股權結構與政商關係對IPO折價之影響

The Impact of Ownership Structure and Political Connections on IPO Underpricing

戚靜玟(Ching-Wen Chi) ； 鄭心怡(Hsin-Yi Cheng) ； 李馨蘋(Shin-Ping Lee) ； 張瑞晃(Jui-Huang Chang)

《管理與法遵》 1卷2期 (2016/07) Pp. 51-70

https://doi.org/10.6543/JMC.2016.0102.03

摘要

IPO折價一直是學者致力於研究的議題，然而，過去相關研究在探討IPO折價與政商關係或公司治理機制的實證研究相當稀少。因此，本研究主要目的在探討家族持股比率、經理人持股比率、法人持股比率及政商關係強度對公司IPO折價的影響。本研究以2006年至2013年間臺灣355家初次上市上櫃公司為研究樣本，進行迴歸實證分析。實證結果顯示，家族持股比率愈高，會降低IPO折價。此結果顯示臺灣企業大多為家族企業，家族股權占公司股份相當大的比率，當家族所有者為了自身利益與公司利益最大化，會盡力訂定較高的IPO價格。在政商關係方面，本研究發現政商關係強度愈強，會降低IPO折價。有鑑於中國儒家文化特別重視「關係」，所以公司若有較好的政商關係，較有利於與承銷商協議較高的IPO價格。另外，可能是因為臺灣經理人持股比率和法人持股比率較西方國家低，所以這兩個比率皆不具顯著性。

關鍵字

IPO折價 ； 股權結構 ； 政商關係

並列摘要

Initial public offering (IPO) underpricing has received considerable attention from both academics and practitioners in recent years, thus becomes one of the major research issues in financial accounting and management. However, prior literature has ignored the relationship between political connections or corporate governance mechanisms and IPO underpricing. Therefore, this study aims at investigating the impact of family ownership, institutional ownership, managerial ownership and political connections on company's IPO underpricing. Based on a sample of 355 Taiwanese initial publicly traded companies from 2006 to 2013, we find that family ownership is negatively related to the IPO underpricing. This shows that family owners hold a large ratio of firm shareholding, and they may set a higher IPO price for their own interests and the interests of company. In addition, we find that political connections is negatively related to the IPO underpricing. In view of Chinese culture, the Confucian emphasizes on ＂relationship.＂ If a company has the good political and business relations, it is more favorable for agreement on the higher IPO price with the underwriter. Moreover, both of managerial ownership and institutional ownership are not statistically significant, it may be because the ratios are lower in Taiwanese as compared to the western countries.

並列關鍵字

IPO Underpricing ； Ownership Structure ； Political Connections

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