過去討論IPO折價的文獻中，雖然對於IPO折價之解釋會有不同的假設與論點，但對於IPO折價定義卻是一致的，即折價是初期上市價與承銷價間的差距。究其定義，折價幅度取決於初期上市價與承銷價兩項因素，因此折價發生的原因就不外乎為承銷價定價偏低或發行初期投資人之錯誤評價，且兩項因素可能同時存在。由此Ma（1999）乃將傳統的折價幅度（即初期報酬）再區分為因公司承
銷訂價相對真實價格偏低所造成的「真實折價」以及上市後投資人的「市場反應」兩個部份，表示構成初期報酬的除了訂價偏誤外，還包括市價偏誤；且模式中「真實折價」才能真正代表承銷價之「價值低估」幅度。
本研究以1990至2001年之台灣663個台灣新上市上櫃公司為研究對象，使用EBO評價模式與市場比較法評估其真實價值，然後以真實折價的觀點重新檢視台灣IPO市場現象。其中較重要的發現為：1. IPO承銷價有系統性地被高估的現象；2. 無論使用哪一種評價模式評價，皆呈現低E o P P / 投資組合其初期報酬為最低，而高E o P P / 投資組合其初期報酬反而最高的結果，此一現象顯示承銷價相對高估之IPO其初期報酬反而較高，此等與基於訊號假說等理論之傳統折價模型的預測結果大相逕庭；3. 本研究同時使用IPO上市上櫃後各年超常報酬與長期買進持有超常報酬兩種方式衡量IPO上市上櫃後五年期間的長期超常報酬，結果顯示不管使用那一種評價模式評價IPO，或選擇何種指標估計正常報酬，低E o P P / IPOs之長期買進持有超額報酬率高於低E o P P / IPOs之長期買進持有超額報酬率；6. 影響IPO真實折價因素，顯著者有：上市櫃、承銷方式、電子業與市場景氣。7. 關於更換承銷商因素之Logistic 迴歸分析結果顯示，只有承銷商聲譽與在釋股期間兩變數具有顯著性。

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第一章 續論………………………………………………….1
第二章 文獻探討…………………………………………….7
2.1 企業評價模式理論與證…………………………………7
2.1.1 企業評價簡介…………………………………………7
2.1.2 EBO評價模式…………………………………………10
2.1.3 市場比較法………………………………………….18
2.1.4 評價模式有效性實證研究………………………….20
2.2 IPO折價因素探討………………………………………25
2.2.1 資訊不對稱………………………………………….26
2.2.2 承銷配售機制……………………………………….31
2.2.3 公司特質…………………………………………….37
2.2.4 市場因素…………………………………………….40
第三章 樣本資料與IPO評價方法………………………….44
3.1 樣本篩選及資料來源………………………………….44
3.2 使用EBO評價模式估計IPO真實價值………………….51
3.3 使用市場比較法估計IPO真實價值……………………55
3.3.1 選擇同產業對照公司…………………………………55
3.3.2 使用對照公司價格乘數估計IPO價值………………57
第四章 實證分析與結果…………………………………..59
4.1 IPO評價結果……………………………………………59
4.1.1 敘述統計.……………………………………………59
4.1.2 評價是否忽略了成長貼水？.………………………67
4.1.3 IPOs是否風險較低.…………………………………68
4.2 IPO評價與後市報酬率………………………………..70
4.2.1 初期報酬………….…………………………………70
4.2.2 長期報酬.……………………………………………75
4.3 IPO評價與事後績效表現……………………………..80
4.4 影響真實折價因素之迴歸模型分析………………….82
4.5 結合展望理論與真實折價模型探討承銷商更換因素.88
參考文獻………………………………………………………99

一、IPO相關文獻
(一)中文部分
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4. 馬黛、胡德中，由承銷價低估、市價高估與股權結構觀點分析最適釋股策略與IPO 折價，經濟論文，民國九十三年，第三十二卷第一期。
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(二)英文部分
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二、企業評價模式相關文獻
(一)中文部分
1.郭敏華，1999。企業分析與評價，華泰文化事業，民國八十八年二月。
2.吳文清，2001，財務報表分析理論運用與解釋，台灣西書出版社，民國九十年一月。
3.吳啟銘，2001，企業評價--個案實證分析、智勝文化出版社、台北市。
4.金成隆、楊昌田及林憶樺，2000，如何以EBO評價模式衡量股票的真正價值，會計研究月刊第173期，八十九年四月。
5.顏信輝，2000，財務報表新要素：綜合淨利之報導與解析，會計研究月刊第176期，八十九年七月。
6.劉德明、熊嫦玲，2003，企業評價模型有效性之實證研究，證券櫃檯月刊第84期，九十二年六月。
7.盧麗安，民國85年6月，財務務基本分析與台灣股價表現，國立中山大學財務管理研究所碩士論文。
8.張健民，台灣上市公司企業價值與現金流量法之實證研究：以八十一年新上市公司為例，國立成功大學會計學研究所未出版碩士論文，民國86年6月。
9.陳奉珊，企業評價模型有效性之實證研究，國立政治大學財務管理學系未出版碩士論文，民國87年6月。
10.張凱智，民國89年6 月，新上市公司股票現金流量評價模型實證研究，國立成功大學會計研究所碩士論文。
11.高誌謙，民國90年5月，台灣新上市公司承銷價格與公司價值之研究－Ohlson 模式之應用，中原大學會計系碩士學位論文。

(二)英文部分
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Damodaran, Aswath, 2002,Investment Valuation, John Wiley & Sons, Inc
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Shreives, Ronald E. and John M. Wachowicz,JR., 2001, Free Cash Flow (FCF), Economic Value Added(EVA),and Net Present Value (NPV)：A Reconciliation of Variation of Discounted- cash –flow(DCF) Valuation, The Engineering Economist ,vol46,p33-51.
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