新公開發行公司在上市上櫃的過程中，皆須經由承銷商輔導和推薦，但是國內針
對承銷商IPOs市場佔有率探討之相關文獻付之闕如。所以，本研究探討影響承銷商
IPOs市場佔有率之相關因子，可作為承銷商和發行公司在訂定發行價格時之參考，作
為承銷商欲改善承銷業務、增進市場佔有率之參考，也可作為發行公司於擇定主辦承
銷商時之一考量依據。樣本選取為80/1/1至89/12/31之間台灣初次上市上櫃股票，共
有475家公司，扣除金融相關類股及變數資料不全者，最終樣本有247家公司。

儘管發行價格對承銷商IPOs市場佔有率之影響不顯著，但仍然隱含當發行價格
定價過低、造成發行公司損失的程度愈大時，該承銷商可能喪失愈多承銷IPOs市場佔
有率；而當IPOs發行價格定價過高，造成一般投資人損失的程度對承銷商IPOs市場佔
有率影響不大。承銷商承銷之公司屬於電子產業對承銷商IPOs市場佔有率的影響呈負
相關不顯著，可能隱含台灣之承銷業務並不具有產業專門性，承銷商IPOs市場佔有率
並未因承銷電子產業公司而上升。IPOs股票年報酬率對承銷商IPOs市場佔有率的影響
呈不顯著正相關，可能隱含承銷IPOs股票長期報酬較佳之承銷商，吸引投資人向其購
買IPOs股票，該承銷商IPOs市場佔有率上升。「承銷商承銷時資產」及「承銷商承銷
時年齡」對承銷商IPOs市場佔有率的影響呈顯著正相關，代表「資產」及「年齡」愈
大之承銷商，相較於同業愈容易爭取到IPOs承銷業務，IPOs市場佔有率增加幅度也
較大。

Underwriter need to participate in the process of new issue
firms going public. Related reference about Taiwan's underwriter
IPOs market share haven't appear. In this study, we expect to find
out the relationship between Taiwan's underwriter IPOs market share
and some related factors. Then offer issuer, underwriter and investor
the conclusion as reference. The IPOs samples are selected during
the period 1991 through 2000 in Taiwan. There are 475 newly issued
firms in this period. We subtract some incomplete data samples and
bank samples.There are 247 IPOs samples in our regression model.

Although underwriter IPOs market share is less significantly
impacted by IPOs offer price , results imply that when offer price
is too low,this would damage issuer's benefit and lead to underwriter
IPOs market share decrease. When offer price is too high, this
would damage investor's benefit and just lightly lead to underwriter
IPOs market share decrease. Results show that there is no industry
specialization in Taiwan's underwriter industry. Although underwriter
IPOs market share is less significantly impacted by IPOs one year
performance,results imply that when underwriter market higher one year
return IPOs, this would attract more investors and lead to underwriter
IPOs market share increase.Results show that underwriter IPOs
market share is significantly impacted by nderwriter's asset
and age. The underwriter with larger asset and larger age gains more
IPOs market share.

論文目錄

第一章 緒論…………………………………………………………………………1

第一節 研究背景與動機……………………………………………………………1
第二節 研究目的……………………………………………………………………2
第三節 研究流程與架構……………………………………………………………3


第二章 文獻探討……………………………………………………………………6

第一節 IPOs股票之折價發行………………………………………………………6
一、承銷商和發行公司間的資訊不對稱……………………………………………6
二、投資人間資訊不對稱……………………………………………………………7
三、發行公司與投資人間資訊不對稱………………………………………………8
四、部份調整現象……………………………………………………………………10
第二節 承銷商IPOs市場佔有率……………………………………………………11
第三節 本章結論……………………………………………………………………13


第三章 研究方法……………………………………………………………………14

第一節 研究樣本……………………………………………………………………14
一、樣本選取…………………………………………………………………………14
二、資料來源…………………………………………………………………………14
第二節 研究方法……………………………………………………………………15
一、變數探討…………………………………………………………………………15
二、實證迴歸模式……………………………………………………………………21


第四章 實證結果……………………………………………………………………27

第一節 基本統計分析………………………………………………………………27
第二節 迴歸模式結果分析…………………………………………………………33
一、IPOs股票初始報酬與相關影響因素……………………………………………33
二、承銷商IPOs市場佔有率變化與相關影響因素…………………………………35


第五章 結論與建議…………………………………………………………………48

第一節 研究結論……………………………………………………………………48
一、影響IPOs初始報酬之相關因素…………………………………………………48
二、影響承銷商承銷IPOs市場佔有率變化之相關因素……………………………49
第二節 研究限制……………………………………………………………………50


參考文獻………………………………………………………………………………51
中文部分………………………………………………………………………………51
英文部分………………………………………………………………………………52

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