研究報告
| 學年 | 103 |
|---|---|
| 學期 | 1 |
| 出版（發表）日期 | 2014-10-31 |
| 作品名稱 | IPO詢價圈購承銷商配售行為之研究 |
| 作品名稱（其他語言） | Allocations in IPO Bookbuilding |
| 著者 | 陳薇如 |
| 單位 | 淡江大學會計學系 |
| 描述 | 計畫編號：NSC102-2410-H032-032
 研究期間：201308~201407
 研究經費：452,000 |
| 委託單位 | 行政院國家科學委員會 |
| 摘要 | 本研究藉由我國承銷商詢價圈購配售行為之研究，檢定詢價圈購理論的「資訊取得假說」。Benveniste & Spindt (1989) 與Benveniste & Wilhelm (1990) 提出的資訊取得理論說明在詢價圈購制度下，承銷商能透過分配的自由裁量權誘使擁有資訊的投資人提供其私有資訊，並據以訂定合理的發行價格。若詢價圈購的資訊取得假說成立，則承銷商應該分配較多股票給提供較多且較精確價格資訊的圈購者，另外，這些資訊提供者也應可獲得較大的獲利率作為報償。由於資料取得的困難，在IPO的文獻中有關詢價圈購股票分配的研究不多，然而承銷商在詢價圈購後如何分配股票，卻是一個重要的議題。由於詢價圈購賦予承銷商分配的裁量權，然而若承銷商未善用此裁量權，將股份分配與提供較多價格資訊的投資人，則詢價圈購制度的價格發現功能將無從發揮。與Cornelli & Goldreich (2001) 及 Jenkinson & Jones (2004) 研究歐美IPO詢價圈購配售行為的兩篇文章比較，我國可由機構投資人與散戶投資人圈購的分配情形進一步驗證資訊取得假說。另外，由於我國所有圈購單皆採限價單，可由圈購價格衡量投資人提供的訂價資訊精確性，因此我們可更進一步地評估圈購單提供的價格資訊與分配比率之間的關係。 This paper tests the “information acquisition hypothesis”of the book-building theory based on the study on the underwriters’book-building allocate behaviors. The information acquisition theory proposed by Benveniste & Spindt (1989) and Benveniste & Wilhelm (1990) states that underwriters can induce investors with private information to offer these information through the allocated discretion under the book-building regime and further set the reasonable issue price. If the information acquisition hypothesis of the book-building theory is valid, the underwriters should allocate more stocks to those providing more accurate price information. In addition, such information providers should be compensated by greater profitability. Due to the difficulty in data acquisition, studies relating to stock allocation in book-building process are few in IPO-related literature. However, how underwriters allocate stocks after book-building remains an important issue. As the underwriters are empowered with the discretionary right by the book-building, if underwriters have not made good use of the discretionary right to allocate the stocks to investors with more price information, the price discovery function of the book-building regime is undermined. Compared with the two articles on the book-building allocate behaviors in Europe and America written by Cornelli & Goldreich (2001), and Jenkinson & Jones (2004) respectively, This research will further confirm the information acquisition hypothesis by the book-building allocation among institutional and retail investors in Taiwan. In addition, as all the book-building orders are limited price bids, the accuracy of the pricing information provided by investors can be measured by book-building price. Hence, the relationship between the price information provided by the book-building orders and the allocation ratio can be estimated. |
| 關鍵字 | 詢價圈購; 配售行為; 資訊取得假說; Book Building; Allocation; Information Extraction Hypothesis |
| 語言 | zh_TW |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/101307 ) |