摘要 本次金管會推行承銷新制之四大目標，主在改善IPO股票承銷價格訂定合理化、掛牌後價格之穩定度、承銷商配售自主性及發揮承銷商專業功能與自律機制，希冀改善以往承銷制度的缺失，並與國際接軌，朝多元化、效率化及彈性化之原則邁進。新制的重大突破內容有IPO完全採新股承銷、廢除承銷價慣用計算公式、開放掛牌首五個營業日無漲跌幅限制、引進安定操作機制、券商分級制度、取消券商自行認購及配售方式自由化。新制改革亦配合上市(櫃)制度及上市(櫃)後管理制度改革，期能提升IPO市場整體品質。然新制自94年初施實至今，約一年多的時間裡，觀察IPO資本市場的變化，由初期的冷清轉為現今的熱絡，其優缺好壞各方說法不一，因此逐引發本論文研究的動機。 本論文針對新制實施前後，對IPO市場績效差異進行研究，並從IPO股票市場的報酬變動性（volatility）、效率性（efficient）以及流動性（liquidity）三構面來探討新制IPO市場績效是否較舊制為佳，及達到主管機關期望的目標。實證結果顯示新制實施後IPOs股價之波動性及流動性較舊制為差，而效率性則呈現反應不足的現象，新制改革下並未使IPOs市場績效表現更佳。 實際觀察新制IPO資本市場情況，申請公司量少質優，帶動興櫃市場成交的熱絡，並且再度創造出投資人對IPO市場的參與熱潮，再者，承銷商專業及配售能力得以發揮，且確實執行安定操作措施，有效穩定IPOs股價。由此觀之，新制實施後已逐漸達成主管機關的預期效益，整體來說，若能在承銷時程縮短、承銷價格合理化等方面再予改進，並且落時監理機制，新制改革的效果應給予正面肯定的。 Abstract The FSC plans to achieve four main goals by implementing the new underwriting regulation. The four goals are (1) making the underwriting price more reasonable (2) increasing the stability of price of a listing stock (3) increasing the underwriter’s independence in distribution stocks. The FSC hopes that this reform can improve the underwriting mechanism and make the underwriting regulation close to international standards, more effective and flexible. The important reforms are (1) only newly issued stocks can be underwritten in IPO (2) abolishing past formula in calculating the underwriting price (3) deregulating the price limit during the first five days after listing (4) introducing stabilization activities (5) underwriters classification system (6) forbidding underwriters to subscribe. And this underwriting reform cooperates with listing system and listing management system to improve the quality of the IPO market. The new underwriting regulation has been practiced for more than one year since 2005. The IPO market becomes more active. However some people support the reform, but some others do not. Therefore this paper studies the effectiveness of the new regulations. This paper compares the IPO market performance between new underwriting regulation and old underwriting regulation. This paper investigates three respects to check if the FSC attains the goals by implementing new regulation. The three respects are volatility, efficiency and liquidity. The results suggest that the volatility and liquidity of IPO market in new regulation is worse than those in old regulation. The reforming can not make the IPO market efficient. Therefore in according to this study, the new regulations do not improve the performance of the IPO market. Observing the IPO capital market, I find that because the number of sample companies is small and the quality of those companies is good, the trading of the emerging stock market is more active and it makes the investors more interested in IPO market. Moreover, the underwriters can reveal their specialty and ability. It stabilizes the stock price by practicing stabilization activities. Therefore the new underwriting regulation is closer to achieve the expected effect. If it can improves in the term of underwriting and the reasonableness of underwriting price, and implement management mechanism, people will give positive thinking to the new underwriting regulation.
