新股上市採競價拍賣與詢價圈購價格發現功能之比較

Abstract

為求配售公平性及保障投資人權益，我國主管機關明定自民國105年起，初次上市櫃公司對外募資金額逾4億元以上者優先採用競價拍賣配售方式。因此，本研究以103年~104年採詢價圈購之初次上市櫃公司及105年~107年6月30日採競價拍賣的初次上次櫃公司做為研究對象，探討競價拍賣新制上路後，採詢價圈購及採競價拍賣公司對IPO折價幅度之異同，及除配售方式外，公司規模大小、承銷商聲譽是否對IPO折價幅度亦有影響。 本研究方法為事件研究法，先採市場指數調整模式算出兩組樣本平均累積異常報酬，再以統計T檢定方式比較兩組樣本是否有顯著差異，本研究實證結果與結論如下： 1. 無論配售方式採競價拍賣或採詢價圈購，初次上市櫃公司普遍都存在IPO折價現象，且採競價拍賣公司較採詢價圈購公司具有較小的折價幅度，顯示配售方式不同會影響IPO折價幅度。 2. 採競價拍賣或採詢價圈購的上市公司較上櫃公司之期初報酬平均具有較小的IPO折價幅度，惟IPO折價幅度與公司規模大小未有顯著關係。 3. 由聲譽較佳的承銷商輔導對發行公司可能有加分效果，惟承銷商聲譽對IPO折價幅度未有顯著相關。

To ensure placement fairness and protection of investor interests, relevant authorities have stipulated that, starting from 2016, all initial listings raising more than 400 million must prioritize auction placement. For this reason, this study targeted initial listings from 2014-2015 (which adopted the book building system) and initial listings from 2016-2018 (June 30) (which adopted the auction system), to examine the difference in discount rates between the old and new systems. In addition to placement methods, this study also examined whether company size and underwriter reputation impacted IPO discount rates. This study utilized the event study method, first using the market-adjusted return model to calculate the cumulative abnormal returns of the two sample groups before using T-tests to determine whether there were significant differences between the two groups.Empirical results and conclusions of this study are as follows:

1.Regardless of whether the placement method was auction or book building, all initial listings had IPO discounts, though listings that adopted the auction method had a smaller discount rate compared to book building listings, showing that different placement methods impact IPO discount rates. 2.On average, major exchange listings that adopted the auction or book building methods had lower IPO discount rates compared with OTC listings, although IPO discount rates were not significantly associated with company size. 3.Counseling from respected underwriters may have a positive effect on issuing companies, but no significant correlation was found between underwriter reputation and IPO discount rates.