2002, “Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?,” The Review of Financial Studies, Vol.15, 413-444.Nickerson, Benjamin J., 2019, “ The Underlying Underwriter: An Analysis of the Spotify Direct Listing,” University of Chicago Law Review, Vol.86, 985-1026.Ritter, Jay R., 1984, “The hot issue market of 1980,” The Journal of Business, Vol.57, 215-240.Ritter, Jay R., 1987, “The costs of going public,” Journal of Financial Economics, Vol.19, 269-281.Rock, Kevin, 1986, “Why new issues are underpriced,” Journal of Financial Economics, Vol.15, 187-212.Sherman, Andrew J., 2005, “Raising capital: Get the money you need to grow your business,” 2nd ed, Amacom.Welch, Ivo, 1989, “Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings,” The Journal of Finance, Vol.44, 421-449.Welch, Ivo, 1992, “Sequential Sales, Learning, and Cascades,” The Journal of Finance, Vol.47, 695-732. 描述 碩士
國立政治大學
財務管理學系
109357027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357027 資料類型 thesis dc.contributor.advisor 黃嘉威 zh_TW dc.contributor.advisor Huang, Chia-Wei en_US dc.contributor.author (Authors) 李俊諺 zh_TW dc.contributor.author (Authors) Lee, Chun-Yen en_US dc.creator (作者) 李俊諺 zh_TW dc.creator (作者) Lee, Chun-Yen en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:08:00 (UTC+8) - dc.date.available 1-Jul-2022 16:08:00 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:08:00 (UTC+8) - dc.identifier (Other Identifiers) G0109357027 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140592 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 109357027 zh_TW dc.description.abstract (摘要) 自從2018 年2 月紐約交易所(NYSE)修改其直接上市相關規則，且於同年3月Spotify 以直接上市的方式闖入紐約證券交易所，成為一家公開上市公司後，直接上市(Direct listing)這個制度重新成為美國資本市場的焦點。所謂的直接上市，是指公司並不需要於上市過程中發行新股，而可以直接將目前現存的老股在次級市場進行登記上市，這對短期無資金募集需求，但又希望可以提升既有股東持股流動性的公司無疑是一大福音。本文主要探討直接上市(Direct listing)與初次公開發行(Initial public offering)對投資人的影響異同，以及直接上市是否有辦法解決部分初次公開發行長期面臨的問題。例如：初次公開發行上市流程冗長、需負擔高昂承銷費用以及既有股東面臨閉鎖期等問題。此外本研究也進一步驗證市場對直接上市的擔憂，如：缺少承銷商擔任守門人、缺少承銷商穩定股價、無新股發行及發行股數不確定導致成交量低迷、直接上市公司營運較差使投資人缺乏保護等問題是否真的存在。 zh_TW dc.description.abstract (摘要) Since February 2018, New York Stock Exchange (NYSE) revised its relevant rules for direct listing, and in March of the same year, Spotify broke into NYSE by direct listing and became a public listing company. Direct listing system has become focus of US capital market again. The so-called direct listing means that company does not need to issue new shares during listing process, but can directly register and list the existing shares in secondary market. It’s a great way to list for the company which doesn’t have short-term fund needed, but hopes to improve existing shareholders’ liquidity. This article focuses on the similarities and differences in the impact of direct listing and initial public offering on investors, and whether direct listing can solve some of the long-standing problems faced by initial public offerings. For examples, lengthy IPO listing processes, high underwriting fees, and lock-up periods for existing shareholders. In addition, this study further verifies the market’s concerns about direct listing such as, lack of underwriters to act as gatekeepers, lack of underwriters to stabilize stock prices, lack of new shares to issue and uncertainty about number of shares to be issued, resulting in sluggish trading volume, poor operation of direct listing companies, which may harm investors. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 4第三節 研究架構 5第二章 文獻回顧 6第一節 直接上市制度介紹 6一、 直接上市(Direct listing)介紹 6二、 直接上市制度介紹 7第二節 文獻回顧 10一、 初次公開發行承銷價傾向折價發行相關文獻 10二、 承銷商在IPO過程中對發行公司影響相關文獻 12三、 直接上市相關文獻 14第三章 資料與研究方法 16第一節 研究期間與資料來源 16第二節 研究假說 19第三節 研究方法 20一、 敘述統計 20二、 成對樣本T檢定 20第四章 實證結果與分析 21第一節 採用直接上市之動機 21第二節 直接上市(Direct listing)與初次公開發行(IPO)間差別 28一、 對發行公司差別 28二、 對投資人差別 35三、 對投資銀行差別 41第五章 結論與建議 44第一節 研究結果 44第二節 研究限制 49第三節 研究建議 50參考文獻 51 zh_TW dc.format.extent 1659186 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357027 en_US dc.subject (關鍵詞) 直接上市 zh_TW dc.subject (關鍵詞) 初次公開發行 zh_TW dc.subject (關鍵詞) 承銷商 zh_TW dc.subject (關鍵詞) Direct listing en_US dc.subject (關鍵詞) Initial public offering en_US dc.subject (關鍵詞) Underwriter en_US dc.title (題名) 美國直接上市制度優缺點之探討 zh_TW dc.title (題名) Exploration of Pros and Cons of the Direct Listing in U.S. en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abrahamson, Mark et al., 2011, “Why Don`t U.S. Issuers Demand European Fees for IPOs,” The Journal of Finance, Vol.66, 2055-2057.Alon-Beck, Anat and Rapp, Robert N. and Livingstone, John, 2020, “Investment Bankers as Underwriters: Barbarians or Gatekeepers? a Response to Brent Horton on Direct Listings,” SMU Law Review Vol.73, 251-270.Baron, David P., 1982, “A model of demand for investment banking advising and distribution services for new issues,” The Journal of Finance, Vol.37, 955-976.Bower, Nancy L., 1989, “Firm value and the choice of offering method in initial public offerings,” The Journal of Finance, Vol.44, 647-662.Dambra, Michael et al., 2018, “The Consequences to Analyst Involvement in the IPO Process: Evidence Surrounding the JOBS Act,” Journal of Accounting and Economics, Vol.65, 302-330.Gilson, Ronald J. and Kraakman, Reinier H., 1984, “The Mechanisms of Market Efficiency,” Virginia Law Review, Vol.70, 549-644.Hong, Harrison et al., 2006, “Asset Float and Speculative Bubbles,” The Journal of Finance, Vol.61, 1073-1117.Horton, Brent J., 2019, “Spotify`s Direct Listing: Is It a Recipe for Gatekeeper Failure?,” SMU Law Review, Vol.72, 188-191.Ibbotson, Roger G., 1975, “Price performance od common stock new issues,” Journal of Financial Economics, Vol.2, 235-272.Jenkinson, Tim and Jones, Howard, 2007, “The Economics of IPO Stabilisation, Syndicates and Naked Shorts,” European Financial Management, Vol.13, 616-642.Lipke, Cody L., 2019, “Direct Listing: How Spotify Is Streaming on the NYSE and Why the SEC Should Press Play,” The Journal of Business, Entrepreneurship & Law, Vol.12, 149-180.Loughran, Tim and Ritter, Jay R., 2002, “Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?,” The Review of Financial Studies, Vol.15, 413-444.Nickerson, Benjamin J., 2019, “ The Underlying Underwriter: An Analysis of the Spotify Direct Listing,” University of Chicago Law Review, Vol.86, 985-1026.Ritter, Jay R., 1984, “The hot issue market of 1980,” The Journal of Business, Vol.57, 215-240.Ritter, Jay R., 1987, “The costs of going public,” Journal of Financial Economics, Vol.19, 269-281.Rock, Kevin, 1986, “Why new issues are underpriced,” Journal of Financial Economics, Vol.15, 187-212.Sherman, Andrew J., 2005, “Raising capital: Get the money you need to grow your business,” 2nd ed, Amacom.Welch, Ivo, 1989, “Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings,” The Journal of Finance, Vol.44, 421-449.Welch, Ivo, 1992, “Sequential Sales, Learning, and Cascades,” The Journal of Finance, Vol.47, 695-732. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200606 en_US
