臺灣博碩士論文加值系統

本文主要想探討的議題是在IPO之下，為何有些公司會選擇使用全數詢價圈購?為何有些公司卻想詢價圈購與公開申購搭配使用?這個問題與公司所希望的投資人結構息息相關，過去文獻上對於公司投資人結構的組成均認為與管理當局對控制權的考量有相當大的關係，覺得控制權受到威脅的管理當局會偏好分散的股權結構以降低外部大股東的監督。對於公司在投資人結構上的選擇，本文建構了一個Logit模型來找出使用全數詢圈的公司特性，除此之外，本文也進一步比較詢圈和公開申購在IPO折價以及IPO之後股票績效上的差異。
本文以法國Alternext之上市公司為研究對象，研究期間為Alternext創立2005年6月至2007年底。本文實證主要的發現為1.資訊不對稱的程度與公司績效是影響公司選擇全數詢圈或部分公開申購的主要原因。資訊不對稱程度越高且績效好的公司，會希望藉由全數詢圈來讓機構投資人發現其價值。但若單就公司績效來看，公司體質越好卻越傾向使用部分公開申購。2.若公司希望有長期穩定的投資人會較傾向使用全數詢圈的機制來選擇適合的投資人。3.全數詢圈的IPO真實折價遠高於部分公開申購，這樣的結果顯示，對公司而言雖然全數詢圈提供較大的彈性在投資人選擇上，但相對的其IPO成本較高。不支持Rock(1986)所提出之贏家魔咒，認為折價是為了補償資訊弱勢者的風險，在Alternext本文觀察到的是機構投資人有絕對較高的議價力，故全數詢圈折價較高。4.使用全數詢圈的公司IPO之後股票流動性較差，但其累積超額報酬較高，由此結果可推知在Alternext選擇全數詢圈的公司其主要的原因除了資訊不對稱與公司績效之外，最主要是希望能有相對長期穩定的投資人且因此市場上該公司的籌碼較少，較容易維持股價。
與台灣上櫃市場相比較，法國Alternext市場規模較小、股票週轉速度也較慢，在市場投資人結構上，Alternext約為三成散戶，七成機構投資人與台灣相反。若欲發展全數詢圈，市場上有足夠的機構投資人參與是相當重要的，若無足夠的機構投資人願意參與詢圈，則全數詢圈的機制失敗的可能性會提升，也會導致詢圈價格偏低，不具效率性。因此，整合本文研究發現與台灣現況，本文認為全數詢圈有其市場需求，但就目前台灣的市場投資人結構而言，並無法使全數詢圈的功能發揮到最大，因此，本文不建議在台灣開放使用全數詢圈機制。

In Alternext, companies could choose two different kinds of IPO mechanisms; one is Public Offer, and the other is Private Placement. In fact, Private Placement in Alternext means 100% book-building. This article focused on what kind of companies would intend to choose Private Placement other than Public Offer, and compared their IPO discounts and market performance with companies using another mechanism. Companies with low profitability and no family holding would prefer to use Private Placement. However, companies with highly information asymmetry and profitability would also choose Private Placement. From the view of post-IPO liquidity, we infer that companies that choose Private Placement may be due to their preference for long-term investors. Referring to IPO indirect cost, we found that companies choosing Private Placement pay higher IPO discount cost. However, their post-IPO cumulated abnormal returns (CAR) are higher than companies using Public Offering.

第1章 前言 1
第2章 文獻回顧與假說 5
第3章 Alternext市場概況 10
3.1.上市方式 12
3.2.IPO成長近況 14
3.3交易機制 19
第4章 實證研究 20
4.1樣本描述 20
4.2研究方法 36
4.3實證結果 41
4.4實證結果討論 48
第5章 結論與建議 50
參考資料、文獻 52
國外文獻 52
國內文獻 52

國外文獻
Allen, Faulhaber, 1989, "Signaling by Underpricing in the IPO Market," Journal of Financial Economics, Vol. 23 p.303-323.
Mello, Parsons, 1998. “Going public and the ownership structure of the firm”, Journal of Financial Economics, Vol. 49 p.79-109.
Biais, Faugeron-Crouzet, 1999,” IPO Auctions: English, Dutch, . . . French, and Internet”, Journal of Financial Intermediation, Vol. 11, p.9–36
Bernnan, Franks., 1995,” Underpricing, ownership and control in the initial public offering of equity securities in the U.K.”, Working paper
Chemmanur, Fulghieri, 1999, “A theory of the going-public decision”, Review of Financial Studies, Vol. 12 p.249-279.
Cornelli, Goldreich, 2001, “Bookbuilding and Strategic Allocation”, The Journal of Finance, Vol. LVI, No. 6, p.2337-2369.
Cronqvist, Nilsson, 2005, “The choice between rights offerings and private equity placements”, Journal of Financial Economics, Vol.78 p.375–407
Grullon, Kanatas, Weston, 2004, “Advertising, bredth of ownership, and liquidity”, The Review of Financial Studies, Vol. 17 p.439-461.
Jenkinson, Jones, 2002, “Bids and Allocations in European IPO Bookbuilding”, working paper.
Ljungqvist, Wilhelm, 2002, “IPO allocations: discriminatory or discretionary?”, Journal of Financial Economics, Vol. 65 p.167–201.
Ma, Tsai, 2001, “Are initial return and IPO discount the same thing? A comparison of direct public offerings and underwritten IPOs”, SSRN, working paper.
Ma, Hong, 1998, “The Issuer’s Decision of IPO Mechanism: Fixed Price versus Auction,” Unpublished manuscript
Michaely, Shaw, 1994, “The pricing of initial public offerings: tests of adverse-selection and signaling theories”, The Review of Financial Studies, Vol.7, No.2, p.279-319.
Rock, 1986, “Why new issues are underpriced?”, Journal of Financial Economics, Vol.15 p.187-212.
Stoughton, Zechner, 1998, “IPO-mechanisms, monitoring and ownership structure”, Journal of Financial Economics, Vol. 49 p.45-77

國內文獻
鄭舜仁，2004，探討影響股票流動性的因素－以時間數列橫斷面探討公司規模、股權結構與資訊不對稱，管理科學與統計決策。