The Effect from the Reform of Underwriting System on the Return of the Initial Public Offerings
Date Issued
2007
Date
2007
Author(s)
Lin, Kuen-Horng
DOI
zh-TW
Abstract
The number of the first listings in TSEC declines rapidly recent years. It reveals that our stock market has no appeals for the enterprises. The reasons are: the political atmosphere across the strait, the economical environment and regulations…etc. Of course, the price of the listed is also the concerns for the enterprise to choose which market to list. This thesis will base on the research of “no price fluctuation limit imposed on the first five trading days beginning from the listing date” system to see if it can reflect the” return on earnings” in a short period of time reasonably in order to see the efficiency of the capital market and if the reform of the underwriting system meets the criteria of worldwide. This thesis is targeted on the enterprises that new listing in TSEC and OTC (other than those converted from OTC stocks to listed stocks) from 2004 to 2006, compared with the old underwriting system in order to explore the benefits of the new system.
The research concludes that the new underwriting system (no price fluctuation limit imposed on the first five trading days) can reflect the listed price efficiently and reasonably in the capital market and as well is a good underwriting system to connect with the world market.
Subjects
承銷制度
初次上市
首五日無漲跌幅限制
Underwriting system
IPO
no price fluctuation limit imposed on the first five trading days
Type
other