採用Ljungqvist (2007) 架構探討折價發行問題：以南僑食品集團 (上海) 股份有限公司首次公開發行為例

Abstract

本研究以南僑食品集團（上海）股份有限公司為個案，探討其於中國A股市場首次公開發行(IPO)過程中所呈現的折價發行(Underpricing)現象，並採用Ljungqvist (2007)所提出之IPO定價理論架構進行剖析。南僑食品於2021年在上海證券交易所主板上市，發行價格為人民幣16.98元，首日漲幅達44%，一個月內股價最高漲幅超過300%，顯示其IPO價格與市場真實估值存在巨大落差，形成明顯的「money left on the table」現象。 研究結果指出，此一折價發行現象主要由制度性限制（如23倍市盈率上限）與投資者情緒交互作用所致。資訊不對稱理論與承銷商保守定價雖具一定解釋力，但其影響力相對次要。相較於成熟市場，中國新興市場的監管架構、詢價制度與投資者結構（散戶比例高）使得IPO折價現象更為顯著。同時，本研究亦藉由比較同業（如金龍魚）在不同板塊的IPO表現，強化制度差異與市場熱度對折價幅度之影響分析。 最後，研究提出政策面與實務面建議，包含放寬市盈率限制、強化資訊揭露、完善詢價制度，以及企業面應積極規劃投資者關係與再融資策略，以提升整體資本市場效率與企業籌資效果。透過本個案分析，驗證Ljungqvist(2007)理論架構在中國市場的適用性與限制，並為未來新股定價制度與企業IPO策略提供實務參考。

This study investigates the underpricing phenomenon observed in the initial public offering (IPO) of Namchow Food Group (Shanghai) Co., Ltd. in the Chinese A-share market, applying the IPO pricing framework developed by Ljungqvist (2007). Namchow was listed on the Shanghai Stock Exchange in May 2021 with an offering price of RMB 16.98. Its stock price rose 44% on the first trading day and surged over 300% within the first month, illustrating a significant gap between the IPO price and its market valuation—commonly referred to as “money left on the table.” The study finds that the underpricing was primarily driven by institutional constraints—particularly the regulatory cap on price-to-earnings (P/E) ratios at 23 times—and heightened investor sentiment. While information asymmetry and conservative underwriter pricing also played a role, their impact was relatively secondary. Compared to mature markets, China's emerging capital market—with its regulatory structure, book-building limitations, and retail investor dominance—exacerbates IPO underpricing. The study also compares Namchow’s IPO to that of peer companies (e.g., Yihai Kerry on the ChiNext board) to demonstrate how institutional design and market dynamics jointly shape underpricing levels.

The findings support the explanatory power of the Ljungqvist (2007) framework in emerging markets but also highlight the need for context-specific adjustments in China. This research concludes with practical and policy recommendations such as relaxing P/E caps, improving disclosure practices, enhancing the pricing mechanism, and encouraging issuers to engage in robust investor relations and post-IPO financing strategies. The case study offers theoretical validation and practical guidance for future IPO pricing reforms in China.