本研究係以民國94年承銷制度改革為研究主軸,探討是否因承銷制度之變革,可消除長久以來存在於發行市場的不合理現象。因此,本研究目的主要係探討承銷新制的實施,是否對承銷價格低估幅度及發行市場之初始報酬有影響。 本文以91年至96年8月間,初次公開發行新股的承銷案件為研究樣本,以94年10月的承銷新制為分界點,針對新上市櫃的股票進行討論。本研究除探討承銷制度變革對承銷價格低估幅度與初始報酬之影響外,並且加入五項不同股權集中度之衡量指標及承銷新制特有之過額配售等相關變數來進行分析。經過可適用樣本的篩選後,全部樣本為89個IPO,91年至94年承銷新制前,共有38家上市櫃公司;94年至96年承銷新制後,共有51家上市櫃公司。利用樣本基本統計敘述性分析、複迴歸分析加入虛擬變數等計量分析工具,檢查樣本在承銷制度改革前、後的差異性及變化。 經過實證得到結果如下: 一、承銷新制無法改善初次上市櫃股票承銷價格低估之現象,反而導致價格低估幅度更惡 化。 二、因初始報酬之形成主要原因為承銷價格低估,故承銷新制無法改善初次上市櫃股票之 初始報酬現象,反而使初始報酬更加擴大。 三、無論於承銷舊制或承銷新制制度下,股權集中度對承銷價格之訂定均無影響力。 整體看來,承銷新制無法達到政府所預期的目標,顯示了承銷新制在內容與作法上,仍有相當大的檢討及改進空間。
The objective of this research is to test whether the new underwriting system (NUS)can effectively eliminate the IPOs insufficient competency during the honeymoon period. Thus, this study, particularly considering the degree of stock concentration and specific allotment scheme, intends to examine if there exist the effects on the degree of underpricing and initial rate of return for IPOs market applied to the transition of underwriting system. I employ the sample consisted of 89 firms in TSEC and OTC market during the 2002–2007 period. First, sample firms are classified into two groups, 38 firms under OUS and 51 firms under NUS, by the exercise of new underpricing system. Using descriptive statistics and multi-regression, the empirical results shows below: 1、The new underwriting system can not improve the phenomena of underpricing for IPOs market; instead, the transition of underwriting makes the degree of underpricing much severer. 2、The initial rate of return presents more obvious under the new system. 3、The degree of stock concentration makes no impact on the underpricing for IPOs in the new underwriting as well as old underwriting system. Conclusively speaking, the new underwriting system can not reach the original expect, indicating that there is much room to keep the underwriting system more effective and efficient.