成長機會對初次上市股票定價與價格行 為之影響

The Influence of Growth Opportunities on the Pricing and Price Behavior of IPOs

就新上市公司而言，成長機會不僅是發行價與上市初期股票市價重要的決定因素，亦與上市後的長期價格績效有關。本研究實證發現，新上市公司經由相對於當期基本價值的偏低訂定發行價，以傳遞其成長機會的訊息，而成長機 會也確實與長期價格績效有正的顯著關聯；然而，投資者對較高成長機會的初次上市股票有超額需求，促使上市初期市場被過高評價，而市場對錯誤評價的修正，不利於長期價格績效表現。另外，證據顯示相對於真實價值，普遍存在發行公司偏高訂定發行價與上市初期投資者樂觀偏高評價的現象，可見以上市初期報酬率作為上市股票定價偏低程度之衡量是有待商榷的作法。

For IPOs, growth opportunities are not only a determining factor in the offer price and the initial market price, but also on long-term price performance after the offerings. In this study, we find that the difference between IPO offer price and current fundamental value as a signal for growth opportunities, which in turn are positively correlated with the long-term price performance. However, the growth opportunities appear to lead to excessive demand for IPOs to promote optimistic valuation after market, but the market correction of the overpricing is not conducive to long-term price performance. In addition, the evidence shows that IPOs are systematically overvalued at the offer price and the subsequent price relative to true value; therefore, employing the initial return as a measure of underpricing is problematic.