本文為探討2014年1月1日起,中華民國宣布F股,及外國公司來臺初次發行股票籌資,其證券面額不再受限為十元,而改成彈性面額制。接著2015年1月1日起在台灣初次公開發行公司 (Initial public offerings)全面取消固定面額制,那麼面額的改變是否會影響投資人的申購需求,這是本文想要探討的重點。而本文只要是依據S.Cem Bahadir,Jade S.Dekinder&Ajay K.Kohil(2015)‘’Marketing an IPO issuer in early stages of the IPO process 。‘’Journal of Academy of Marketing Science,p14-311此篇文章是研究成功的IPO行銷是取決於對早期投資人,例如承銷商(Underwriters),基石投資者和機構投資者並運用線索使用理論(Cue Utilization Theory)分析承銷商的聲譽和承銷價的價差受何種因素影響,而在初級市場中面額的改變是否會影響其投資人是本文研究的重點。除了台灣之外,目前美國,德國,香港……等國皆採彈性面額制度。而由於台灣申購制度一半的申購額度為公開申購,探討投資人申購需求的方法,本文依據王朝仕(2015)評估交易導向的模型使用中籤率衡量初次公開發行,區分投資人交易導向的模型,並且利用羅吉斯分配(Logistic Regression Model)區分在第一天股票公開發行後投資人交易導向,是否受申購需求影響。並且將申購需求趨分為兩類,共建立四組交易導向分為申購需求主導類和其他消息主導類,交易導向共四組分別為積極申購導向組、消極申購導向組、好消息導向組、壞消息導向組,研究結果顯示股票面額制度的改變對消費者交易導向並無影響。
On January 1st, 2014 the government announced that the par value of F-shares would no longer be restricted to ten dollars, adopting a Flexible Denomination System instead. This paper examines the impact of the regulatory change on the transaction orientation of IPO investors. Bahadir, et al. (2015) used Cue Utilization Theory to hypothesize contrasting uses of cues by underwriters and institutional investors. An empirical examination of IPOs identifies cues that can reduce problems of IPO underpricing. To examine investor overreactions to subscription results, 232 companies that went IPO in the years from 2012 to 2016 are selected. Logistic Regression Models are used to assess the transaction-oriented framework of IPOs and identify the intervening effects that subscription results have on investment decisions after first-day openings.