台灣初次上市(櫃)股票承銷制度變革之探討

Study of Change in IPO Underwriting Methods in Taiwan

李芸蓁(Yun-Chen Lee)

指導教授 ： 姜堯民

國立臺灣大學/管理學院/財務金融學研究所/碩士(2017年)

https://doi.org/10.6342/NTU201703021

摘要

本文檢視我國歷年承銷配售方式之變革，並針對2016年推動優先採競價拍賣方式辦理初次上市(櫃)股票承銷提出相關議題進行分析與探討。此次變革使台灣資本市場呈現「防弊大於興利」之狀態，而不像過去變革時所大力推行之自由化與國際化。
本文針對此次變革以下列五個議題進行分析及討論。
一、以我國1996年至2016年初次上市(櫃)公司(不含F股與TDR)作為研究樣本，發現採競價拍賣者之折價顯著低於採詢價圈購者，驗證競價拍賣價格發現功能較強之論點。
二、詢價圈購弊端是此次承銷制度改革之主要原因，本文簡介兩件相關弊案並針對承銷商之角色進行評論。
三、因應此次變革，主管機關推動網路競價拍賣系統，本文針對該系統提出介面優化、使用者友善程度及教育投資人系統之運行方式給予主管機關建議。
四、此次變革後競價拍賣適用複數價格標，本文發現2016年採競價拍賣之公司，最高得標價與最低得標價之平均差異為14%，而海外公司來台上市採競價拍賣者之平均差異則高達64%。
五、主管機關縮短競價拍賣的作業時程，但採用詢價圈購之作業時程仍較短。針對募資金額高於新台幣四億元以上之企業，依據法規僅能適用競價拍賣進行承銷，使這些公司失去了過去能自由選擇承銷配售方式的權利。

關鍵字

初次上市櫃 ； 承銷制度 ； 競價拍賣 ； 詢價圈購 ； 公開申購配售

並列摘要

This study examines the change in underwriting methods of initial public offerings stocks in Taiwan with a focus on the recent reform in 2016 that auction is given first priority. This study argues that the reform in 2016 makes Taiwan capital market fall into a “fraud prevention prior to profit making” situation, and become not that free and international as before.
Five issues related to 2016 reform of underwriting methods below are discussed.
I. This study takes IPO companies from 1996 to 2016 in Taiwan as samples and finds that the underwriting of auction is significantly lower than that of book-building, which also verifies the argument of many researches that auction has a stronger ability in “price discovery”.
II. Since frauds in book-building are the main reason of 2016 reform, two related scandals are introduced and the role and responsibility of underwriters under book-building are discussed in this study.
III. In response to auction being given first priority in this reform, regulators developed an online auction system. This study recommends that the interface optimization, user friendliness and system instructions for investors should be improved.
IV. The multiple price auction will be applied after reform in 2016. This study has discovered companies that adopted auction for underwriting during 2016, the gap between the highest winner bid and the lowest winner bid is 14% on average, while for oversea companies that came IPO in Taiwan have the average gap up to 64%.
V. Regulators shortened the process of auction in this reform although book-building still takes a shorter proceeding time. For companies with fund raising over NT$400 million, underwriting can only be done by auction according to the new regulation. Companies have lost the right to choose underwriting methods after this reform.

並列關鍵字

initial public offerings ； underwriting methods ； auction ； book-building ； public subscription

參考文獻

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江淑貞、劉維琪、張玉山(2004)。公司初次上市之承銷方式、股權分配與監督機制。臺大管理論叢，15(2)，1-23。

姜堯民、戴維芯(2016)。台灣股票初次上市櫃相關研究文獻回顧。經濟論文叢刊，44(1)，77-125。

馬黛、胡德中(2003)。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。財務金融學刊，11(1)，1-40。

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