研究建議

早 期 IPO 的 相 關 研 究 發 現 IPO 市 場 具 有 hot issue 、 initial underpricing 與 long-term underperformance的現象。然而，對於IPO承銷價偏低訂價的原因，早 期研究大多採用資訊不對稱與心理會計來解釋。本研究除了發現台灣IPO市場同 樣具有hot issue、initial underpricing與long-term underperformance的現象外，我們 並為IPO相關研究領域提供另一個研究方向：本研究應用心理學中的「社會比較」

現象來解釋承銷商為何偏低定價承銷價，以及股市投資人如何認定IPO承銷價是 否被低估。亦即嘗試從心裡偏誤來探討人類的決策，將會發現比資訊不對稱觀點 與心理會計解釋更強的研究證據。

就投資實務的角度而言，由於社會比較現象同時存在於發行公司的定價決策 及投資人的選股策略上，因此我們需要瞭解承銷商、IPO經理人與原始股東均無 法精確計算IPO的內生價值，他們只是參考相近時點上市與同產業的其他IPO的 承銷價合理性指標來訂定本身的承銷價。如果承銷商或經理人需要精確計算IPO 的內生價值，則其需要更多的基本面資訊與更可靠的預測值。另外，因為大多數 投資人其實無法判斷承銷價是否被低估？其只是根據先前相近時點且同產業之 其他IPO在上市後的股價表現來決定是否買進此IPO；所以在進行IPO投資時，應 注意市場處於熱市或冷市，並注意景氣是否反轉，以避免盲目地追高殺低。

關於本文的後續研究方向，由於在開放IPO首五日無漲跌幅限制的影響方面，

受限於研究期間的資料不足(該措施實至今只有4年)，因此只有探討該措施對IPO 短期績效的影響，後續隨著時間的更替，應可延伸至長期績效影響的調查。另外，

除了社會比較理論外，心理學中還有許多理論說明人類面對不熟悉的問題時該如 何進行決策，後續研究亦可從心理面因素來探討IPO承銷價偏低定價的原因，因 為我們相信仍有其他心理面因素可能會影響承銷商、經理人、原始股東及投資人 的心理，畢竟人類的心理包含很多層面，並不是單一因素就能夠完全解釋。

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