新上市公司股票申購需求是否取決於折扣多寡？

Can the Offering Price Discount Affect the Subscription Demand for Initial Public Offerings?

10.6504/JMBR.201803_35(1).0004

王朝仕(Chao-Shi Wang)

新上市公司股票(IPO) ； 資訊不對稱 ； 折價 ； 折扣 ； 申購需求 ； initial public offerings (IPO) ； information asymmetry ； underpricing ； discounting ； subscription demand

管理學報

35卷1期（2018 / 03 / 01）

79 - 102

繁體中文;英文

受限於新上市公司股票(IPO)市場存在的嚴重資訊不對稱，一般投資人難以掌握IPO合理價值，導致折價衡量困難。反觀折扣，即IPO承銷價與上市前價格的差異，是任何投資人易於取得的客觀資訊。因此本研究以折扣為主軸，探討折扣與個別投資人申購需求的關係，並提出兩個檢測方向。首先，確認折扣是投資人擬定申購決策的關鍵考量因素，此令建立在折扣的相關討論富有意義。其次，檢測折扣的雙面刃效果，發現折扣與申購需求存在顯著正向關係，惟過高折扣會削弱申購需求。此外，本研究嘗試以配對公司股票價格做為IPO折價的衡量基礎，且加以控制公司財務狀況，結果顯示折價無法解釋申購需求。此頗能呼應本研究的主張，相對於存在衡量困擾的折價，投資人擬定申購決策倚重於容易觀測的折扣。

Severe information asymmetry in the market of initial public offerings (IPOs) renders it difficult for investors to determine the intrinsic value and underpricing of IPOs, thereby hindering transaction decision-making. However, the information on IPO discounts (i.e., the difference between a premarket price and the IPO price) is readily accessible to investors. Therefore, this study investigated the relationship between discounts and subscription demands by (1) determining whether discounting is a key factor in subscription decision-making and (2) examining the double-edged effects of discounting. The empirical findings suggest that moderate discounting strengthens subscription demand, whereas excessive discounting weakens it. Moreover, an analysis of IPO underpricing (based on the share price of the matching firm) reveals that even when interfirm differences in financial status are accounted for, underpricing does not explain subscription demand. In short, IPO discounts account more fully for subscription demand than do IPO underprices.

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