為什麼初次公開上市公司會選擇折價發行股票？本研究認為這是公司內部人為求個人財富極大化所的一種策略行為。當公司初次公開發行股票時，內部人有一定比例的股票必需受到集中保管。而內部人為了極大化自己的財富，則必需使集保結束後的股價達到最大。因為當初次公開發行公司折價發行，則在上市後蜜月期間股價持續攀升，將會引起報章媒體大勢報導，如此勢必引起更多投資人的注意，造成對該公司股票需求的增加，而拉高該公司的股價，達到極大化財富的目的。基於此，本研對折價發行、見報率及報酬率三者間的關連性做出驗證並得以下結果：發行公司的集保比例及公司成立年限和公司折價發行比率成正相關係，而持股比例並不影響折價率。而公司折價發行比率容易引起大眾注意，但以電子產業公開發行公司更易受矚目。隨報章報導的篇幅增加，連帶使得持有報酬率也一起提高。

Why are initial public offerings (IPOs) underpriced? We consider this is a strategy that insiders use to maximize their personal wealth. When a company offers shares in an initial public offering, insiders typically enter into a lock-up restriction which prohibits insiders from selling their shares within a specified period after the IPO. Insiders interested in maximizing their personal wealth will take actions to maximize the lock-up expiration share price rather than the offer price. When the IPOs underprice, the share price will go up during the honeymoon period. The large run-up in the stock price will attracts interest from the media. And the enhanced coverage brings the stock to the attention of more investors. Then the demand for the stock will increase and make the stock price go up. This allows the insiders to sell shares at the lock-up expiration at price higher than he would otherwise be able to obtain. This study examines the relationship among underpricing, coverage and return. We find that stock deposit and the age of a company are positively correlated with underpricing. The electronic-related companies are much more noticeable than underpricing to lead to more coverage. We also find that coverage is positively correlated with return through the lock-up expiration.

目錄
目錄………………………………………………………………………………… Ⅰ
圖表目錄…………………………………………………………………………… Ⅱ
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………………………………………………………2
第二章 文獻探討……………………………………………………………………4
第一節 承銷價低估之相關理論文獻…………………………………………4
第二節 國內外關於股票集中保管相關文獻……………………………… 17
第三章 研究方法………………………………………………………………… 21
第一節 研究假說…………………………………………………………… 21
第二節 樣本選取與資料來源……………………………………………… 22
第三節 研究變數定議……………………………………………………… 23
第四節 研究設計與實證模型……………………………………………… 26
第四章 實證結果分析…………………………………………………………… 28
第一節 IPOs基本統計資料分析…………………………………………… 28
第二節 實證結果與分析…………………………………………………… 32
第五章 結論與建議……………………………………………………………… 46
第一節 研究結論…………………………………………………………… 46
第二節 建議………………………………………………………………… 47
參考文獻…………………………………………………………………………… 49

圖表目錄
表2-1集保結束後市場績效實證結果分析……………………………………… 19
表4-1樣本公司基本特性概況表………………………………………………… 28
表4-2折價率與折價因子關係表………………………………………………… 29
表4-3折價率與上市六個月見報率關係表……………………………………… 30
表4-4各階段見報率統計表……………………………………………………… 31
表4-5-1折價率與解釋變數間的關係…………………………………………… 34
表4-5-2折價率與解釋變數間的關係…………………………………………… 34
表4-6見報率與解釋變數間關係………………………………………………… 36
表4-7上市後6個月股票績效與解釋變數間關係……………………………… 38
表4-8上市後24個月股票績效與解釋變數間關係………………………………40
表4-9上市後30個月股票績效與解釋變數間關係………………………………41
表4-10上市後36個月股票績效與解釋變數間關係………………………………42
表4-11上市後42個月股票績效與解釋變數間關係………………………………44
表4-12上市後48個月股票績效與解釋變數間關係………………………………45
圖1-1研究架構………………………………………………………………………3

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