| Summary: | 碩士 === 國立政治大學 === 會計研究所 === 86 === The main purpose of this research is to investigate the factors that determine the underwriting prices of initial public offerings. This research will be made in three aspects：”the internal conditions of the company” (the company in itself) ,”the industry type of the company” and “the external environment the company is situated in “, which produce seven independent variables in all. Hence, seven hypotheses are built to test the relationship between the dependent variable “underwriting prices” and seven independent variables as following:
1.”The internal conditions of the company” (the company in itself)The variables included are “inside equity proportion”, “total assets” and “the growth rate of operating profit”.
2.”The industry type of the company”In this research , the industries are divided into two parts : electronic and information industry and the others.
3.“The external environment the company is situated in “
The variables included are “underwriting system “, ” listing market” (TSE and OTC) and “bull and bear position”.
The samples examined are 168 newly listed and over-the-counter companies founded during 1995.3.08-1997.12.31. Multiple regression is used to analyze these hypotheses. The results shows that “total assets”, ”the industry type of the company”, “underwriting system” and ” listing market” support our hypotheses but others don’t.
The results and analysis obtained through this research are expected to provide the authorities concerned with more proper basis to amend the method of fixing underwriting prices, and effectively help investors make appropriate decisions of investment.
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