本文主要是探討興櫃公司上市櫃申請的價格動態過程。投資人預期興櫃公司在上市櫃後，公司財務報表會更透明、資訊不對稱程度會降低、股票流動性提高，因此在申請的過程中會有正向的超額報酬。本文的實證結果支持此看法。此外，財政部於2013年實施證券交易所得稅，此稅法主要是針對IPO股票進行課稅。因此本文亦探討證所稅實施後對興櫃公司上市櫃價格變動的影響。實證結果發現證所稅實施後承銷價低估程度下降。;This thesis examines the change of price of the process of initial public offerings (IPO).When companies apply for IPO, investors will expect that information of the company will become more transparent and make information asymmetry disappear, and then it will improve the liquidity of stocks. Therefore, there is significant positive excess return. We find that there is significant positive excess return on the process. In addition, we also examines the effect of the capital gains tax on securities transactions. We find that the underpricing of IPOs decline after the implementation of the tax.