為何台灣的競價拍賣逐漸式微於初次上市市場？

Why Taiwanese Auctions Fail in IPOs?

江淑貞(Sue-Jane Chiang) ； 吳桂燕(Kuei-Yen Wu)

《臺大管理論叢》 23卷2期 (2013/06) Pp. 29-64

https://doi.org/10.6226/NTURM2013.SEP.R10059

摘要

競價拍賣自1995年引進台灣股市以來，2003年只剩1家公司採用，儘管許多文獻都認為競價拍賣的價格發現功能最佳，為何實務上卻不受青睞？本文從價格發現的角度，探討台灣的競價拍賣逐漸式微的原因。實證結果顯示：相較於「全數公開申購」，台灣的競價拍賣雖具有價格發現功能，但卻有落後的情形，即在「部分競拍、部分公開申購」下，透過競拍所獲得的市場訊息因受限於「承銷價上限」之規定，無法反應在承銷價的訂定，反而是遞延到上市後導致過度反應。由本文結果推論：在台灣的競價拍賣制度下，遞延的價格發現功能，可能是競價拍賣式微的重要原因。

關鍵字

初次上市 ； 承銷方式 ； 價格發現

並列摘要

From the viewpoint of price discovery, we analyzed the reason why the Taiwanese auctions decreased to only one case in 2003 since the IPOs were first allowed to use the hybrid auctions in 1995. The empirical results showed that there was no price discovery in the fixed priced offer method, but the price discovery delayed until aftermarket because there is price ceiling in the hybrid auctions. That is, the aftermarket overreaction was due to the fact that the market information from Taiwanese auction bids did not react in setting the offer price. The results suggested that the delay in price discovery was the reason why Taiwanese auctions vanished in IPOs.

並列關鍵字

IPO ； underwriting method ； price discovery

參考文獻

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