题名

台灣股票初次上市櫃相關研究文獻回顧

并列篇名

A Review of Taiwan's IPO Research

DOI

10.6277/TER.2016.441.3

作者

姜堯民(Yao-Min Chiang)；戴維芯(Vivian W. Tai)

关键词

初次上市櫃 ； 折價發行 ； 長期績效 ； 承銷 ； 資訊不對稱 ； Initial public offerings ； underpricing ； long term performance ； underwriting ； information asymmetry

期刊名称

經濟論文叢刊

卷期/出版年月

44卷1期（2016 / 03 / 01）

页次

77 - 125

内容语文

繁體中文
中文摘要

台灣股票初次上市櫃相關制度與規範近25年來幾經更迭，提供了充足的資料並造就了豐富的研究成果，本文針對近15年來利用台灣初次上市櫃資料所發表的文章進行回顧，試圖匯集文獻對一些重要議題的研究發現，及發掘仍未被解決的疑問。過去文獻已就初次上市櫃後長短期績效情形及原因、承銷方式選擇、投資者投標行為及績效、承銷費用等議題提出探討。未來可朝利用台灣獨特承銷特性、機構投資人行為及承銷商行為等方向進行研究。
英文摘要

The regulations concerning initial public offerings in Taiwan have been revised many times during the past two decades. This provides plenty of valuable data to empirically test IPO theories. This study reviews the literature related to initial public offerings in Taiwan over the last 15 years. We discuss the empirical evidence found in this literature and try to dig out unexplained issues. In summary, Taiwan’s IPO literature provides empirical evidence on: short-run and long run performance of IPOs, the choice of underwriting method, investors’ bidding behavior and performance, and underwriting fees. In the future, we can further utilize these data to investigate the unique underwriting characteristics in Taiwan, and the behavior of institutional investors and underwriters.
主题分类 社會科學 > 經濟學
参考文献
  1. Chen, Anlin(2001).The Long-run Performance Puzzles of Initial Public Offerings in Taiwan: Empirical Findings from Various Models.Journal of Financial Studies,19,1-20.
    連結：
  2. Hsu, Yenshan,Hung, Chung-Wen,Shiu, Cheng-Yi(2009).Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan.Journal of Financial Studies,17,1-36.
    連結：
  3. 王朝仕、陳振遠(2008)。申購積極性對新上市公司股票績效的影響。管理學報，25，245-267。
    連結：
  4. 李建然、羅元銘(2002)。新上市公司上市後營運績效衰退原因之探討。財務金融學刊，10，23-52。
    連結：
  5. 徐燕山、徐政義(2002)。IPO 折價與訊息的代理變數。財務金融學刊，10，63-88。
    連結：
  6. 徐燕山、徐政義(2004)。IPO 競價拍賣中投資人標單的資訊內涵：以台灣為例。財務金融學刊，12，27-54。
    連結：
  7. 馬黛、胡德中(2003)。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，11，1-40。
    連結：
  8. 崔可欣、廖恆毅(2007)。台灣新上市股票評價研究比較乘數法之應用。輔仁管理評論，14，1-26。
    連結：
  9. 張邦茹、黃柏凱、姜堯民、江禎泰(2013)。台灣新股上市穩定價格操作的效果。證券市場發展季刊，100，105-146。
    連結：
  10. 陳軒基、王忠建、楊雅雯(2005)。閉鎖期滿日之市場反應。證券市場發展季刊，17，57-88。
    連結：
  11. Chang, Chun, Yao-Min Chiang, Yiming Qian, and Jay R. Ritter (2014), “Pre-Market Trading and IPO Pricing: Evidence from Taiwan,” Working Paper, National Taiwan University.
  12. Smith, Randall and Jean Eaglesham(2012), “SEC Cracks Down on Pre-IPO Trading,” Wall Street Journal, March 14, 2012
  13. 徐政義(2007), “初次上市櫃詢價圈購承銷,” 《經濟日報》, 2007/12/09。(Shiu, Cheng-Yi (2007), “IPO Bookbuilding,” Economic Daily News, 2007/12/09.)
  14. Chiang, Yao-Min, Michelle Lowry, and Yiming Qian (2014), “The Information Advantage of Underwriters in IPO,” Working Paper, National Taiwan University.
  15. Ofek, Eli and Matthew Richardson (2000), “The IPO Lock-up Period: Implications forMarket Efficiency andDownward Sloping Demand Curves,” Working Paper, New York University.
  16. Chemmanur, Thomas J. and Mark H. Liu (2006), “How Should a Firm Go Public? A Dynamic Model of the Choice between Fixed-price Offerings and Auctions in IPOs and Privatizations,” Working Paper, Boston College.
  17. Aggarwal, Reena(2000).Stabilization Activities by Underwriters after New Offerings.Journal of Finance,55,1075-1104.
  18. Ausubel, Lawrence M.(2002).Implications of Auction Theory for New Issues Markets.Brookings-Wharton Papers on Financial Services,5,313-343.
  19. Benveniste, Lawrence M.,Busaba, Walid Y.,Wilhelm, William J.(2002).Information Externalities and the Role of Underwriters in Primary Equity Markets.Journal of Financial Intermediation,11,61-86.
  20. Benveniste, Lawrence M.,Spindt, Paul A.(1989).How Investment Bankers Determine the Offer Price and Allocation of New Issues.Journal of Financial Economics,24,343-361.
  21. Benveniste, Lawrence M.,Wilhelm, William J.(1990).A Comparative Analysis of IPO Proceeds under Alternative Regulatory Environments.Journal of Financial Economics,28,173-207.
  22. Booth, James R.,Chua, Lena(1996).Ownership Dispersion, Costly Information, and IPO Underpricing.Journal of Financial Economics,41,291-310.
  23. Bradley, Daniel J.,Jordan, Bradford D.,Ritter, Jay R.(2003).TheQuiet Period Goes Out with A Bang.Journal of Finance,58,1-36.
  24. Bradley, Daniel J.,Jordan, Bradford D.,Ritter, Jay R.,Wolf, Jack G.(2004).The IPO Quiet Period Revisited.Journal of Investment Management,2,1-11.
  25. Bradley, Daniel J.,Jordan, Bradford D.,Yi, Ha-Chin,Roten, Ivan C.(2001).Venture Capital and IPO Lockup Expiration: An Empirical analysis.Journal of Financial Research,24,465-493.
  26. Chang, Hsiu-Hua,Chen, Anlin,Kao, Lanfeng,Wu, Chin-Shun(2014).IPO Price Discovery Efficiency under Alternative Regulatory Constraints: Taiwan, Hong Kong and the U.S..International Review of Economics and Finance,29,83-96.
  27. Chang, Kuo-Ping,Tang, Yu-Min(2007).Pricing Taiwan's Initial Public Offerings.Asia-Pacific Journal of Accounting and Economics,41,69-84.
  28. Chemmanur, Thomas J.(1993).The Pricing of Initial Public Offerings: A Dynamic Model with Information Production.Journal of Finance,48,285-304.
  29. Chen, Anlin(1999).The Long-run Performance of Initial Public Offerings with Changing Beta: A Rolling Regression Approach.Journal of Management,16,535-556.
  30. Chen, Anlin,Huang, Yu Ting Urania,Kao, Lanfeng,Lu, Cheng Shou(2009).Is Underwriter Retention of IPO Shares a Good Substitute for Underwriting Spreads?.Emerging Markets Finance and Trade,45,19-30.
  31. Chen, Anlin,Hung, Chen Chein,Wu, Chin-Shun(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,18,139-159.
  32. Chen, Anlin,Kao, Lanfeng(2006).The Benefit of Excluding Institutional Investors from Fixed-price IPO: Evidence from Taiwan.Emerging Markets Finance and Trade,42,5-24.
  33. Chen, Hsuan-Chi,Fok, Robert C. W.,Wang, Yu-Jen(2006).Why Do Underwriters Charge Low Underwriting Fees for Initial Public Offerings in Taiwan?.Journal of Business, Finance and Accounting,33,979-1005.
  34. Chen, Hsuan-Chi,Jhou, Cyuan-Jhan,Yeh, Hsiu-Chuan(2007).Signalling by Underwriter Retention Rate in the IPO Market.Applied Economics,39,1973-1983.
  35. Chen, Hsuan-Chi,Ritter, Jay R.(2000).The Seven Percent Solution.Journal of Finance,55,1105-1131.
  36. Chen, Hsuan-Chi,Shu, Pei-Gi,Chiang, Sue-Jane(2011).The Choice between Bookbuilding and Fixed-price Offering: Evidence from SEOs in Taiwan.Journal of International Financial Markets, Institutions and Money,21,28-48.
  37. Chen, Hsuan-Chi,Wu, Sheng-Ching(2015).Who Makes the Choice in IPO Underwriting Methods? Issuers vs. Underwriters.Financial Management,2015
  38. Cheng, Shuenn-Ren,Shiu, Cheng-Yi(2005).Examination the Longrun Performance of Taiwanese Initial Public Offerings.Information and Management Sciences,16,17-34.
  39. Chiang, Yao-Min,Hirshleifer, David,Qian, Yiming,Sherman, Ann E.(2011).Do Investors Learn from Experience? Evidence from Frequent IPO Investors.Review of Financial Studies,24,1560-1589.
  40. Chiang, Yao-Min,Qian, Yiming,Sherman, Ann E.(2010).Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed?.Review of Financial Studies,23,1200-1230.
  41. DeGeorge, Francois,Derrien, Francois,Womack, Kent L.(2007).Analyst Hype in IPOs: Explaining the Popularity of Bookbuilding.Review of Financial Studies,20,1021-1058.
  42. Derrien, Francois,Kesckés, Ambrus(2007).The Initial Public Offerings of Listed Firms.Journal of Finance,62,447-479.
  43. Derrien, Francois,Womack, Kent L.(2003).Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets.Review of Financial Studies,16,31-61.
  44. Eckbo, Espen(ed.)(2007).Handbook of Corporate Finance.Amsterdam:North Holland.
  45. Gao, Xiaohui,Ritter, Jay R.,Zhu, Zhongyan(2013).Where Have All the IPOs Gone?.Journal of Financial and Quantitative Analysis,48,1663-1692.
  46. Goldstein, Michael A.,Irvine, Paul,Puckett, Andy(2011).Purchasing IPOs with Commissions.Journal of Financial and Quantitative Analysis,46,1193-1225.
  47. Herring, R.(ed.),Bailey, M(ed.),Seki, Y.(ed.)(2013).Restructuring to Speed Economic Recovery.Washington:Brookings Institution Press.
  48. Hsu, Yenshan,Shiu, Cheng-Yi(2010).The Overconfidence of Investors in the Primary Market.Pacific-Basin Finance Journal,18,217-239.
  49. Huang, Chih-Jen,Lin, Chung-Gee(2007).Earnings Management in IPO Lockup and Insider Trading: Evidence from Taiwan.Emerging Markets Finance and Trade,43,78-91.
  50. Huang, Yen-Sheng(1999).The Price Behavior of Initial Public Offerings on the Taiwan Stock Exchange.Applied Financial Economics,9,201-208.
  51. Jagannathan, Ravi,Jirnyi, Andrei,Sherman, Ann G.(2014).Share Auctions of Initial Public Offerings: Global Evidence.Journal of Financial Intermediation,2014
  52. Jain, Bharat A.,Kini, Omesh(1994).The Post-issue Operating Performance of IPO Firms.Journal of Finance,49,1699-1726.
  53. Ku, Kuang-Ping(2003).A Reinvestigation of the Short-run and Long-run Performance Initial Public Offerings in Taiwan.Review of Securities and Futures Markets,15,1-40.
  54. Lee, Jen-Sin,Kuo, Chin-Tai,Yen, Pi-Hsia(2011).Market States and Initial Returns: Evidence from Taiwanese IPO.Emerging Markets Finance and Trade,47,6-20.
  55. Lewellen, Katharina(2006).Risk, Reputation, and IPO Price Support.Journal of Finance,61,613-653.
  56. Liao, Mei-Hua,Lin, Chien-Chih,Wang, Yinrou(2011).The Effects of Removing Price Limits: Evidence from Taiwan IPO Stocks.Emerging Markets Finance and Trade,47,40-52.
  57. Liao, Tsai-Ling,Yu, Min-Teh,Huang, Chih-Jen(2011).Independent Directors and the Long-run Performance of IPOs.Journal of Applied Finance and Banking,11,137-161.
  58. Lin, Chuang Yuang,Lee, Hung Ta,Lee, Chun Lin(2008).One More Step, Some More Performance? An Empirical Study on Initial Public Offerings in the Taiwan Emerging Stock Market.Emerging Markets Finance and Trade,44,6-18.
  59. Lin, Dennis K. J.,Kao, Lanfeng,Chen, Anlin(2010).Winner's Curse in Initial Public Offering Subscriptions with Investors' Withdrawal Options.Asia-Pacific Journal of Financial Studies,39,3-27.
  60. Lin, Ji-Chai,Lee, Yi-Tsung,Liu, Yu-Jane(2007).IPO Auctions and Private Information.Journal of Banking and Finance,31,1483-1500.
  61. Liu, Xiaoding,Ritter, Jay R.(2011).Local Underwriter Oligopolies and IPO Underpricing.Journal of Financial Economics,102,579-601.
  62. Liu, Yu-Jane,Wei, K. C. John,Liaw, Gwohorng(2001).On the Demand Elasticity of Initial Public Offerings: An Analysis of Discriminatory Auctions.International Review of Finance,2,151-178.
  63. Ljungqvist, Alexander P.,Jenkinson, Tim,Wilhelm, William J.(2003).Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors.Review of Financial Studies,16,63-99.
  64. Ljungqvist, Alexander P.,Nanda, Vikram,Singh, Ragdeep(2006).Hot Markets, Investor Sentiment, and IPO Pricing.Journal of Business,79,1667-1702.
  65. Logue, D. E.(ed.)(1998).Handbook of Modern Finance.Boston:Warren Gorham and Lamont Press.
  66. Loughran, Tim,Ritter, Jay R.(1995).The New Issue Puzzle.Journal of Finance,50,23-51.
  67. Loughran, Tim,Ritter, Jay R.(2000).Uniformly Least Powerful Tests of Market Efficiency.Journal of Financial Economics,55,361-389.
  68. Loughran, Tim,Ritter, Jay R.(2002).Why Don't Issuers Get Upset about Leaving Money on the Table in IPOs?.Review of Financial Studies,15,413-444.
  69. Loughran, Tim,Ritter, Jay R.(2004).Why Has IPO Underpricing Changed Over Time?.Financial Management,33,5-37.
  70. Lowry, Michelle,Officer, Micah S.,Schwert, G. William(2010).The Variability of IPO Initial Returns.Journal of Finance,65,425-465.
  71. Nimalendran, Mahendrarajah,Ritter, Jay R.,Zhang, Donghang(2007).Do Today's Trades Affect Tomorrow's IPO Allocation?.Journal of Financial Economics,84,87-109.
  72. Reuter, Jonathan(2006).Are IPO Allocations for Sale? Evidence from Mutual Funds.Journal of Finance,61,2289-2324.
  73. Ritter, Jay R.(2011).Equilibrium in the Initial Public Offerings Market.Annual Review of Financial Economics,3,347-374.
  74. Ritter, Jay R.(1984).The "Hot Issue" Market of 1980.Journal of Business,57,215-240.
  75. Ritter, Jay R.(1991).The Long-run Performance of Initial Public Offerings.Journal of Finance,46,3-27.
  76. Ritter, Jay R.,Welch, Ivo(2002).A Review of IPO Activity, Pricing, and Allocations.Journal of Finance,57,1795-1828.
  77. Rock, Kevin(1986).Why New Issues Are Underpriced.Journal of Financial Economics,15,187-212.
  78. Sherman, Ann E.(2000).IPOs and Long-Term Relationsh ps: An Aolvantage of Book Bailding.Review of Financial Studies,13,697-714.
  79. Sherman, Ann E.(2005).Global Trends in IPO Methods: Bookbuilding versus Auctions with Endogenous Entry.Journal of Financial Economics,78,615-649.
  80. Sherman, Ann E.(1992).The Pricing of Best Efforts New Issues.Journal of Finance,47,781-790.
  81. Sherman, Ann E.,Titman, Sheridan(2002).Building the IPO Order Book: Underpricing and Participation Limits with Costly Information.Journal of Financial Economics,65,3-29.
  82. Shu, Pei-Gi,Yeh, Yin-Hua,Su, Yu-Hui(2009).Decisions of Initial Public Offerings Review Committees: Causes and Consequences.Emerging Markets Finance and Trade,45,67-82.
  83. Teoh, Siew Hong,Wong, T. J.,Rao, Gita R.(1998).Are Accruals during Initial Public Offerings Opportunistic?.Review of Accounting Studies,3,175-208.
  84. Wilhelm, William J.(2005).Bookbuidling, Auctions, and the Future of the IPO Process.Journal of Applied Corporate Finance,17,55-66.
  85. Yeh, Yin-Hua,Shu, Pei-Gi,Guo, Re-Jin(2008).Ownership Structure and IPO Valuation: Evidence from Taiwan.Financial Management,37,141-161.
  86. 姜堯民、戴維芯(2007)。興櫃交易對初次上櫃績效的影響。證券櫃檯雙月刊，2007，17-32。
  87. 高蘭芬、陳安琳(2004)。台灣新上市股票存在承銷商安定操作行為嗎？─安定操作之直接衡量。證券市場發展季刊，16，53-96。
  88. 陳安琳、陳振遠、王恕(2002)。影響台灣新上市公司股票安定操作之因素。證券市場發展季刊，14，111-137。
  89. 陳軒基、葉秀娟、陳右超(2003)。承銷制度與折價幅度：台灣初次上市櫃股票之實證分析（1980-2000）。證券市場發展季刊，14，175-198。
被引用次数
  1. 林玟廷、李佳玲(2018)。成長策略與外部股東資金來源之關係：集團企業之調節效果。管理與系統，25(4)，571-602。
  2. 王朝仕(2018)。新上市公司股票申購需求是否取決於折扣多寡？。管理學報，35(1)，79-102。
  3. 謝存瑞,陳俞如,吳靜怡(2018)。企業國際化、區位選擇與IPO 折價。證券市場發展季刊，30(1)，81-119。
  4. (2023).Media Sentiment and IPO Pricing in Taiwan.財務金融學刊,31(4),1-43.
print cancel