影響訂定承銷價格因素與最終議定承銷價格之關係–兼論承銷價格調整基礎之中介效果

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Title:	影響訂定承銷價格因素與最終議定承銷價格之關係–兼論承銷價格調整基礎之中介效果 The Relationship between Factors affecting IPO Pricing and Final Underwriting Pricing and the Intervening Effect
Authors:	王耀華 Wang, Yao-Hua
Contributors:	國際企業管理學系
Keywords:	承銷價格承銷商承銷制度 underwriting price underwriter underwriting system
Date:	2013-05
Issue Date:	2013-10-08 14:05:47 (UTC+8)
Abstract:	隨著資本市場的活絡以及整體市場對金融服務的需求提高，我國法令規定也大幅開放國內外廠商在國內外募集資金的管道，從而擴大了整個國內資本市場的規模與加快與國際化接軌的腳步，同時也突顯出證券市場的重要性。本研究主要探討影響訂定承銷價格因素與最終議定承銷價格之關係，以及承銷價格調整基礎對其關係的中介效果。研究方法採用普查方式，針對99年至101年9月之上市(櫃)公司所公告之資訊，逐筆蒐集本研究所需有效資料總計144家公司。另外採問卷調查法，蒐集目前實務界先進對現行承銷新制制度下之主要考量要點。發出問卷110份，回收90份，均為有效問卷。研究結果發現：(1)影響訂定承銷價格因素之財務資訊面與發行條件面對最終議定承銷價格具有顯著影響；(2)影響訂定承銷價格因素對本益比法價格、現金流量折現法價格與興櫃價格具有正向影響；(3)承銷價格調整基礎對最終議定承銷價格均具正向關係；(4) 承銷價格調整基礎之本益比法價格與興櫃價格對影響訂定承銷價格因素與最終議定承銷價格具有中介效果。(5)問卷調查結果得知IPOs公司對於影響訂定承銷價格因素主要考量之前3項因素依序為：整體股市本益比趨勢、EPS、大股東持股率。 Growth of the capital market, and the need for financial service have lead Taiwan government to delegated same restriction on the channels for raising capital from both domestic and abroad. In the meantime, it highlights the importance of stock market relationship of the factors affecting underpricing and the final underpricing price and the adjusted underwriting price mechanism as intervening variables are discussed. Secondary data information published by each IPO companies is used in this research. It stretches out from year 2010 to Sep. 2012, and covers 144 sets of data. Meanwhile, anonymous survey of randomly selected CFO in these companies is also made to collect the required data on the key consideration in new underwriting mechanism. Of the 110 questionnaires distributed, 90 were returned and all are valid samples. Empirical findings indicated that: (1) the scope of financial and issue condition of the underwriting factor are significant related to the final negotiated underwriting price; (2) the underwriting factor positively affects the P/E ratio, discounted cash flow, and emerging stock price methods; (3) the adjusted underwriting price mechanism positively affects the final underwriting price; (4) P/E ratio and emerging stock price cause the intervening effect to the relationship of the underwriting factor, and the resolved underwriting price; (5) the top three items considered by the CFO of IPO companies are the aggregated stock market P/E ratio, EPS, the stock holding rate by the main stock holder, company size, and underwriting size.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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