| Summary: | 碩士 === 淡江大學 === 財務金融學系碩士班 === 94 === Before 1995, public subscription was of the only underwriting mechanism for SEO. However, public subscription is not efficient. Therefore, the government changed some
of the systems and introduces book building as an alternation underwring mechanism. Nevertheless, whether book building improves market efficiency and reform public subscription or not, all phenomena are worth probe into.
This research aims at probing into SEO underwriting and consigning the impact on its market efficiency since introducing book building on March 8, 1995. We use SEO discount as a measure of market efficiency and discuss what factors affect SEO discount. In addition, this research probes the effect of changing regulation on SEO discount and whether underpricing follows the floor.
This selected use hierarchical regression analysis, ANOVA analysis and T-test to be basic inspecting foundation. In conclusion, the new system can really improve market efficiency. Also, the range of discount price has been obviously reduced since past public subscription. This demonstrates that certain impact of the government reforming public subscription exists.
|
|---|
