本研究乃是探討在興櫃制度建立後，是否經過興櫃而公開發行股票承銷價折價幅度之影響，所研究對象是民國89年1月1日至96年12月31日間在集中市場與店頭市場新上市櫃的公司。本論文發現，在研究期間內，集中市場和店頭市場之新上市櫃股票皆有承銷價折價情形，而且在新股公開發行之前有經過興櫃制度之新上市股票仍存有承銷價折價情形，然而經由興櫃制度之後新上市股票承銷價折價情形比沒有經由興櫃制度後的新上市股票承銷價折價情形來的小，實證研究指出在新股公開發行之前若有在興櫃市場發行將對投資人釋放更多得訊息，亦即興櫃制度有減緩承銷價折價情形，資訊不對稱現象將降低。 The study examines the effect of the emerging stock system on the underpricing of initial public offerings (IPO). The sample is all IPOs listed on Taiwan Stock Exchange (TWSE) and Gre Tai Securities (OTC) market in Taiwan from January 2000 to December 2007. We find the new shares are underpricied both on TWSE and OTC IPOs. Furthermore, IPOs are still underpriced even they were listed on the emerging stock system before going public. However, IPOs in which listed on emerging stock system experience less underpricing than those not listed on emerging stock system. Empirical results indicate that the IPO firms listed on emerging market system before going public will release more information to outside investors. Information asymmetry will be mitigated and less unerpricing as a result.
