- 學位論文
台灣承銷費率的決定因素：分量迴歸分析法
The Determinants of Underwriting Fees in Taiwan:Application of Quantile Regression
摘要
承銷費率為承銷商與IPO公司的議價過程提供一參考依據，本研究使用分量迴歸觀察承銷商收費模式在不同承銷費率案件下決定因素的變化情形，並將決定因素區分為風險面、需求面、報酬抵換面向與其他面向來探討影響承銷費率的決定因素。研究結果顯示:(1)在風險面，獲利並非決定承銷費率的主要因素，承銷費率與發行公司的資產規模存在負向關係，然而在不同承銷費率的案件中，資產規模對承銷費率的影響並無顯著差異。(2)在需求面，市場景氣與承銷費率沒有關係。(3)報酬抵換面向：在承銷費率比較高的案件中，圈購手續費愈高，承銷費率愈低。(4)其他因素面向：比較高承銷費率的案件中，詢圈均價越低，承銷費率越高。在比較高的承銷費率案件下，預計過額配售比率愈高，承銷費率越低：聲譽較佳的承銷商與承銷費率的議定沒有關係。
並列摘要
Underwriting fee rate provides a reference for the pricing service between underwriter and issuing firms. By using Quantile Regression method, we are able to capture the full picture of the underwriters’ charge decision when negotiating underwriting fee. The purpose of this thesis is to discuss the determinants of underwriting fees from the risk, demand, underwriter’s return tradeoff and other sides. The results indicate that: (1) Risk variables: the company profit has no influence on underwriting fee rate. The firm asset can have lower underwriting fee rate. However, when underwriting fee rate were extremely higher or lower, firm asset has no significantly differential impact on underwriting fee rate. (2) Demand variables: the market condition has no influence on underwriting fee rate. (3) Underwriter’s return tradeoff variables: when underwriting fee rate was extremely higher, Bookbuilding fee have negative explanatory power on underwriting fee rate. (4) Other variables: when underwriting fee rate was extremely higher, higher offer price and higher overallotment options can have lower underwriting fee rate. Underwriters with higher reputation have no influence on underwriting fee rate.