IPO議價因素之探討──承銷商觀點

An Exploration of Bargain Factors on the IPOs Price Negotiation - Underwriters’ Perspectives

民國94年開始實施的股票承銷新制中，主管機關加強了承銷商專業的評價功能及責任。本研究即在探討若干承銷價格議定因素中，承銷商認為的影響程度為何。在以專家問卷獲得承銷商專家意見之初級資料，並運用層級分析法（Analytic Hierarchy Process, AHP）判別因素權重後，發現發行構面是影響承銷價格的主要因素，而發行公司構面與承銷商構面的影響權重則相對較小；另評估項目中的交易市場狀況、發行公司所屬產業因素、發行公司的財務因素、與承銷商在承銷過程中所面臨的成本與風險，則是在價格議定時承銷商主要的考量。 There are several IPO regulatory changes implemented in Taiwan stockmarkets since 2005. One of those new mechanisms is to release the stock IPOpricing rules to underwriters. This study intends to explore the ranks of bargainfactors, in underwriters’ opinions, that will affect the IPO negotiated price. TheAnalytic Hierarchy Process (AHP) will be utilized to test the primary datasurveyed from 10 experts from 3 Taiwan securities underwriting department.According to the results, it has found the major proportion of IPO pricedeterminants is the market situation rather than the financial performance of theissuing firms and reputation of underwriters. Besides, the predominant of bargainfactors is ranked by the order of market factor, industrial factor, financial factor,underwriters’ operation risk.