查詢結果分析
來源資料
頁籤選單縮合
題名 | 公司更換承銷商之因素探討=The Factors of Switching Underwriters |
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作者 | 周麗娟; 梁健福; | 書刊名 | 管理學報 |
卷期 | 20:1 2003.02[民92.02] |
頁次 | 頁91-112 |
分類號 | 563.55 |
關鍵詞 | 更換承銷商; 承銷價誤估; 承銷商聲譽; 新上市; 新上櫃; 現金增資; Switching underwriters; Mispricing; Reputation; Initial public offer; Seasoned equity offer; Registrar and transfer agent; |
語文 | 中文(Chinese) |
中文摘要 | 根據中華民國證券商同業公會的資料顯示,從1989年4月至1999年12 月間,總共有五百一十六家發行公司上市或上櫃。而在這五百多家的新上市、上櫃公司裡,有高達三百四十八家公司辦理第一次現金增資,其比例為67.44%。此外,在這兩次釋股的過程當中,發行公司更換主承銷商者更高達53.74%。換言之,國內發行公司對新上市(櫃)所選擇的主承銷商,並沒有很高的忠誠度。而是什麼樣的因素會造成發行公司在兩次釋股過程當中,選擇不同的主承銷商?本文試圖從承銷定價偏誤程度、承銷商聲譽、承銷費率、從新上市(櫃)至第一次SEO的時間長短及原新上市(櫃)主辦承銷商是否為發行公司股務代理機構等因素進行分析探討之。實證結果發現影響發行公司是否轉換承銷商之原因,主要為股務代理問題、公司新上市(櫃)至再釋股期間與承銷商聲譽。 |
英文摘要 | otally 516 firms newly listed on Taiwan Stock Exchange and over-the-counter during the period of April 1989 to December 1999. Among these new listing firms, there are 348 companies, or 67.44%, issuing SEO at the same period. Moreover, in these SEOs, 53.74% of issuing firms switched the leading underwriter from their IPOs. In other words, issuing firms are less loyalty to leading underwriter. Thus, it is very interesting that what are the factors causing issuing firms to switch their leading underwriters between IPOs and SEOs. Is the IPO’s offering price mispriced? Or, is the underwriting fee in IPO charged by underwriter too high? Even more, there may exist other factors. The reasons why these issuing firms switch leading underwriter are worth to further study in academy. The empirical results show that registrar and transfer agent problem, the time between IPO to the first time SEO and the leading underwriter reputation significantly cause the issuing firms switch the leading underwriter. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。