承銷價格訂價下限對投資報酬率影響之研究

The Influence of the Requirement of the Floor IPO Underpricing to Return on Investment

10.30163/BR.201209.0001

王耀華(Yao-Hua Wang)

承銷價格 ； 承銷制度 ； 投資報酬率 ； IPO Underpricing ； Underwriting Regulation ； Return on Investment

文大商管學報

17卷2期（2012 / 09 / 01）

1 - 20

繁體中文

本文研究中華民國證券商業同業公會增訂承銷價格下限之限制後，對外國來台第一上市（櫃）公司IPO上市（櫃）股價股東投資報酬率之影響。實證結果發現此制度實施後，曾在興櫃市場交易的新掛牌外國公司其市場參與者之投資報酬率顯著低於未曾於興櫃市場交易的外國公司。結論建議理想的承銷價格訂定應回歸國際主要證券市場的趨勢與作法，藉由承銷商專業評估IPO訂價；另建議詢價圈購之配售方式得同時輔以競價拍賣方式，藉著競價拍賣的競標價格高低，依序決定得標者認購數量，餘則採詢圈配售方式處理，以降低全數採詢圈配售方式可能衍生的配售弊端風險。

This study surveys the influence of the floor underpricing regulated by TSA to ROI of foreign companies which are primary listed on Taiwan capital market. The result we find is that the ROI of these most companies ever listed in emerging stock market is apparently lower than the companies not listed in emerging market. We suggest that the reasonable underpricing should be evaluated by related profession and come up with international capital market trend. Additionally, we also suggest that the execution of book building should be carried out with auction to allocate the subscription following the orderly auction price, and the rest the only book building adapted so that it can effectively diminish the underpricing fraud.

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