承銷制度對承銷價訂定暨短期報酬之探討

• Main Authors: Lo, Ying-Chi, 羅胤麒
• Other Authors: 戚務君
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/def43s

碩士 === 國立政治大學 === 會計學系 === 107 === The purpose of this study is to explore the correlation between the competitive auction and the offering price of the securities. In this study we analyze IPO companies in the Taiwan Capital Market from 2013 to 2018. We take the abnormal rate of return on the first trading day and the underwriting premium rate as the proxy variable of the abnormal rate of return, Also, The offering price to book ratio and price to book ratio are used as the proxy variable of the offering price discount (premium) rate. The empirical results show no significant relationship between the underwriting system and the abnormal rate of return, while the competitive auction has a significantly negative correlation with the offering price to book ratio and price to book ratio. This indicates that the underpricing in the competitive auction system is relatively high probably affected by the regulatory restriction of auction price. Furthermore, it does not support the conclusions of many researches that competitive auction has a stronger ability in “price discovery” This study argues that the underwriting system reform in Taiwan implies the priority of fraud prevention overweighing the benefit. This is because under the competitive auction system, the problems such as abnormal capital gains taken by the underwriters, illegal gain allocated to specific persons, and illegal rebate can be avoided. Therefore, this study suggests that forth coming researchers can analyze the impact of changes in the underwriting system on offering price and return of capital market.