A Study on The Influential Factors of Underwriters pricing decision in IPOs

• Main Authors: Pei-Lin Li, 李佩玲
• Other Authors: Huang,Jen-Jsung
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/38194422150180480617

碩士 === 國立中山大學 === 企業管理學系研究所 === 91 === Abstract The price of the initial public offerings should reflect the real value of the issuers. To quote the IPOs is very important in underwriting process. The mainly roles in IPOs are investors（buyer）, issuers（supplier）, and underwriters（broker）. The pricing-decisions on IPOs are opposite between investors and issuers. It is difficult for underwriters to equalize among risk adverse, specialistic goodwill, and maintenance of clients’ relationship. This research tries to find out the effect factors to underwriters. This research observed 104 IPOs in Taiwan during the period of January 2001 to February 2003. The methods to analyze the data are mainly blocked analysis（including six blocks）, Pearson correlation analysis and multiple regression analysis. According to the results of empirical research, we can get conclusions as followings: 1.The effect factors of IPO’s are “the favorites with industry”, and “operating performance”. They are statistically significant. 2. The factors of “unit cost of the majority” and “sales consideration” which underwriters and issuers always negotiated are not statistically significant. 3.the IPO’s who booked on Emerging Stock are higher than the others.