投資人參與初次上市(櫃)詢價圈購影響因素之研究

Abstract

本研究為探討不同類型投資人對於參與初次上市（櫃）詢價圈購之影響因素，以我國2011年至2015年3月前之初次上市（櫃）公司共227間為樣本。實證結果發現，台灣地區初次上市（櫃）圈購配售時，平均而言專業投資人所參與詢圈認購之股數較機構投資人為高，而機構投資人又相較零售投資人的股數多，這應與專業投資人相較機構投資人及零售投資人，與承銷商的關係更為密切，且資訊更為完整。至於其他影響因素而言，若發行公司之資本額越高，則投資人不論參與人數或是平均認購股數皆較高。另外，機構投資人較一般自然人的投資者的確更關注發行公司的財務相關品質，此結論與Neupane, Paudyal and Thapa（2014）的研究相符合，但市場熱度變數，實證結果則呈現不同之推論，一般自然人投資者並沒有較機構投資人更容易受市場交易熱度影響。

This study is to explore the influencing factors of different types of investors who participate in book building of initial public offerings (IPO). We collected 227 IPO companies from year 2011 to May of 2015 in Taiwan as research samples. The empirical results show that book building of IPO in Taiwan, in average subscription shares of the professional investors are higher that of institutional investors, of which greater than retail investors because they have closer relationship with underwriters and more comprehensive information compared with institutional investors and retail investors. As to other influencing factors, if the company capital is higher, the participants and the average number of shares subscribed of investors will also be greater. In addition, institutional investors indeed pay more attentions on IPO company’s quality of financial statement than retail investors do, which has the same conclusion in accordance with the research findings of Neupane, Paudyal and Thapa (2014). However, the empirical results of market hot issue show different inference that retail investors was less affected by degree of market hot issue show than institutional investors.