創業投資公司及輔導推薦證券商對於台灣初次上市櫃公司於興櫃期間交易影響之研究

Abstract

興櫃市場交易標的公司體質與資訊揭露程度不如集中交易與店頭市場交易的上市櫃公司，再加上其流通籌碼少且交易採議價方式的特性，往往使三大法人及一般投資人卻步。具備輔導顧問、投資股東與造市者三重身份的主辦輔導推薦證券商，及專業經營對公司直接提供資本與管理諮詢服務的創業投資公司之相關作為，對於興櫃公司於興櫃買賣市場上的交易具備一定的影響。 因為94年度的承銷新制與95年度的「所得基本稅額條例」實施後，興櫃交易市場有較活絡之成交量，本研究遂選取96年度於集中市場與店頭市場所有的初次上市櫃公司為樣本，進行實證研究與訪談，結果發現：1.興櫃推薦證券商為興櫃市場造市者之相互競爭可以提升市場流動性，並增加興櫃公司成交量。2.雖然主辦輔導推薦證券商承銷總金額所代表之聲譽，進而增加興櫃公司的成交量的現象實證結果並不顯著，但是受訪的投資人大都認為主辦輔導推薦證券商代表其對興櫃公司的輔導與監督以及因其適當的包裝、曝光與在興櫃價格的造市能力，可以活絡興櫃公司在市場的成交量。3.創業投資公司對於興櫃公司除了沒有認證效果，反而對於其於興櫃期間的交易量呈現負向的顯著影響性。主要可能係因創業投資公司均直接與投資公司股東交易，所持有之股份亦均會持有至上市櫃掛牌後才會處份，而一般投資人認為創投股東之出脫為賣壓，且具負面資訊外溢效果。4. 創業投資公司與一般投資人對於興櫃公司之評估均以產品競爭力、經營團隊與財務能力為主要評估重點，但大盤表現與市場消息卻是促使一般投資人執行買賣的真正催化劑，而一般投資人依買賣興櫃股票的目的約大致可分為避稅型、賺取IPO蜜月行情型以及市場派的短期投資型三種。

The information transparency and trading liquidity of firms listed on Emerging Market (EM) is less than those listed on trading exchanges. The mechanism of negotiating prices in EM could not attract the qualified institutional investor. The advising /recommending securities firm and venture capital corporations would influence the trading volume of firms listed on EM. When the revised underwriting regulations and the Act on Income Basic Tax are enforced, the trade volume of EM may increase. This study therefore explores such argument with the sample from Taiwanese IPO companies listed on EM in 2007. The empirical evidence and the results from expertise interview suggest that the competition between advising/recommending securities firms and the reputation of leading underwriters presenting advisement and capability of market maker could increase the trading volume of EM. The venture capital corporations long the positions directly from the shareholder, not through the EM, and short wehn the underlying assets are listed on trading exchanges. Furthermore, the trading volume of EM may be more volatile since the inside information is prevalent in the market. Therefore, the perceptions of shareholders on venture capital corporations are ill behaved. What the investors care not only the board of directors, operating and financing activities, but also the information flow and performance of trading exchanges.