臺灣證券交易所及櫃買中心明訂除公營事業者外，自2003年1月1日起應於興櫃股票交易滿3個月，始得申請上市上櫃。翌年12月再度修正相關規章，要求自2005年1月1日起， 將申請上市上櫃前應於興櫃股票市場交易期間由3個月延長為6個月以上，正式將未上市上櫃股票納入制度化管理，並且提供一個合法公開的交易管道，以維護投資人的權益。本文以2019年1月至2020年12月初次上市上櫃公司為研究對象，探討興櫃股票公司於申請上市(櫃)日至正式掛牌日期間是否有異常報酬以及中籤率與報酬率之間的關係。 本研究主要實證結果發現如下： (1)價差越大中籤率越低在興櫃轉上櫃明顯，但研究分析結果未達顯著； (2)在興櫃轉上市的情況下，價差越大反而中籤率越高； (3)平均而言，承銷價比宣布日收盤價低20元； (4)新上市股票較新上櫃股票折價幅度高。 ;The Taiwan Stock Exchange and the OTC clearly stipulate that except for public enterprises, starting from January 1, 2003, the stocks must be traded on the emerging stock market for three months before they can apply for listing on the OTC. In December of the following year, the relevant regulations were revised again, requiring that from January 1, 2005, the trading period on the emerging stock market before applying for listing should be extended from 3 months to more than 6 months, and the unlisted stocks should be managed formally and provide a legal and open trading method to protect the rights and interests of investors. This thesis takes the companies listed on the OTC for the first time from January 2019 to December 2020 as the research object, and explores whether the emerging stock company has abnormal remuneration from the date of application for listing (counter) to the official listing date and the relationship between the winning rate and the rate of return. The empirical resultsmajor findings of this study are the following:found (1) The bigger the price difference and the lower the winning rate. It is obvious that the switch from emerging stock market to OTC, but the research and analysis results are not significant. (2) In the case of emerging stock transfer to listed stock, the larger the difference in price, the higher the winning rate. (3) On average, the underwriting price is 20 NT$ lower than the closing price on the announcement day. (4) Newly listed stocks have higher discounts than newly OTC stocks.
