集團券商對IPO承銷的影響

Abstract

本研究以國內2000至2017年所有IPO公司為樣本，探討金融集團下的承銷商與獨立券商是否會影響IPO公司的折價幅度，並且探討了金融集團下的銀行在放款時是否使用金融集團在承銷IPO公司時的資訊。 實證結果顯示，向金融集團承銷商IPO的公司，其折價幅度相對較獨立券商小，有兩種可能的解釋，第一種解釋為金融集團承銷商在承銷後，希望與公司有未來的長期往來，因此會給予IPO公司較高的承銷價；第二種解釋為金融集團承銷商重視自身的聲譽，因此會傾向於選擇資訊不對稱程度低的公司，而這類公司通常不需要透過IPO折價來釋放訊號表明其為質量較佳的公司。 實證結果亦顯示，向金融集團券商IPO的公司，後續若成功向金融集團下的銀行借款，則該類公司未來的財務績效顯著高於借款失敗的公司，表示金融集團下的銀行在做放款決定時，可能使用了金融集團承銷商在IPO過程中所獲得的資訊。

Using the data of the Initial Public Offering (IPO) firms in Taiwan from 2000 to 2017, we study how the affiliation between IPO underwriters and financial groups affects the degree of IPO underpricing. We also examine whether the banks affiliated with IPO underwriters use the information that the underwriters acquired during the IPO process when they make lending decisions. The empirical results show that the degree of underpricing is smaller for the IPOs whose underwriters are affiliated with financial groups (group-affiliated underwriters). There are two possible explanations for this result. First, group-affiliated underwriters hope to maintain a long-term relationship with the IPO firms, so they are willing to offer a higher offer price for the IPO firms. Second, group-affiliated underwriters care about the reputation of the financial groups they belong to, so they prefer firms with lower information asymmetry, which have less need to signal their quality by IPO underpricing. We also find that the IPO firms that borrow from the banks affiliated with the IPO underwriters have better future financial performance than those that do not, which suggests that the lending banks may have used the information that the IPO underwriters acquired during the IPO process in their lending decisions.