影響台灣生物科技產業IPO折價因素之探討

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題名:	影響台灣生物科技產業IPO折價因素之探討 Factors Influencing IPO Discounts in Taiwan's Biotechnology Industry
作者:	雷中光 LEI, CHUNG-KUANG
貢獻者:	管理學院生物科技高階管理碩士在職專班蕭育仁
關鍵詞:	IPO折價;承銷定價策略 IPO discount;underwriting pricing strategy
日期:	2024-01-05
上傳時間:	2024-11-06 10:41:55 (UTC+8)
摘要:	本文探討台灣上市上櫃生技醫療公司掛牌IPO折價問題。IPO折價是指公司初次上市或上櫃時，上市或上櫃價格與承銷價格間的差距，亦即股票發行價格低於市場價值，而IPO折價通常源自於投資人與發行公司間的資訊不對稱。投資人所屬身分類別與申購金額的多寡皆會影響公司承銷價格的訂價策略。研究發展涉及公司內部機密，也因此與外部人間形成資訊不對稱的現象。本研究數據使用來自於台灣經濟新報資料庫，收錄128家台灣上市櫃生物科技產業公司的相關資訊與財務資料。進行相關影響IPO折價因素的回歸分析，結果顯示：競價拍賣，中籤率與IPO折溢價的統計分析有達到統計檢定P-value小於1%顯的非常顯著負向相關。IPO發行價格有達到統計檢定P-value小於5%的顯著正向相關，現貨價格、成交/發行量(%)、營收成長率都有達到統計檢定P-value小於10%的負向相關。其他變數項雖然沒有顯著性，但仍可嘗試解釋：董監持股%為正相關，但十大股東持股比率愈高卻是負相關。 This article discusses the IPO discount issue of Taiwan’s listed biotech and medical companies. The IPO discount refers to the difference between the listing price and the underwriting price when the company first goes public, that is, the stock issuance price is lower than the market value. The IPO discount usually results from the information asymmetry between investors and the issuing company. The investor's identity category and the amount of subscription will affect the company's underwriting price pricing strategy. Research and development involve internal company secrets, thus creating an information asymmetry with outsiders. The data used in this study comes from the Taiwan Economic News database, which contains relevant information and financial data of 128 Taiwan listed biotech industry companies. A regression analysis of the factors affecting IPO discounts was conducted, and the results showed that the statistical analysis of bidding auction, winning rate and IPO discounts and premiums has a very significant negative correlation of statistical test p-value is less than 1%. The IPO issue price has a significant positive correlation of statistical test p-value is less than 5%, and the spot price, transaction/issuance volume (%), and revenue growth rate all have a negative correlation of statistical test p-value is less than 10%. Although other variables are not significant, we can still try to explain: the % shareholding of directors and supervisors is positively correlated, but the higher the shareholding ratio of the top ten shareholders, the higher the shareholding ratio, the negative correlation.
描述:	碩士指導教授：蕭育仁口試委員：陳炳全口試委員：周冠男口試委員：蕭育仁
附註:	論文公開日期：2024-01-25
資料類型:	thesis
顯示於類別:	[生物科技高階管理碩士專班] 博碩士論文

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