The Relationship between Factors affecting IPO Pricing and Final Underwriting Pricing and the Intervening Effect

• Main Authors: Yao-Hua Wang, 王耀華
• Other Authors: Tsai-Mel Lin
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/67049280429265281535

博士 === 中國文化大學 === 國際企業管理學系 === 101 === Growth of the capital market, and the need for financial service have lead Taiwan government to delegated same restriction on the channels for raising capital from both domestic and abroad. In the meantime, it highlights the importance of stock market relationship of the factors affecting underpricing and the final underpricing price and the adjusted underwriting price mechanism as intervening variables are discussed. Secondary data information published by each IPO companies is used in this research. It stretches out from year 2010 to Sep. 2012, and covers 144 sets of data. Meanwhile, anonymous survey of randomly selected CFO in these companies is also made to collect the required data on the key consideration in new underwriting mechanism. Of the 110 questionnaires distributed, 90 were returned and all are valid samples. Empirical findings indicated that: (1) the scope of financial and issue condition of the underwriting factor are significant related to the final negotiated underwriting price; (2) the underwriting factor positively affects the P/E ratio, discounted cash flow, and emerging stock price methods; (3) the adjusted underwriting price mechanism positively affects the final underwriting price; (4) P/E ratio and emerging stock price cause the intervening effect to the relationship of the underwriting factor, and the resolved underwriting price; (5) the top three items considered by the CFO of IPO companies are the aggregated stock market P/E ratio, EPS, the stock holding rate by the main stock holder, company size, and underwriting size.