論承銷價格調整基礎對影響訂定承銷價格因素與最終議定承銷價格之中介效果

The Relationship between Factors Affecting IPO Pricing and Final Underwriting Pricing and the Intervening Effect

本研究旨在探討承銷新制環境下影響承銷定價因素對最終議定承銷價格的影響以及承銷價格調整基礎的中介效果。研究方法採用普查方式，針對民國99年至101年之上市（櫃）公司所公告之資訊，逐筆蒐集本研究所需資料總計138家公司並進行迴歸檢定。另採問卷調查法，蒐集目前實務界先進認為承銷新制制度下之主要考量因素。研究結果發現企業的公司治理與財務資訊對最終議定承銷價格具有顯著影響；承銷價格調整基礎之本益比法價格與興櫃價格對影響訂定承銷價格因素與最終議定承銷價格具中介效果；而經由問卷調查結果得知IPOs公司對於影響訂定承銷價格因素主要考量之前3項因素依序為整體股市本益比趨勢、EPS、大股東持股率。

This research considers the influence of factors affecting IPO to final underwriting pricing under the new underwriting environment. The adjusted underwriting price mechanism as intervening variables is also discussed. Secondary data information published by each IPO Companies is used in this research. It stretches out from year 2010 to Sep. 2012, and covers 138 sets of data. Meanwhile, anonymous survey of randomly selected CFO in these companies is also made to collect the required data on the key consideration in new underwriting mechanism. The empirical result is that corporate governance and financial information are significant positive effect to final underwriting pricing, P/E ratio and emerging stock price cause the intervening effect to the relationship of the underwriting factor, and the resolved underwriting price, and the top three items considered by the CFO of IPO companies are the aggregated stock market P/E ratio, EPS, the stock holding rate by the main stock holder, company size, and underwriting size.