台灣股票初次上市櫃相關研究文獻回顧

Abstract

台灣股票初次上市櫃相關制度與規範近25年來幾經更迭, 提供了充足的資料並造就了豐富的研究成果, 本文針對近15年來利用台灣初次上市櫃資料所發表的文章進行回顧,試圖匯集文獻對一些重要議題的研究發現, 及發掘仍未被解決的疑問。過去文獻已就初次上市櫃後長短期績效情形及原因、承銷方式選擇、投資者投標行為及績效、承銷費用等議題提出探討。未來可朝利用台灣獨特承銷特性、機構投資人行為及承銷商行為等方向進行研究。

The regulations concerning initial public offerings in Taiwan have been revised many times during the past two decades. This provides plenty of valuable data to empirically test IPO theories. This study reviews the literature related to initial public offerings in Taiwan over the last 15 years. We discuss the empirical evidence found in this literature and try to dig out unexplained issues. In summary, Taiwan's IPO literature provides empirical evidence on: short-run and long run performance of IPOs, the choice of underwriting method, investors' bidding behavior and performance, and underwriting fees. In the future, we can further utilize these data to investigate the unique underwriting characteristics in Taiwan, and the behavior of institutional investors and underwriters.