我國承銷商承銷IPO案件之績效評估

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姓名

張祐認(You-Jen Chang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

我國承銷商承銷IPO案件之績效評估
(The Performance Evaluation of IPO underwriting for Underwriters in Taiwan)

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摘要(中)

公開發行股票乃企業走向資本市場必經之路，依據現行法規規定，凡欲公開發行股票之公司皆需歷經承銷商輔導及推薦之過程，隨著企業對資金需求日益擴張，各家承銷商間競爭愈趨激烈，各發行公司對於承銷商之選擇也越來越多元，本研究係站在首次公開發行公司角度對承銷商承銷IPO案件之效率進行探討，並將分析過程分為是否考量技術經驗因子兩種模式分別進行分析，以了解IPO案件於此兩種模式下之承銷效率於不同承銷商、產業類別以及承銷年度三個分類內之分布狀況，並個別檢視此三個分類中各IPO案件承銷效率是否具有顯著差異，最後探討可能影響承銷效率之原因為何。本研究係針對2006年至2009年間上市櫃之IPO案件共選取163個DMU進行資料包絡分析以得出各IPO承銷案之相對效率，並利用K-W檢定各分類間是否存在顯著差異，接下來使用Tobit迴歸模式探討影響效率表現因素為何。實證結果顯示，無論是否考量技術經驗因子，各承銷商間以及各IPO承銷年度間之承銷效率皆具有顯著差異，但各IPO所屬產業間並無存在顯著差異;在影響效率值因素之分析結果發現，未考量技術經驗因子下，發行公司風險程度高低與承銷商是否加入金控和效率值呈顯著正相關，而在考量技術經驗因子後，則是協辦承銷商家數以及是否加入金控和效率值呈現顯著正相關。

摘要(英)

IPO is a direct way for corporate to capital market. Based on the regulation, corporate should be gone through the process of conseling and recommending by underwriter. Due to the highly capital demand to corporate, the competition is much more fierce between underwriters. From the IPO corporate point of view, this paper is focus on the underwriting IPO efficiency of underwriters. We take technology-experience factor into consideration or not in order to find out the distribution of underwriting efficiency from three categories including different underwriters, industry categories and underwriting years, respectively. Furthermore, we examine the significantly difference of the underwriting efficiency in these three categories.
First, we take 163 DMUs into DEA approach which are the IPOs issuing between 2006 and 2009, and find out the relative efficiency of each IPO case. Second, we use K-W test to examine the significantly differences between each category. Finally, we use Tobit regression model to investigate which factor can effect the performance of efficiency.
Our empirical results show that whether the technology-experience factor take into consideration or not, underwriting efficiency of each underwrite and IPO underwriting year is significantly difference. But it’s not significant in each industry. Furthermore, under the condition of not taking the technology-experience factor, there is positive correlation between the risk level of issuing company and underwriting efficiency, and also is positive between the participation in financial holding corporation or not and underwriting efficiency. In addition, under the condition of taking the technology-experience factor, the number of co-underwriters and the participation in financial holding corporation or not is positive correlation with underwriting efficiency.

關鍵字(中)

★ 承銷商
★ IPO
★ 資料包絡分析法
★ Tobit迴歸

關鍵字(英)

★ Tobit regression
★ DEA
★ IPO
★ Underwriter

論文目次

第一章緒論 1
第一節研究背景與動機 1
第二節研究目的 3
第三節論文架構及研究流程 4
第二章文獻回顧 6
第一節 IPO之效率表現 6
第二節資料包絡分析與證券商經營績效 12
第三章研究設計 17
第一節研究架構 17
第二節 IPO承銷效率衡量方法 18
第三節研究對象及資料來源 23
第四章實證結果分析 24
第一節樣本資料敘述 24
第二節 IPO承銷效率分析 29
第三節影響IPO承銷效率之因素 47
第五章結論與建議 51
第一節研究結論 51
第二節研究限制與建議 52
參考文獻 54
附錄 60
附錄一、資料包絡分析法之理論模型演進及其架構 60
附錄二、各IPO案件詳細承銷資料 69
附錄三、加入及未加入技術經驗因子之效率值 74
附錄四、按承銷商分類承銷效率之K-W檢定結果 79
附錄五、按產業別分類承銷效率之K-W檢定結果 80
附錄六、按不同承銷年度分類承銷效率之K-W檢定結果 81

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指導教授

張東生(Dong-Shang Chang)

審核日期

2010-6-21

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