閉鎖期及閉鎖期類型對首次公開發行折價之影響

The Effect of Lockup and Lockup Type on IPO Underpricing

林晏如(Yen-Ju Lin)

指導教授 ： 陳坤志

國立臺灣大學/管理學院/會計學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201801031

摘要

本研究探討首次公開發行市場常見的折價現象，該現象是否受公司與承銷商間協議之閉鎖期影響。據文獻指出，首日公開發行折價與閉鎖期長度呈正相關，但卻未曾將閉鎖期本身是否存在連結至首日公開發行折價，亦未曾測試閉鎖期分類對首日公開發行折價之影響。因此，本研究主要探討公司在首次公開發行時，閉鎖期及閉鎖期類型是否影響首日折價幅度。
本研究結果發現，閉鎖期之存在與否並不影響首日折價幅度，原因為高達99%的樣本均具有閉鎖期，因此在市場中投資人未能藉此區分公司品質並給予對應的反應。而在閉鎖期類型中，當出售股東受閉鎖期限制時，首日折價幅度隨之提升6.56%。

關鍵字

首次公開發行首日折價 ； 閉鎖期 ； 閉鎖期類型 ； 資訊不對稱 ； 出售股東

並列摘要

The objective of the research is to investigate whether the various types of lock-up agreement between underwriter and the issuing company will affect the IPO underpricing. Empirical results show the existence of lockup in general have no influence on IPO underpricing. It is because up to 99% IPO companies have lock-up agreement thus make it a weak signal. As for the lockup type, if the IPO comes with lock-up agreement with selling shareholder, the IPO underpricing increase 6.56%.

並列關鍵字

IPO underpricing ； Lock-up agreement ； Lockup type ； Information asymmetry ； Selling shareholder

參考文獻

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