本研究以民國八十四年八月到民國八十八年五月之間的初次上櫃公司資料為研究對象，試圖指出新上櫃公司利用比較高的承銷價格以吸引機構投資人，而以較低的承銷價格吸引一般的投資人。由於高承銷價格的股票其週轉率較高，顯示機構投資人購買高承銷價格股票；而低承銷價格股票之所以會吸引一般投資大眾，乃是因為其提供了較高的初次上櫃折價。同時發現當上櫃後公司吸引到越多的機構投資人擁有其股票，則公司股票的累積超額報酬越高，顯示其經營績效越佳。

This investigation is based on the data of the IPO on the OTC market in Taiwan for 1995 to 1999. We demonstrated that firms would use higher offering price to attract institutional investors, and lower offering price to attract small investors. Higher offering price abstracts institutional investors because of higher turnover rate of the IPO stocks. Lower offering price would attract small investors because of higher degree of IPO underpricing. We also show that the firms attracted more institutional investors` ownership would have higher performance.

第一章 緒論 3
第一節 研究背景與動機 3
第二節 研究目的 4
第三節 研究範圍 5
第四節 論文內容與研究流程 5
第二章 文獻探討 8
第一節 價格高低所隱含的經濟意涵 8
第二節 初次公開發行（IPO）的研究 10
第三節 公司股權結構之研究 16
第四節 討論 19
第三章 研究方法 21
第一節 研究假說 21
第二節 變數定義 25
第三節 研究樣本與對象 30
第四節 資料分析方法 31
第四章 實證結果分析 32
第一節 基本變數分析 32
第二節 實證結果分析 35
第三節 討論 49
第五章 結論與建議 51
第一節 研究結論 51
第二節 研究限制 53
第三節 研究建議 54
參考文獻 56
一、中文部份 56
二、英文部分 56
附錄一 樣本公司 60

一、中文部份
1. 呂建樺，「證券承銷配售方式之選擇」，中山財管所未出版之碩士論文，民87年6月。
2. 林宗源，「從代理問題與公司控制的角度來探討新上市公司股票股價的折價程度」，中山企研所未出版之碩士論文，民87年6月。
3. 翁霓、劉維琪和陳隆祺，「投資績效分析：低股價效果極小股本效果之實證研究」，管理科學學報，第12卷第3期，民國84年11月，335-359。
4. 陳國忠，「世界主要證券市場企業申請上櫃流程記上櫃審查制度之比較與研究」，財團法人中華民國證券櫃檯買賣中心，民85年2月。
5. 蔡千群，「初次公開上巿發行之研究－公股與民股之比較」，中山財管所未出版之碩士論文，民83年6月。

二、英文部分
6. Affarwal, R., and P. Rivoli, 1990. “Fads in the Initial Public Offering Market？” Financial Management, winter, 45-56.
7. Afflect-Graves, J., Hegde, S. H., Miller R. E., and F. K. Reilly, 1993.”The Effect of the Trading System on the Underpricing of Initial Public Offerings,” Financial Management spring, 99-109.
8. Allen, F., and G. R. Faulhaber, 1989. “Signalling by Underpricing in the IPO Market,” Journal of Financial Economics, 23, 303-323.
9. Baron, D. P., 1982. “A Model of the Demand for Investment Banking Advising and Distribution,” Journal of Finance, 37, 955-976.
10. Beatty, R. P., 1989. “Auditor Reputation and the Pricing of Initial Public Offerings,” the Accounting Review, 64, 693-709.
11. Benveniste, L.M., and P. A. Spindt, 1989. “How Investment Bankers Determine the Offer Price and Allocatin of New Issues,” Journal of Financial Economics 24, 213-232.
12. Booth, J. R., and L. Chua, 1996. “Ownership Dispersion, Costly Information and IPO Underpricing,” Journal of Financial Economics 41, 291-310.
13. Bushee, B. J., 1998. “The Influence of Institutional Investors on Myopic R&D Investment Behavior,” The Accounting Review 73, 305-333.
14. Brennan, M. J., and J. Franks, 1997. “Underpricing, Ownership and Control in Initial Offerings of Securities in the UK,” Journal of Financial Economics 45,391-413.
15. Carter, R., and S. Manaster, 1990, “Initial Public Offerings and Underwriter Reputation,” Journal of Finance, 00, 1-10.
16. Chalk, A., and J. Peavy, 1987. “Initial Public Offerings, Daily Returns, offering types and the price effect,” Financial Analysts Journal 43,65-69.
17. Clarkson, P. M., and R. Thompson, 1990.”Empirical Estimates of Beta when Investors Face Estimation Risk,” Journal of Finance 45, 431-453.
18. Dimson, E., and P. Marsh, 1986. “Event Study Methodologies and the Size Effect,” Journal of Financial Economics 17, 113-142.
19. Fama, E. F., and K. R. French, 1992. “The Cross-section of Expected Stock Returns,” Journal of Finance 47, 427-465.
20. Falkenstein, E. G., 1996. “Preference for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings,” Journal of Finance 51, 111-135.
21. Fernando, C. S., Krishnamurthy, S., and P. A. Spindt, 1999. “Offer Price, Target Ownership Structure and IPO Performance,” working paper, Wharton Financial Institutions Center.
22. Gompers, P.A., and A. Metrick, 1998. “Institutional Investors and Equity Prices,” NBER working paper #6723.
23. Ibboston, R. G., 1975. “Price Performance of Common Stock New Issues,” Journal of Financial Economics, 2, 235-272.
24. Jensen, M. C., and W. H. Meckling, 1976. “Theory of the Firm：Managerial Behaviour, Agency Costs and the Ownership Structure,” Journal of Financial Economics, 3, 305-360.
25. Leland, H., and D. Pyle, 1977. “Informational Asymmetries, Financial Structure and Financial Intermediation,” Journal of Finance, 32, 371-387.
26. Menon, K., and D. D. Williams, 1991. “Auditor Credibility and Initial Public Offerings,” The Accounting Review 66. 313-332.
27. Michaely, R., and W. H. Rhaw, 1994. ”The Pricing of Initial Public Offerings: Tests of Adverse Selection and Signaling Theories,” Review of Financial Studies 7, 279-319.
28. Porta, R. L., Lopez-De-Silanes, F., and A. Shleifer, 1999. “Corporate Ownership Around the World,” Journal of Finance, 471-515.
29. Pound, J., 1988. “Proxy Contests and the Efficiency of Shareholder Oversight,” Journal of Financial Economics 20, 237-265.
30. Reinganum, M. R., 1981. ”Misspecification of Capital Asset Pricing: Empirical Anomalies Based on Earnings’ Yield and Market Values,” Journal of Financial Economics 9, 19-46.
31. Ritter, J. R., 1991. “The Long-Run Performance of Initial Public Offerings,” Journal of Finance, 46, 3-27.
32. Rock, K., 1986. “Why New Issues are Underpriced,” Journal of Financial Economics, 15, 187-212.
33. Rund, J. S., 1993. “Underwriter Price Support and the IPO Underpricing Puzzle,” Journal of Financial Economics 34, 135-151
34. Seguin, P., and M. Smoller, 1997. “Share Price and Mortality: An Empirical Evaluation of Newly Listed NASDAQ Stocks,” Journal of Financial Economics 45, 333-364.
35. Stoughton, N., and J. Zechner, 1998. ‘IPO Mechanisms, Monitoring and Ownership Structure,” Journal of Financial Economics 49, 45-77.
36. Tinic, S. M., 1988. “Anatomy of Initial Public Offerings of Common Stock,” Journal of Finance, 43, 789-822.
37. Tseng K. C., 1998. “Low Price, Price-earnings Ratio, Market Value, and Abnornal Stock Returns,” The Financial Review 23, 333-343.
38. Welch, I., 1989. “Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings,” Journal of Finance, 44, 421-449.