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
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(2) 中文摘要 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。. z 關鍵字：股權結構、折價程度、周轉率。. II.
(3) IPO Underpricing and the Change of Ownership Structure – The Case in Taiwan Student: Jing Ru Tseng. Advisor: Kehluh Wang. Institute of Management Science National Chiao Tung University. ABSTRACT 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.. Keyword: ownership structure, underpricing, liquidity. III.
(4) 致謝 在交大管科研究所的求學生涯即將告一段落，回首過去的兩年，內心充滿了幸福與 感謝。 首先要特別感謝財金所王克陸教授所給予的指導，使得敝人的論文能順利的在期限 內完成。而沈華榮教授、張寶塔教授和彭雅惠教授在口試時，不吝惜地提出中肯和寶貴 的意見，讓敝人能夠作些補強和修正，謹此致謝。 在這兩年的學生生活中，也要特別謝謝所有曾經授課過的教授們，因為他們在學科 上的深奧專精與值得景仰的學者風範，使我得到不少的收穫與領會。在這邊也要謝謝管 科所的行政系統，在這兩年內所給予各方面的協助與服務。 再者與班上同學們同窗的兩年內，大家感情和睦，互動學習，並努力地準備各種考 試，一起作報告所發揮的團隊精神，對於這些所有美好的求學經驗，我會好好的珍惜並 放在心裡。 最後也要將此論文獻給我的家人們，因為有他們的期許與支持，我才能無後顧之憂 的待在新竹，全力地充實我的研究所學生生涯。. 曾靖茹. 謹誌於. 交通大學管理科學碩士班 中華民國九十五年六月. IV.
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