| Summary: | 碩士 === 國立臺北大學 === 法學系 === 92 === Underwriting system is very important in securities market. The revised proposal of Chinese Securities Association Regulations Governing Underwriting and Resale of Securities by Securities Firms has been passed in December 2003. However, there are still some disadvantages in the new proposal. In order to improve our system, I read literature including America、Japan、and China to know what we can do.
The article has six chapters. The first one is preamble. The second chapter introduces underwriting system. Several different systems are introduced in the third chapter. The fourth chapter discusses underwriting system of Taiwan and the new revised proposal. IPO and SPO methods are discussed in the fifth chapter including book building、competitive bidding and public subscription. The final chapter is conclusion.
In the study I found that there are some disadvantages in the new proposal. For example, the procedure is too long and the price of stock is usually incorrect. I try to raise some suggestion. On the other hand, I analyze the advantages and disadvantages of different underwriting methods, and raise suggestion.
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