本研究探討承銷商針對國內及國外IPO案件(第一上市櫃)執行穩定價格購回強度是否存在差異,以及承銷商穩定價格購回行為對國內及國外IPO案件之護盤效果是否有差異。研究結果顯示承銷商對發行風險較高及國外IPO案件愈積極執行穩定價格購回。而當IPO後市價格跌破承銷價時,承銷商護盤價格愈接近承銷價,穩定新股價格之效果愈佳,尤其是針對國外企業較佳。當新股續跌情況發生時,每日累積購回強度將增加,承銷商若持續於安定操作期間執行穩定價格購回,將發揮穩定價格之效果;倘若操作對象為國外企業,則較國內企業能彰顯穩定價格成效。整體而言,承銷商於掛牌首五日執行穩定價格購回之行為,除了充分發揮降低投資人與發行公司資訊不對稱之情事及減少投資損失之外,亦協助投資人建立投資決策,以利增加投資人之信心。
This study investigates the difference of the determinants of short covering intensity between domestic and foreign IPOs. It also examines the effect of price stabilization by underwriter short covering activities among the aforementioned two groups. The result indicates that the intensity of short covering tends to be stronger in foreign IPOs than in domestic ones. Furthermore, the higher the offering risk of an IPO, the stronger its intensity of short covering. In addition, during the first five-trading days of listing, the closer the purchasing price to the offering price, the more effective the price stabilization, especially for foreign IPO cases. Overall, the higher cumulative intensity of short covering using on the foreign IPOs, the more effective will be during the stabilization periods. Therefore, underwriters’ short covering activities are helpful in price support. It not only provides the confidence to the investors for making the decent investment decisions, but also helps to reducing investment loss and the degree of facing information asymmetry.
為了持續優化網站功能與使用者體驗,本網站將Cookies分析技術用於網站營運、分析和個人化服務之目的。
若您繼續瀏覽本網站,即表示您同意本網站使用Cookies。