因應初次公開發行後股價表現不佳之法律策略：印尼初次公開發行現象之研究

Abstract

本研究檢視了印尼首次公開募股的現象，重點關注截至 2023 年的時期。儘管印尼的首次公開募股數量和募資顯著增長，但對於首次公開募股後股價穩定性的擔憂依然存在。2023年約65%的首次公開募股經歷了股價下跌，其中許多未能恢復首次公開募股價值，為投資者帶來了巨大損失。該研究旨在揭示印尼首次公開募股的複雜性, 強調導致印尼首次公開募股表現不佳的因素，特別聚焦於主辦承銷商、上市板與公開發行比例. 此外，亦檢視監管框架之影響，並探討潛在之法律改革以提升首次公開募股表現. 在方法上，該研究採用理論法律研究與比較法律研究，選擇加拿大作為比較參考國. 調查結果將揭示導致印尼首次公開募股表現不佳的關鍵因素，並提出優化印尼次公開募股市場之法律干預建議。

This research examines the Initial Public Offerings (IPOs) phenomena in Indonesia, focusing on the period up to 2023. Despite Indonesia's significant growth in IPO quantity and fundraising, concerns exist regarding the stability of post-IPO share prices. Approximately 65% of IPOs in 2023 experienced share price declines, with many failing to recover their IPO value, bringing substantial losses to investors. The research aims to unravel complexities surrounding Indonesian IPOs, emphasizing the factors contributing to IPO underperformance in Indonesia, with a focus on underwriters, IPO listing boards, and public float. Additionally, it examines the influence of the regulatory framework and explores potential legal reforms to enhance IPO performance. Methodologically, this research employs Doctrinal Legal Research and Comparative Legal Research, drawing comparisons between IPO regulations and practices in Indonesia and Canada as a benchmark country. The findings will inform key factors contributing to underperformance in Indonesian IPOs and offer recommendations for legal interventions intended to optimize the IPO market in Indonesia.