本研究探討台灣IPO市場承銷商執行穩定價格購回強度之決定因素,並檢測IPO案件於掛牌首五日承銷商穩定價格購回操作之效果。研究結果顯示發行風險較高、市場需求較低及於市場空頭時期掛牌之IPO案件,較需要承銷商執行穩定價格購回。承銷商聲譽越佳,執行穩定價格購回之行為越積極。當IPO案件之市場價格跌破承銷價時,承銷商護盤價格越接近承銷價格,穩定IPO案件股票價格之效果越佳;當股票價格大幅跌破承銷價時,承銷商每日累積穩定價格購回強度將增加,承銷商穩定價格操作將於短期間發揮穩定價格之效果。整體而言,承銷商於掛牌首五日執行穩定價格購回之行為將發揮穩定價格之功能,降低投資人之損失,以增加投資人投資IPO股票之信心,國內施行「IPO案件價格穩定措施」對於穩定IPO市場具有實質貢獻。
This article investigates the determinants related to intensity of short covering and the effect of stock price by underwriter short covering behavior. The results presented in this paper show that the factors of underwriter using short covering, including low market demand, high offering risk and the IPOs issues listed in times of bear markets to prevent stock price decline below offer price. The short covering intensity of IPOs is strongly correlated with more reputable underwriters. If the IPO trading price of underwriter is closer to the offering price, the more effective of underwriter to support stock price. If the IPOs trading price is below the offering price more, the more cumulative intensity of short covering. Generally, underwriter short covering activities are propping up the IPOs price in short terms and provide the confidence to market investor, by reducing investment loss, and support the issue by trying to keep the price from falling. Therefore, underwriter play an important role in stabilizing IPOs market price, and the short covering system has a substantial contribution to the stock market