承銷配售機制之決定及其對IPO折價之影響：競價拍賣、詢價圈購與公開申購

The Determination of Underwriting Mechanisms and It's Impact on IPO Discount: Auction, Bookbuilding and Fixed Price

馬黛(Tai Ma) ； 胡德中(Te-Chung Hu)

《財務金融學刊》 11卷1期 (2003/04) Pp. 1-40

https://doi.org/10.6545/JFS.2003.11(1).1

摘要

本文試圖以一個較為完位的面貌來呈現發行公司承銷機制選擇的決策依據。現存的國內外文獻太多將研究焦點集中在初次公開發行（IPO）折價原因的討論上，但對於發行公司如何決定其承銷配售方式的研究，卻是鳳毛麟角。本文除了推演出競價拍賣的理論模型，藉以分析承銷機制選擇對IPO折價的影響外，更進一步檢視Ma and Hong（1998）所未考慮到的流動性、不確定性等因素。實證結果顯示，競拍與詢圈的折價較公開申購低；股票流動性大，所屬產業景氣佳，或是不確定性較低的公司，傾向於選擇競拍或詢圈。此外，我們也發現資訊不對稱高且績效佳的公司，傾向選擇競拍，支持Ma and Hong的論點。

關鍵字

承銷機制 ； 公開申購 ； 競價拍賣 ； 詢價圈購 ； 資訊不對稱 ； IPO折價

並列摘要

In this study we attempt to provide a more complete analysis on the issuer's decision of underwriting mechanisms among auction, bookbuilding and fixed price methods. There are a plethora of studies on the reasons for IPO discount; however. little has been done regarding a more important question. namely, how does the issuing firm choose among different underwriting mechanisms? We develop a model to analyze the determination of underwriting mechanisms. In addition. we also take into consideration factors such as liquidity. uncertainty and competitiveness not accounted for in Ma and Hong (1988). Our empirical study shows that the IPO discounts of auction and bookbuilding are lower than that of fixed price method. In addition. we find that firms with higher stock liquidity. bullish industry outlook and lower industry uncertainty tend to choose auction or bookbuilding. Our test supports Ma and Hong'S viewpoint that the firms with higher degree of information asymmctry and better performance. tend to choose auction rather than fixed price method.

並列關鍵字

underwriting mechanism ； auction ； bookbuilding ； fixcd pricc ； information asymmcty ； IPO discount

參考文獻

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