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| Title: | 承銷制度對承銷價訂定暨短期報酬之探討 |
| Authors: | 羅胤麒
Lo, Ying-Chi |
| Contributors: | 戚務君
羅胤麒
Lo, Ying-Chi |
| Keywords: | 競價拍賣
承銷價
折價
auctions
underwriting price
underpricing |
| Date: | 2019 |
| Issue Date: | 2019-08-07 15:53:57 (UTC+8) |
| Abstract: | 本研究旨在探討競價拍賣與公司承銷價訂定之關聯性。本研究以2013至2018年度於台灣資本市場初次上市櫃之公司作為研究對象進行分析。以開盤日異常報酬率、承銷溢價報酬率作為異常報酬率的代理變數，以承銷價淨值比、市價淨值比作為承銷折溢價的代理變數。實證結果發現，承銷制度與異常報酬率無關，但競價拍賣制度與承銷價淨值比、市價淨值比呈顯著負相關，顯示競價拍賣制度下的折價幅度較高，可能受到法規競價價格限制的影響，並且不支持過去學者認為競價拍賣具備價格發現之功能。本研究推測我國此次競價改革目的為除弊大於興利，係因在新制度下，可避免承銷商賺取異常資本利得、配售以圖利特定人士疑慮、違法退佣問題。本研究建議後續之學者可透過制度之變化分析承銷商收入模式之改變對承銷價暨資本市場之報酬之影響。
The purpose of this study is to explore the correlation between the competitive auction and the offering price of the securities. In this study we analyze IPO companies in the Taiwan Capital Market from 2013 to 2018. We take the abnormal rate of return on the first trading day and the underwriting premium rate as the proxy variable of the abnormal rate of return, Also, The offering price to book ratio and price to book ratio are used as the proxy variable of the offering price discount (premium) rate. The empirical results show no significant relationship between the underwriting system and the abnormal rate of return, while the competitive auction has a significantly negative correlation with the offering price to book ratio and price to book ratio. This indicates that the underpricing in the competitive auction system is relatively high probably affected by the regulatory restriction of auction price. Furthermore, it does not support the conclusions of many researches that competitive auction has a stronger ability in “price discovery” This study argues that the underwriting system reform in Taiwan implies the priority of fraud prevention overweighing the benefit. This is because under the competitive auction system, the problems such as abnormal capital gains taken by the underwriters, illegal gain allocated to specific persons, and illegal rebate can be avoided. Therefore, this study suggests that forth coming researchers can analyze the impact of changes in the underwriting system on offering price and return of capital market. |
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| Description: | 碩士
國立政治大學
會計學系
106353029 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0106353029 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900346 |
| Appears in Collections: | [會計學系] 學位論文
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