| Summary: | 碩士 === 東吳大學 === 企業管理學系 === 95 === This research was surveyed from Mar.1, 2005 to Feb 28, 2007 with forty nine (49) companies under new underwriting system. According to the results, IPOS prices were still underpriced in new underwriting system, and the average undervalued price is 44.5%. There are significant negative relationships among the percentage of domestic institution investor, percentage of allotment, age of company, and undervalued prices of IPOS. We also found that the underwriting prices were resolved by negotiations between the lead underwriters and the issuing companies .The IPOS price may not conform to the shareholders expectation of emerging market, so the IPOS price may not the same as trading prices in the emerging market. Therefore, the closing prices of the emerging market before listing date were neither affected by nor irrelevant to the underwriting prices.
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