過額配售比例之決定因素－以台灣第一上市(櫃)公司為例

The Determinants of Overallotment Ratios － A Case Study of Foreign Issuer Listings

何宜家(Yi-Chia Ho)

指導教授 ： 李佩璇

國立中正大學/管理學院/財務金融學系/碩士(2014年)

摘要

2005年10月起，國內正式適用過額配售制度，並自2010年首家外國企業來台上市。本研究檢測國內與外國企業來台掛牌(第一上市櫃)之IPO案件的過額配售比例是否存在差異，以及造成過額配售比例差異之決定因素。本研究可幫助投資人了解過額配售機制及第一上市櫃企業。研究結果顯示：（1）上櫃市場中，國內與外國企業來台掛牌之預計過額配售比例存在差異，第一上櫃IPO案件之平均過額配售比例顯著高於國內企業；（2）上櫃市場中，過額配售比例與承銷規模存在U型而非單調的負向關係，但承銷規模與過額配售比例差異無關；（3）上櫃市場中，獲利能力與過額配售比例差異存在顯著正向關係，投資人對獲利能力較佳之第一上櫃IPO案件需求較高，促使承銷商採用高於國內企業之過額配售比例；（4）除了第一上櫃案件，IPO由聲譽較佳之承銷商辦理時，平均過額配售比例較高，但承銷商聲譽則與過額配售比例差異無關。

關鍵字

第一上市(櫃) ； 過額配售

並列摘要

The overallotment system has been applied in Taiwan since October 2005. In year 2010, Taiwan stock market welcomes its first foreign issuer. This research investigates the differences of the overallotment ratios between domestic and foreign issuers, and the determinants of the aforementioned differences. The research can be helpful to investors in understanding the overallotment mechanism and foreign issuer listings. The results indicate that there are differences of the overallotment ratios between domestic and foreign issuers listed at the OTC market. Foreign issuers’ overallotment ratios are significantly higher than domestic issuers’. Secondly, the overallotment ratio is a U-shaped function of the IPO issuing size, especially for IPOs at the OTC market. However, the differences the overallotment ratios are not related to issuing size. Furthermore, the differences of the overallotment ratios are positively related to the profitability of the issuer. The market demand on IPOs will be higher if the issuers have a better profitability, which causes underwriters to select a higher overallotment ratio, especially for foreign IPOs at the OTC market. In addition, except for the foreign issuer listing at the OTC market, the overallotment ratio on average is higher for those IPOs by the top-tier underwriters. Finally, the differences of the overallotment ratios are not related to underwriter reputation.

並列關鍵字

Foreign issuer ； Overallotment

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