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研究生:洪慈君
研究生(外文):Tzu-ChunHung
論文名稱:IPO競價拍賣制度之探索性研究-以生技醫療業為例
論文名稱(外文):A Study of IPO Auction System-The Case of Biotechnology Industries
指導教授:楊朝旭楊朝旭引用關係
指導教授(外文):Chaur-Shiuh Young
學位類別:碩士
校院名稱:國立成功大學
系所名稱:財務金融研究所碩士在職專班
學門:商業及管理學門
學類:財務金融學類
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:103
中文關鍵詞:競價拍賣詢價圈購承銷價格
外文關鍵詞:competitive biddingbookbuildingunderwriter price
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本研究主要針對105年競拍新制施行前後,探討生技醫療類股票承銷價格之訂定及對後續股價變化影響之差異。Ritter(1998)指出由於承銷過程中,發行公司相較投資人擁有較多關於初次上市櫃股票之資訊,彼此之間產生「資訊不對稱」問題。Sherman and Titman (2002)則以資訊蒐集成本模型,認為投資者蒐集資訊必須耗費額外成本,應予價格補償,亦即折價發行。過往國內外文獻也證實初次上市櫃股票往往採折價發行,造成期初報酬偏高現象,然「蜜月期」過後,股價往往下跌,甚至跌破承銷價格,使投資人承擔了高風險。而Lowry, Officer and Schwert (2010)研究認為,當資訊不確定性愈高,期初報酬變異亦愈大,然不同承銷方式,如競價拍賣下可望變小。
根據國外文獻實證發現採用競價拍賣之IPO案件較採用詢價圈購之案件,其平均股票期初報酬為低,然105年競拍新制上路後,國內尚未有研究持續探討制度變革前後,不同承銷方式對於承銷價格制定之影響,故本研究採用個案實證方式進行比較分析,以民國104年至105年間台灣資本市場之上市(櫃)公司為研究對象,探討承銷方式分別採用競價拍賣及詢價圈購之各五間生技醫療公司,其承銷價格訂定方式及折價幅度是否異常。
本研究透過個案分析發現,不論是採競價拍賣或詢價圈購方式之樣本公司,在承銷價訂定過程中均有低估之情形,惟採競價拍賣方式辦理上櫃承銷之樣本公司,其折價幅度及期初報酬均明顯小於採詢價圈購之樣本公司,且隨著競價拍賣新制施行時間日久,較晚掛牌之樣本公司其折價幅度相對較早先掛牌之樣本公司為小,認為投資人對於從競價拍賣之出價得標過程中,如何獲取預期利潤已具適足學習效果,且投資人對公司股票之合理評價亦使競價拍賣方式能徹底發揮價格發現功能,故本研究認為如此將使投資人因擁有更多攸關資訊而意願參與承銷過程,使公司能順利籌措長期營運資金。
The study aimed at exploring the differences between Underwriter Price, underpricing range and price after public listing by means of Competitive bidding for domestic IPO companies. In order to discover whether it has some abnormalities in decision method of Underwriter Price as well as underpricing range, the study took IPO companies from 2015 to 2016 in Taiwan Capital Market as the Research Objects and explored the underwriting measures of Competitive Bidding or Bookbuilding adopted respectively for five companies each. Further, it selected biotechology industries as the Research Objective for reducing the influence factor among various industries. According to the result of research, the undervalue on Underwriting Price for underwriters and publishing companies is common by the underwriting measures of Competitive bidding or Bookbuilding. However, the underpricing range of Competitive bidding sampling companies was obvious smaller than that of Bookbuilding ones. It shows that the efficiency of collecting capital money would be promoted for IPO companies as long as the Underwriter Price can approaching to the value that is ought to be under the IPO auction system.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 4
第四節 研究架構 5
第二章 文獻探討 6
第一節 我國承銷制度沿革 6
第二節 競價拍賣理論相關文獻 14
第三節 承銷價低估理論相關文獻 16
第四節 綜整小結 19
第三章 個案分析 20
第一節 研究方法的選擇 20
第二節 資料來源及個案選擇標準 21
第四章 個案分析 24
第一節 個案公司簡介 24
第二節 承銷價訂價分析 42
第三節 股價比較分析 62
第四節 承銷價合理性之探討 75
第五章 結論 96
第一節 研究結論 96
第二節 研究限制 98
第三節 研究建議 99
參考文獻 100
一、中文部分
李宜雯(2011),淺談初次上市(櫃)承銷制度改進措施,證劵暨期貨月刊,第29卷第5期專題二,頁24-36。
李俐瑩(2014),IPO詢價圈購與利益輸送之關聯性探討-以航運業為例,國立成功大學財務金融研究所碩士論文。
姜堯民、戴維芯 (2014),臺灣股票初次上市櫃相關研究文獻回顧。
徐燕山、徐政義 (2002),IPO折價與訊息的代理變數,財務金融學刊,第10期,頁63-88。
馬黛、胡德中 (2003),承銷配售機制之決定及其對IPO折價之影響:競價拍賣、詢價圈購與公開申購,財務金融學刊,第11期,頁1-40。
陳湘琴(2015),推動初次上市( 櫃) 案件優先採用競價拍賣方式辦理承銷,證劵暨期貨月刊,第33卷第12期專題三,頁27-41。
陳韻涵(2012),我國生醫產業初次上市(櫃)公開說明書之資訊揭露程度對初級市場承銷定價效率暨次級市場投資人信念異質性之影響,國立政治大學會計學系之碩士論文。
黃佩佩(2011),淺談承銷制度與改革,證劵暨期貨月刊,第29卷第5期專題一,頁5-23。
黃蘭霙(2004),我國證劵承銷制度的演進與改革,證劵暨期貨月刊,第22卷第5期專題一,頁4-15。
黃蘭霙(2005),承銷新制對資本市場的影響,證劵暨期貨月刊,第23卷第6期專題一,頁4-13。
劉玉珍、陳薇如(2004),為何詢價圈購方式逐漸取代競價拍賣?,證劵暨期貨月刊,第22卷第5期專題二,頁16-31。
蕭畹琪(2011),承銷制度改變下對IPO市場評價與承銷商報酬之影響,國立中山大學企業管理學系碩士論文。
二、英文部分
Baron, D. P. (1982), A model of the Demand for Investment Banking Advising and Distribution Services for New Issues. Journal of Finance 37:955-976
Chang, Chun, Yao-Min Chiang, Yiming Qian, and Jay R. Ritter (2014), “Pre-Market Trading and IPO Pricing: Evidence from Taiwan, National Taiwan University working paper.
Chen, Anlin and Lanfeng Kao (2006) “The Benefit of Excluding Institutional Investors from Fixed-price IPO: Evidence from Taiwan, Emerging Markets Finance and Trade, 42, 5-24.
Chen, Hsuan-Chi and Sheng-Ching Wu (2015), “Who Makes the Choice in IPO Underwriting Methods? Issuers vs. Underwriters, Financial Management, forthcoming.
Chen, Hsuan-Chi, Robert. C. W. Fok, and Yu-Jen Wang (2006), “Why Do Underwriters Charge Low Underwriting Fees for Initial Public Offerings in Taiwan? Journal of Business, Finance & Accounting, 33, 979-1005.
Chiang, Yao-Min, Michelle Lowry, and Yiming Qian (2014), “The Information Advantage of Underwriters in IPO, National Taiwan University working paper.
Chiang, Yao-Min, Yiming Qian, and Ann E. Sherman (2010), “Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed? Review of Financial Studies, 23, 1200-1230.
Derrien, Francois and Kent L. Womack (2003), “Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets, Review of Financial Studies, 16, 31-61.
Hsu, Yenshan, Chung-Wen Hung, and Cheng-Yi Shiu (2009), “Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan, Journal of Financial Studies, 17, 1-36.
Huang, Yen-Sheng (1999), “The Price Behavior of Initial Public Offerings on the Taiwan Stock Exchange, Applied Financial Economics, 9, 201-208.
Jagannathan, Ravi, Andrei Jirnyi, and Ann G. Sherman (2014), “Share Auctions of Initial Public Offerings: Global Evidence, Journal of Financial Intermediation.
Lee, Yi-Tsung, J.C. Lin and Yu-Jane Liu, 2003, What is IPO Auction’ Weakness? working paper presented in EFMA.
Lin, Ji-Chai, Yi-Tsung Lee, and Yu-Jane Liu (2007), “IPO Auctions and Private Information, Journal of Banking and Finance, 31, 1483-1500.
Liu, Xiaoding and Jay R. Ritter (2011), “Local Underwriter Oligopolies and IPO Underpricing, Journal of Financial Economics, 102, 579-601.
Liu, Yu-Jane, K. C. John Wei, and Gwohorng Liaw (2001), “On the Demand Elasticity of Initial Public Offerings: An Analysis of Discriminatory Auctions, International Review of Finance, 2, 151-178.
Loughran, Tim and Jay R. Ritter (2004), “Why Has IPO Underpricing Changed Over Time? Financial Management, 33, 5-37.
Lowry, Michelle, Micah S. Officer, and G. William Schwert (2010), “The Variability of IPO Initial Returns, Journal of Finance, 65, 425-465.
Ritter, Jay R. (1998), “Initial Public Offerings, in D. E. Logue (ed.), Handbook of Modern Finance, 5-30, Boston and New York: Warren Gorham and Lamont Press.
Ritter, Jay R. (2011), “Equilibrium in the Initial Public Offerings Market, Annual Review of Financial Economics, 3, 347-374.
Ritter, Jay R. and Ivo Welch (2002), “A Review of IPO Activity, Pricing, and Allocations, Journal of Finance, 57, 1795-1828.
Rock, Kevin (1986) “Why New Issues Are Underpriced, Journal of Financial Economics, 15, 187-212.
Sherman, Ann E. (2005), “Global Trends in IPO Methods: Bookbuilding versus Auctions with Endogenous Entry, Journal of Financial Economics, 78, 615-49.
Sherman, Ann E. and Sheridan Titman (2002), “Building the IPO Order Book: Underpricing and Participation Limits with Costly Information, Journal of Financial Economics, 65, 3-29.
Yeh, Yin-Hua, Pei-Gi Shu, and Re-Jin Guo (2008), “Ownership Structure and IPO Valuation: Evidence from Taiwan, Financial Management, 37, 141-161.
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