| Summary: | 碩士 === 東吳大學 === 會計學系 === 97 === Since 1962, the evolution of Taiwan stock market underwriting regulation had focused on diversified determination of the equilibrium offering price and the price formation. In 1997, it transferred to forbid the dummy-accountstockholders and to moderate the “honeymoon period” phenomenon which had high initial return. In 2005, the regulations turned to give more focus on underwriters’ responsibility to shoulders and more tasks in pricing and the stabilization of offering price after IPOs. So far, many local and overseas scholars have introduced a lot of explanations about IPOs under-pricing theories. However, few of their research study from a viewpoint of the relationship between the market and market participants' behavior. This article researches on the high initial returns of hot issuing market, whether the issuers ride the wave of to bid up their IPOs prices, to analyze the characteristics of the issuers who suffered from IPOs bubbles. This article has discovered that the hot issue market is predictable and the IPOs' timing determination is motivated. Furthermore, by means of comparing the difference between the underwriting regulations before and after its reform, we found that the underwriters and the issuers are much more prefer having their shares' flotation in a hot issuance than to avert from market risk. We also found the flotation in a hot issue market has an increasing trend. Finally, the companies, whose board members have held greater amount of its stocks and issued their shares in a hot issue market with the intention to maximize their wealth, would easier to get bubble in stock market.
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