新股發行價格乃是發行公司與承銷商共同議定，但是最終發行價格往往呈現偏低訂價的現象。加上我國股市有漲跌幅限制，造成上市(櫃)公司掛牌後，有長達數日的蜜月期。自民國九十四年起我國強制新股承銷，其中最引人注目的就是，法令廢除慣用已久的定價公式，兼採詢價圈購與公開申購，以實踐發現價格的功能。我們取樣承銷新制後的IPOs樣本，探討市場資訊對IPOs初始報酬的影響及表現。

本研究有三個發現，一是興、上櫃公司發行新股掛牌上櫃、上市時，該股在詢價圈購前的最後一個交易日的成交均價水準，可做為研判新股掛牌的初始報酬表現。當該股成交均價愈高，新股掛牌的初始報酬愈高。二是，承銷商為保護商譽規避風險，寧願低估新股價格，以降低承銷新指所帶來的風險。三是，詢價圈購區間價格之中位價愈向下偏離現貨價格愈大，IPOs初始報酬反彈向上愈大。

Offering price is set by public company and underwriter, but the price always is underpriced. There is a restricted price fluctuation in Taiwanese stock market, which causes price of initial public offering doesn’t response real marker situation in short run. New securities laws and regulations requests underwriter set an appropriate offering price to meet the real situation of supply and demand in market since 2005. Competent authority cancels offering price formula and rules that new stocks are offered by public subscription and book building. We take IPO samples since 2005, to research performance between public information and initial return.

The conclusions of this study are presented as follows:
1.The emerging stock company becomes over-the-counter (OTC) company or the OTC company becomes listed company by initial public offering, which average transaction price of last transaction date in market is a good estimator that can predict initial return performance of IPO. The higher average transaction price of last transaction date in market, the more initial return.
2.New securities laws and regulations requests underwriter set an appropriate offering price to meet the real situation of supply and demand in market. The underwater has an incentive to set a lower offering price to avoid law risks.
3.The median of book building price range is smaller than market price, the higher closing price of first listed transaction date.

目錄 -------------------------------------------------------------------------------------- 1
表次 -------------------------------------------------------------------------------------- 3
圖次 -------------------------------------------------------------------------------------- 3
中文摘要 ----------------------------------------------------------------------------- 4
英文摘要 ------------------------------------------------------------------------------ 5
第一 章緒論 -------------------------------------------------------------------------- 6
第一 節研究動機 ----------------------------------------------------------------- 6
第二 節研究目的 ----------------------------------------------------------------- 7
第三 節研究內容與架構 -------------------------------------------------------- 8
第二 章文獻探討 --------------------------------------------------------------------- 10
第一節 發行新股票的定義 ------------------------------------------------------ 10
第二節 初次公開發行股票之偏低定價 --------------------------------------- 11
第三節 IPO 折價理論延伸應用於SEO -------------------------------------- 15
第三章 台灣承銷商與承銷配售制度的演變 ------------------------------------ 16
第一節 承銷商之營運 ------------------------------------------------------------ 16
第二節 台灣承銷配售制度 ------------------------------------------------------ 18
第三節 台灣承銷配售制度之演變 --------------------------------------------- 20
第四節 老股承銷與強制新股承銷 --------------------------------------------- 24
第四章 研究樣本與方法 ------------------------------------------------------------31
第一節 研究樣本 ------------------------------------------------------------------31
第二節 研究方法 ------------------------------------------------------------------ 33
第五章 實證結果 --------------------------------------------------------------------- 39
第一節 基本敘述統計分析 ------------------------------------------------------ 40
第二節 迴歸模型結果分析 ------------------------------------------------------ 40
第六章 結論與建議 ---------------------------------------------------------------- 45
第一節 研究結論 ---------------------------------------------------------------- 46
第二節 研究限制 ---------------------------------------------------------------- 47
參考文獻 ----------------------------------------------------------------------------- 47
附錄一 樣本公司 ----------------------------------------------------------------- 51

一、中文部份

1. 江建政，「新上市股票承銷價故意低估與期初異常報酬之研究」，朝陽大學財務金融研究所碩士論文，1997。
2. 林士哲，「影響承銷商IPOs市場佔有率相關因子之研究」，國立中山大學企業管理研究所碩士論文，2003。
3. 施光訓、蔡明春、陸仲華，「IPO議價因素之探討---承銷商觀點」，會計與公司治理，卷2，第二期，79-108，2005。
4. 耿一馨，「興櫃股票市場制度介紹」，證券暨期貨管理，卷19，28-36，2001。
5. 陳安琳、李文智、林宗源，「新上市公司股票之發行折價—代理成本與公司控制之研究」，中國財務學刊，卷6，1-23，1999。
6. 陳怡靜，「興櫃市場交易機制與成本分析」，國立中山大學財務管理研究所碩士論文，2003。
7. 章志銘，「初次上櫃股票掛牌首五日取消漲跌幅新制介紹」，證券櫃檯101期，33-37，2004。
8. 黃蘭霙，「我國證券承銷制度的演進與沿革」，證券暨期貨月刊，第二十二卷，第五期，4-16，2004。
9. 黃蘭霙，「承銷新制對資本市場的影響」，證券暨期貨月刊，第二十三卷，第六期，4-13，2005。
10. 楊明杰，「上櫃制度簡介」，證券櫃檯103期，18-21，2005。
11. 楊明杰，「承銷新制簡介」，證券櫃檯102期，18-21，2004。
12. 楊明杰，「第1家適用承銷新制首五日無漲跌幅限制之新上櫃公司---大億科技」證券櫃檯114期，4-5，2005。
13. 劉玉珍、葉淑玲、簡淑芬、季秀，「建構我國未上市（櫃）股票交易制度之研究」，證券市場發展季刊，卷13，1-14，2002。
14. 鍾雅芳，「新上市折價程度、公司財務績效與上市後流動性」，輔仁大學管理學研究所，未出版碩士論文，2004。


二、英文部份

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4. Benveniste, L.M., Spindt, P.A., 1989. “How Investment Bankers Determine the Offer Price and Allocation of New Issues”. Journal of Financial Economics 24, 343–361.
5. Booth, J. R., and L. Chua, 1996. "Ownership Dispersion, Costly Information and IPO Underpricing”, Journal of Financial Economics, 41, 291-310.
6. Booth, James, and Richard Smith, 1986, Capital raising, underwriting, and the certification hypothesis, Journal of Financial Economics, 15, 261-281.
7. Carter, R. and S. Manaster, 1990, “Initial Public Offerings and Underwriter Reputation,” Journal of finance, 45, 1045-1067.
8. Carter, R. B., 1992, “Underwriter Reputation and Repetitive Public Offerings”, The Journal of Financial Research,15, 341-354.
9. Chen, A., 1997, “A survey on IPO related theories and evidence”, Journal of Management, 14, 403-436.
10. Corwin, S. A., 2003, “The Determinants of Underpricing for Seasoned Equity Offers,” The Journal of Finance, 58, 2249-2279.
11. Grinblatt, M., and C. Y. Hwang, 1989, “Signaling and the Pricing of New Issues”, Journal of Finance, 44, 393-420.
12. Hanley, K. W. 1993. “The underpricing of Initial Public Offerings and the partial adjustment phenomenon”. Journal of Financial Economics, 34, 231-250.
13. Ibbotson, R. G., J. L. Sindelar, and J. R. Ritter, 1988. Initial Public Offerings, Journal of Applied Corporate Finance, 1, 37-45.
14. Ibbotson, R.G., 1975. ”Price Performance of Common Stock New Issues”, journal of Financial Economics, 2, 235-272.
15. Loderer, C. F., Dennis P. S., and G. B. Kadlec, 1991, “The Pricing of Equity Offerings,” Journal of Financial Economics, 29, 35-57.
16. Megginson, W., and K. Weiss, 1991, Venture capitalist certification in initial public offerings, Journal of Finance, 46, 879-903.
17. Muscarella, C. J. and M. R. Vetsuypens, 1989, "A Simple Test of Baron’s Model of IPO Underpricing", Journal of Financial Economics, 313-331.
18. Ritter, R. J.,1991, “The long-run performance of initial public offerings”, Journal of Finance, 46, 3-27.
19. Rock, K., 1986. “Why New Issues are Underpriced”, Journal of Financial Economics, 15, 187-212.
20. Welch,I., 1989. "Seasoned Offerings, Imitation Cost, and the Underpricing of Initial Public Offerings",Journal of Fincance, 44, 421-449.