本研究主要探討臺灣地區上櫃轉上市公司於上市掛牌日開紅盤的可能因素，本文認為公司有動機於上市當天開紅盤以慶祝公司上市，即為慶祝行情效果。將可能的原因排除後，本文證實公司上市開紅盤來自慶祝行情。本研究期間為2001年至2017年，此期間共有223間上櫃公司成功於台灣證券交易所掛牌上市。由公司歷年的上市日開盤報酬發現，平均而言，上櫃公司轉上市會有開紅盤的現象，並在控制市場因素後，證實公司上市當天有正的開盤報酬。根據過去文獻指出，公司由店頭市場轉至交易所上市會帶來流動性改善及投資人認知程度提升，進而使公司股價上漲，本研究以Amihud (2002)與Florackis et al. (2011)的非流動性指標(Illiquidity Ratio)檢定流動性假說、以Merton (1987)提出的影子成本(Shadow Cost)檢定投資人認知假說，實證結果排除流動性提升及投資人認知增加的因素，證實股價上漲不是來自流動性改善及投資人認知程度增加，而是因為公司慶祝行情。;This paper focuses on the reasons why the company′s stock price rose on the day of the move from Taipei Exchange to Taiwan Stock Exchange. We believe that the company has the incentive to raise stock price on the day of listing to celebrate IPO. After excluding the possible reasons, our study proved that the company’s positive opening returns on the day of listing came from celebrating the market effect. The study period was from 2001 to 2017, and a total of 223 OTC companies were successfully listed on the Taiwan Stock Exchange during the sample period. According to the performance of the company′s listed opening returns in the past years, on average, there will be a rise in stocks on the day of the listing. After controlling the market factors, we confirmed that the company had a positive opening returns on the day of listing. The literature shows that the company′s transfer from Taipei Exchange to Taiwan Stock Exchange will bring about liquidity improvement and investor awareness, which will increase the company′s stock price. We use the illiquidity ratios of Amihud (2002) and Florackis et al. (2011) to test the liquidity hypothesis, and examine the investor recognition hypothesis by the shadow cost proposed by Merton (1987). The empirical results exclude the factors of increased liquidity and increased investor cognition, confirming that the rise in stock prices is not driven by improved liquidity and increased investor awareness. It is the company that celebrates IPO.
