IPO議價因素之探討－發行者觀點

Bargain Factors for the IPO Price-Issuers' Perspectives

10.6736/JPSR.200709_4(2).0003

施光訓(Kuang-Hsun Shih)；傅蕾靜(Lei-Ching Fu)

初次公開發行 ； IPO折價 ； 層級分析法 ； Initial Public Offerings IPO ； Under-pricing of IPO ； Analytic Hierarchy Process AHP

績效與策略研究

4卷2期（2007 / 09 / 01）

43 - 55

繁體中文

台灣自傳達等案後近來再傳出明基、力霸等企業治理醜聞，導致各界莫不關心股票上市（櫃）審查與管理問題，其中IPO的承銷價格更攸關資本市場資源能否妥善配置。目前台灣IPO承銷價格由發行公司與承銷商參酌相關因素決定，但因無有效的評估準則與權重依據，常導致股票價格與市場價格有差距而引起質疑；因此合理的計價模式對所有參與IPO發行者而言是相當重要的研究議題。 至今國內外學者雖提出許多解釋IPO折價理論，卻鮮少探討那些因素會產生重大影響，因此本文整理相關文獻，籍由訪談具IPO議價經驗的財務長或管理者，透過AHP分析IPO股票議價因素權重。研究發現IPO股票價格主要受「公開發行制度」、「創業投資機構與法人持股」、「承銷制度規範」、「內部持股與公司治理」、「財務績效」五項因素影響，其中「制度面」佔了二項，所以政府機構應加強立法以增加投資人信心；另公司應讓創業投資機構及法人多參與IPO發行，使公司股票價值提高，且公司若要增加IPO股票議價力量應加強內部持股、公司治理與財務管理的完善。

Since 2004, it had happened alike Procomp cases in Taiwan, it also continued to cause the corporate governance scandals, for example the BenQ and Rebar, etc. It resulted from that everyone does care about the problems which are management and offering price decision of IPO and SPO. Moreover, examining system of stock entering the market, among offering price decision of IPO is more important to distribute the resources of capital market well. Recently, underwriting price of IPO decides on issuing company and underwriter deliberate related synthetic factors. But owing to there are not effective estimating standards and weighing bases, it often results in differences between stock price and market price, more than after going public, it is suspected that the price soars or declines falsely. Therefore it is an important studying issue for all participating IPO issuers to have reasonable evaluation models. So far the domestic and international scholars have pointed out a lot of explanations about IPO under-pricing theories, but few conferred which factors would cause great influence. As a result, the study arranges related references by interviewing CFOs or CEOs of IPO with price bargain experiences, and analyzing IPO price bargain factors weights by AHP. We find that the stock price of IPO is influenced mainly by: ”public issue system”, ”venture capitalist and juristic person”, ”underwriting system”, ”internal shareholding and corporate governance”, ”financial performance”. Among ”the system part” had two factors, so the government should strengthen lawmaking to increase investors confidences. Besides, the company should let venture capitalists and juristic persons participate more in IPO public issues to improve company's value. And if the company would like to increase the strength of price bargain, it should strengthen internal shareholding, corporate governance and perfect financial management.

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