新上市股承銷方式的選擇

The Choice of Underwriting Contract in Initial Public Offerings

林象山(Timothy H. Lin) ； 許清華(Michael Sheu)

《中國財務學刊》 5卷1期 (1997/07) Pp. 19-41

https://doi.org/10.6545/JoFS.1997.5(1).2

摘要

本文旨在探討新上市公司對承銷方式的選擇是否與股東利益一致。理論上包銷的費用較高，以該方式承銷新股，發行公司可確保如數取得所欲籌措的資金。相反的，代銷費用應較少，但有承銷失敗無法取得資金，或取得資金少於預期規劃的潛在風險，權衡兩者利弊得失是發行公司重要理財決策之一。本文以241家初次上市於台灣證券交易所的股票為研究對象，衡量發行公司資金取得成本與承銷方式的關係。結果顯示使用代銷的發行公司其手續費及折價幅度均高於包銷，承銷費用則與承銷規模、承銷團大小及上市時股價指數具反向關係，主辦承銷商在代銷情況下的分銷比重較高，重要的是，在承銷商執照開放之後，承銷手續費明顯降低，並且有較高比率的發行公司對承銷方式的選擇與股東最大利益一致。

關鍵字

新上市股票 ； 包銷 ； 代銷 ； 承銷商

並列摘要

This paper examines the costs of initial public offerings under firm commitment and best effort contracts. This study investigates whether the decision of underwriting contract is consistent with shareholders' wealth maximization. This study uses 241 IPOs on the Taiwan Stock Exchange from 1986 to 1995. The paper finds that both underwriting expense and underpricing of best effort are higher than those of firm commitment. Underwriting expense is negatively related with the issue size, the number of underwriter in a syndication and stock index at the time of IPO. The average portion of new issues sold by the lead underwriter in best effort cases is higher than that in firm commitment cases. Importantly, after lifting the ban on underwriting license, underwriting expense was significantly reduced and a higher percentage of issuers choose the underwriting contract to be consistent with their shareholder's best interest.

並列關鍵字

Initial Public Offering ； Firm Commitment ； Best Effort ； Underwriter