公開申購及詢價圈購配售為我國承銷商辦理IPO案件常用的配售方式,本研究使用分量迴歸觀察承銷商配售決策在不同機構投資人獲配比例下的變化情形,是否有影響程度不對稱的現象,並由資訊取得、承銷商關係、承銷商聲譽以及產業類別面向切入探討。研究結果顯示:平均而言台灣承銷商偏好散戶投資人,然而在機構投資人獲配比例較高與較低的案件中,承銷商的配售決策的影響因素存在不對稱的現象。資訊取得面向中,在機構投資人獲配比例較低的案件中,詢價圈購定價區間越大,機構投資人獲配比例越低;承銷商關係面向中,在機構投資人獲配比例較高的案件中,詢價圈購前大盤報酬越高,機構投資人獲配比例越高;承銷商聲譽面向中,在機構投資人獲配比例較高的案件中,承銷商聲譽越好,機構投資人獲配比例越高;產業類別面向中,在機構投資人獲配比例較高的案件中,第一上市電子業的案件,機構投資人獲配比例較高。
Public offering and bookbuilding has been the most common way for underwriters’ in Taiwan to allocate shares during the IPO process. This research investigates the influence asymmetry of determinations of bookbuilding allocation under different allocation ratio of institutional investors for IPOs in Taiwan. By using Quantile Regression method we are able to capture the full picture of the underwriters’ decision when allocating IPO shares through bookbuilding. The result indicates that underwriters prefer retail investors, however when allocation ratio of institutional investors’ were extremely higher or lower, we find that there is an influence asymmetry of determinations for underwriters in Taiwan allocates IPOs.