自2008年7月起,政府放寬外國企業來台上市資格及籌資限制,金管會宣布開放國外企業來台第一、第二上市(櫃),政府開放海外企業來台掛牌募資,提供海外企業更多籌資管道選擇機會,吸引海外資金回流。 本論文以2009-2011年台灣證券交易所14家第一上市公司股票為樣本,檢視台第一上市股票溢價幅度的變化情形。探討第一上市股票(1)詢價圈購下股價是否迅速調整至內升價值(均衡價格)。(2) 金管會新承銷制度中,取消上市後首5個交易日,承銷價是否調整至內升價值(均衡價格)。(3)詢價圈購台灣第一上市股票跌破承銷價之可能性。 由於承銷價為發行公司與承銷商議定,議定承銷價時必須同時兼顧滿足發行公司募集資金需求及承銷商能否順利銷售股票,以承銷商、發行公司與投資者三方面的立場,承銷價之合理定價需要透過政府規定改革實施,以訂定合理承銷價,提升我國資本市場競爭力。
To encourage foreign companies to list in Taiwan on the Taiwan Stock Exchange (TSEC) or GreTai Securities Market (Over The Counter, OTC), the "1-2-3 Project for Exchange Listings by foreign Firms." was passed in May 2008, allowing foreign firms to directly list their shares in TSEC or OTC. Book building has dominated the primary market in terms of pricing and allocation in stock market. We’ve investigate the underpricing Primary Stock Listed in Taiwan from 2009 to 2011. There are 14 foreign companies of primary stock listed in Taiwan during the period of 2009 to 2011 and taking the new underwriting system. This study intends to explore the influence of implement new underwriting system into practice in March, 2005 and book building on offer price, underpricing, returns and fluctuations from primary stocks listed in Taiwan. After implement new underwriting system and book building the volume of issuing companies are increasing but the odd ratio are lower than before.