從證券發行市場探討資訊結構對承銷價錯估與長期績效的影響

The Effect of the Information Contents on Offering Price and Long-Term Performance of Initial Public Offerings

10.29735/SJEB.200603.0010

梁恕(Shuh Liang)；陽承儒(Cheng-Ju Yang)

資訊結構 ； 承銷價錯估 ； 長期營運績效 ； Information Contents ； Offering Price ； Long-Term Performance

東吳經濟商學學報

52期（2006 / 03 / 01）

263 - 293

繁體中文

本研究主要探討不同證券市場審查的標準，對新上市櫃公司上市櫃前之承銷價訂價與上市櫃後公司長期營運績效的影響。主題一是探討證券集中市場和店頭市場，是否產生發行承銷價格訂定的錯估現象，實證結果發現，當證券集中市場與店頭市場存有不同的掛牌標準時，公司規模的門檻設計適足以影響集中市場及店頭市場價格錯估的程度。主題二是本研究推論公司管理當局選擇不同市場掛牌的決策，會影響新上市櫃公司長期營運績效。實證結果發現在公司上市櫃之初，公司的規模、每股盈餘和承銷價都會顯著影響公司長期營運績效，此外，在資訊品質較佳的集中市場初次發行的公司，其公司績效相對比店頭市場初次發行的公司好，這對公司管理當局選擇掛牌市場的決策，勢必是一項重要的考慮因素。

The purpose of this paper is to discuss the effect of the offering price and long-term performance of Initial Public Offerings (IPOs) under different trading markets with dissimilar listing limitations. First, under information asymmetries, most IPOs have abnormal returns because of the under-pricing or over-pricing. The empirical evidence suggests that the size limitation of IPOs in the different trading markets will affect the extent of under-pricing or over-pricing. Second, this paper examines long-term performance of IPOs in different treading markets. The empirical results show that the long-term performance of firms which go public in TSE is better than those in OTC. We also find that the firm size, EPS and offering price will significantly affect the long-term performance of IPOs.

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