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研究生:康雅潔
研究生(外文):Kang, Ya-Chieh
論文名稱:興櫃對競價拍賣機制之影響
論文名稱(外文):The Impact of Emerging Market on Auction Mechanism
指導教授:江淑貞江淑貞引用關係
指導教授(外文):Chiang, Sue-Jane
口試委員:許培基江淑玲
口試委員(外文):Hsu, Pei-Gichiang, Sue-Ling
口試日期:2017-05-19
學位類別:碩士
校院名稱:輔仁大學
系所名稱:企業管理學系管理學碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:67
中文關鍵詞:承銷價收盤價競價拍賣散戶搭便車初始報酬
外文關鍵詞:Underwriting PriceClosing PriceCompetitive AuctionRetailFree-RideInitial Remuneration
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本研究的目的是探討競價拍賣新制對IPO市場的影響,首先將整理國內外IPO發行採競價拍賣方式有關的文獻,以作為本研究發展理論架構的基礎。接著對IPO發行採競價拍賣方式進行調查,經由實證研究結果及多元迴歸模型分析、歸納整理,比較登錄興櫃之差異,希望能夠瞭解競價拍賣新制對IPO市場的影響因素,找出競價拍賣新制對投資人報酬的影響。最後,將彙整調查分析結果,提出競價拍賣新制對IPO市場的影響如下:
一、發行公司有登錄興櫃,個人投資人參與競價拍賣意願提高,個人投標參與率增加。
二、競價拍賣新制下,個人投資人參與競價拍賣意願提高,以致初始報酬降低。
三、發行公司登錄興櫃,承銷商訂定的底價更貼近市場價格,使得價格調整幅度降低。

The purpose of this study is to explore the impact of new competitive auction regulations on IPO market. Firstly, it will collate the reference list of domestic and foreign IPOs related to use auction methods, which will serve as the basis for the development of the theoretical framework. Then, the author will investigate the investigation IPOs use auction methods, through empirical research results and multiple regression model analysis, induction and finishing, comparison of whether there are difference between boarding at emerging stock market. In order to understand the impact factors of new competitive auction regulations on IPO market, to find out the impact of new competitive auction regulations on investor compensation. Finally, we will collect and analyze the results of the survey, the proposed the impact of new competitive auction regulations on IPO market as follows:
1. The company boarding at emerging stock market can provide retail investors reference price to encourage more retail investors to participate in the competitive auction, it will lead to an increase in the participation rate of individual tenders.
2. The implementation of new competitive auction regulations on IPO market, to reduce the success rate of public subscription, retail investors to participate in the competitive auction increased, the successful bid price is closer to the listing price, the initial remuneration to lower.
3. The company boarding at emerging stock market can reduce the information asymmetry, the underwriters set the upset price closer to the market price, making the price range adjustment to reduce.

目錄
第壹章緒論 .......................................................................................................... 1
第一節 研究背景和動機 .............................................................................. 1
第二節 研究目的 .......................................................................................... 4
第三節 研究範圍 .......................................................................................... 4
第四節 研究流程 .......................................................................................... 5
第貳章文獻探討 .................................................................................................. 6
第一節 我國承銷制度及競價拍賣歷史與沿革 .......................................... 6
第二節 各國競價拍賣制度 .......................................................................... 9
第三節 關於IPO 競價拍賣之討論 ............................................................ 15
第四節 競價拍賣蜜月效果 ........................................................................ 21
第參章研究方法與假說 .................................................................................... 28
第一節 研究假說 ........................................................................................ 28
第二節 變數定義 ........................................................................................ 29
第三節 資料來源與樣本分佈 .................................................................... 35
第四節 實證模型 ........................................................................................ 36
第肆章實證結果分析 ........................................................................................ 39
第一節 敘述統計分析 ................................................................................ 39
第二節 單變量分析 .................................................................................... 44
第三節 迴歸分析 ........................................................................................ 46
第伍章研究結論與建議 .................................................................................... 53
第一節 研究結論 ........................................................................................ 53
第二節 研究限制 ........................................................................................ 56
第三節 未來研究建議 ................................................................................ 56
參考文獻 .................................................................................................. 57
表 目 錄
表 2-2-1 IPO 股票承銷制度的全球趨勢 .......................................................... 10
表 2-3-1 競價拍賣新制股票折價幅度 ............................................................. 16
表 2-3-2 廣越企業(4438)競價拍賣資料 .......................................................... 17
表 3-3-1 樣本資料分佈 ..................................................................................... 35
表 4-1-1 IPO 公司採取競價拍賣方式分布 ...................................................... 39
表 4-1-2 競價拍賣相關變數之敘述統計 ......................................................... 41
表 4-1-3 其他控制相關變數之敘述統計 ......................................................... 43
表 4-2-1 以興櫃市場成立前後區分之投標與初始報酬之單變量檢定 ......... 45
表 4-2-2 以登錄興櫃與否區分之投標與初始報酬之單變量檢定 ................. 46
表 4-3-1 投標之迴歸分析 ................................................................................. 48
表 4-3-2 初始報酬之迴歸分析 ......................................................................... 50
表 4-3-3 價格調整幅度及投資人損益之迴歸分析 ......................................... 52
表 5-1-1 晶心科(6533)及美喆-KY(8466)相關資料 ......................................... 54
圖 目 錄
圖1-4-1 研究流程圖 ........................................................................................... 5
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網路部份
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https://scas.twse.com.tw/SCAS/ (檢索日期:2016/06/10)
3.證期局(2015)。「推動初次上市(櫃)案件優先採用競價拍賣方式辦理承銷」。網址:
http://www.sfb.gov.tw/ch/home.jsp?id=734&websitelink=artwebsite.jsp&parentpath=0,4,174,523 (檢索日期:2016/06/15)

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