承銷商信譽對新上市股票之影響

Investment Banker Reputation and New Equity Offerings

林象山(Timothy H. Lin)

《中國財務學刊》 3卷1期 (1995/07) Pp. 119-143

https://doi.org/10.6545/JoFS.1995.3(1).6

摘要

由於投資大眾對新上市公司資訊取得處於劣勢，理性的投資者祇願意用較低的價格購買新發行的股票。新上市公司也因資訊不足，使得其股票上市後震盪激烈。這種因資訊不足所引起的問題，讓企業無法以合經價位發行股票，導致資金取得成本提高，也使新上市股票充滿投機特性。本文旨在探討承銷商的信譽能否扮演發行公司與投資者間的橋樑，克服資訊不對稱的問題，提高承銷價格，降低折價幅度，減少股票上市後的投機性。本文的實證結果顯示，雖然承銷商信譽與承銷價並沒有直接的關係，其信譽卻可以減低折價幅度。另一方面，由較有信譽券商所承銷的上市公司，上市後短期內的股價變動，顯著的較為穩定，迫轉率也較低。這樣的結論與擔保理論所引中的意義相契合。

並列摘要

The information asymmetry can raise the effective cost of capital in the equity market. To reduce the cost, issuing firms are required to hire the reputation from a credible third-party. This paper argues the reputation of underwriters can serve as an effective bond to certify an issuer's value as long as the present value of the reputational quasi-rents exceeds one-time wealth transfer from cheating. Empirical evidence from initial public offerings in the Taiwan Stock Exchange is consistent with the argument. New equities underwritten by more reputable investment banks experience lower underpricing, stock volatility and turnover after going public.