承銷價折價與股權結構之相關研究-以台灣新上市上櫃公司為例

Abstract

本研究以2001年1月到2004年12月之間的台灣公開上市上櫃公司為研究樣本，探討承銷價折價程度大小與公司股權結構變動之間的關係，並從發行規模的觀點探討IPO折價的現象，最後研究IPO折價程度是否會影響上市上櫃後的股票流動性。實證結果如下：

1.IPO折價程度與機構法人持股比例變動無顯著相關。 2.IPO折價程度與公司內部人持股比例變動無顯著相關。 3.IPO折價程度與發行規模呈現負相關，也就是說當公司發行規模愈大，IPO折價程度會愈小。 4.IPO折價程度與百日周轉率呈現正相關，也就是說當IPO折價程度愈高，上市上櫃後的股票流動性會愈高。

This study examines the relationship between the level of IPO underpricing and the ownership structure variations, whether the size of IPO firm can explain IPO underpricing in Taiwan’s market, and whether the IPO underpricing can affect the post-IPO liquidity. We find the following results:

(1)There is no significant relationship between the level of IPO underpricing and the institutional ownership. (2)There is no significant relationship between the level of IPO underpricing and the insider’s ownership. (3)There is a negative relationship between the level of IPO underpricing and the size of IPO firm, that is, the bigger the size of IPO firm, the less the IPO underpricing. (4)There is a positive relationship between the level of IPO underpricing and the post-IPOs liquidity, that is, the higher the level of IPO underpricing, the higher the post-IPOs liquidity.