The Valuation of Stocks Issued with Conditional Contingent Rights-The Case of China Steel Corporation

附面額認股權承銷方式股票之評價－以中鋼為例

許溪南(Hsi-Nan Hsu) ； 洪仁杰(Rern-Jay Hung)

《Asia Pacific Management Review》 2卷1期 (1997/05) Pp. 33-44

https://doi.org/10.6126/APMR.1997.2.1.03

摘要

本文目的旨在利用遠期合約及選擇權的觀念，來探討附面額認股權承銷方式股票之評價及其一般化模式。附面額認股權承銷方式是為鼓勵承購人長期持有，而給予承購人在持有其所承購之股票一段期間（通常為一年）後，得以面額（或特定價格）再承購特定比例股票的一種特殊承銷方式。本文並以中鋼公司第六次官股釋出案為例，以所建構之評價模式分別計算特定人（洽商部份）、一般投資人（中籤人）及員工等三種不同承銷條件下之理論承銷價格。結果發現三種不同承銷條件下，計算出來之理論價格分別為25.8元，28.3元，及30.5元，均遠高於此次承銷價格21.4元，因此我們認為此次之承銷價格似有偏低的現象。

關鍵字

附面額認股權承銷方式 ； 遠期合約 ； 選擇權

並列摘要

This paper employs the concepts of forward contract and options to investigate the valuation framework for stocks issued with Conditional Contingent Rights (CCRs). The issuing of stocks with CCRs is a particular flotation type (instead of innovative security) that gives the buyers the rights to buy another fractional shares at par (or at a specified price) of their original shares purchased if the buyers hold their original shares for a period of time (generally a year). This paper also applies the valuation models to the Sixth Release of State-Owned China Steel common stocks under the three different issuing terms for the block buyers, the public, and the employees of China Steel Corporation. The results show that the theoretical offering prices under three kinds of issuing terms are NT$ 25.8, NT$ 28.3 , and NT$ 30.5, respectively. All of three theoretical offering prices are far above the actual offering price, NT$ 21.4. So we conclude that the offering price was undervalued.

並列關鍵字

Stocks Issued with Conditional Contingent Rights (CCRs) ； Forward Contracts ； Options