台灣承銷費率的決定因素

The Determinants of Underwriting Fees in Taiwan

蔡孟軒(Meng-Hsuan Tsai)

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(2016年)

摘要

我國IPO實務自2005年起取消承銷商自行認購部分股數之規定，並提高承銷商收取手續費率之上限，目的在加強承銷商定價的專業功能與自律機制。本研究之主要目的為從需求面、風險面與其他面向來探討影響承銷費率的決定因素。研究結果發現: (1)在風險面，承銷費率與發行公司的資產規模存在U型而非單調負向關係，獲利愈佳公司的承銷費率較低，以科技事業名義申請掛牌之公司的承銷費率較低。(2)在需求面，掛牌前市場景氣佳時的承銷費率較低。(3)其他因素面：在台灣市場中，預計過額配售比例及承銷商聲譽與承銷費率沒有關係。(4)控制變數面：外國公司的承銷費率較高，其中又以外國上櫃公司的變動幅度更大，詢圈均價與承銷費率之間呈現顯著負相關，圈購處理費與承銷費率呈現顯著負相關。

關鍵字

發行成本 ； 承銷商報酬 ； 承銷費率 ； 差異化

並列摘要

Since 2005, in order to enhance underwriters’ professional capabilities and self-regulatory mechanisms, Taiwan IPO market canceled the rule that underwriter should subscribe some IPO shares before the company go public and increased the minimum level of underwriting fee rate. The purpose of this thesis is to discuss the determinants of underwriting fees from the risk, demand, and other sides. The results indicate that: (1) Risk variables: the relationship between underwriting fee rate and firm asset is U shaped rather negative. The company with good profit can have lower underwriting fee rate. The underwriter charge the company going public in the name of technology lower underwriting fee rate. (2) Demand variables: when the market is good, the issuer will pay lower underwriting fee rate. (3) Other variables: the overallotment system and underwriters’ reputation have no influence on underwriting fee rate. (4) Control variables: Foreign company will be charged higher underwriting fee rate compared to domestic company, and specifically, for those going public over the counter. The relationship between offer price and underwriting fee rate is negative. Bookbuilding fees have negative explanatory power on underwriting fee rate.

並列關鍵字

Flotation cost ； Underwriter return ； Underwriting fee ； Differentiation

參考文獻

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