本研究探討創投、公開資訊與承銷價折價之間的關係。對企業而言股票公開上市乃是一重要籌措資金管道，但由於首次公開發行，市場投資者對企業感到陌生，價值不易評定，資訊不對稱的情況也由此產生。因此本研究探討創投與公開資訊的取得是否能降低資訊不對稱的程度。

  本篇論文利用1997-2007年735家初次上櫃公司，檢視公開資訊與創投介入對承銷價折價的影響。本研究主要的研究焦點為：創投、內部人保留比率與先前研究中影響承銷價折價的變數。實證結果顯示：(一)有創投介入的初次公開發行公司會有較大的折價，其有一大部分的原因來自於產業效果。（二）沒有任何一個變數可以有效地解決資訊不對稱的問題。（三）最後，根據熱發行市場的文獻，我們檢視公開申購日前四十天的平均市場報酬對承銷價折價的影響。本研究發現此變數對於承銷價折價有很好的解釋與預測的能力。

This research examines the relationship among venture capital, public information and IPO underpricing. Publicly unfamiliar with the business and the speech share’s appearing on market being one important financing piping, but due to for the very first time publishing publicly, the market investor to the business, worth assess not easily, information asymmetry also produces from here. So this research set to throw whether the venture capital backing、public information available can reduce the information asymmetry.  
  
  We examine the extent to which IPO underpricing reflect public information and VC-backed issue for 735 companies that stocks are Initial public offerings (IPO) on the Over-the-counter Market between 1997 and 2007.This essay focus on : venture capital backing, share overhang, and variable which appear on previous study that affect IPO underpricing . Empirical result suggest that: the tendency for VC-backed IPOs to be more underpriced appears to be in large part an industry effect. There are no variable can be effectively to solve information asymmetry problem. Finally, motivated by the hot issue markets literature, we examine the influence of average 40 days market return before offer date on IPO underpricing. We show that such a variable has significant predictive power to IPO underpricing.

誌謝……………………………………………………………………………………I
中文摘要…………...…………………………………………………………………II
英文摘要……………………………..………………………………………………III
目錄…………………………………..………………………………………………IV
表目錄…………………………………………...……………………………………V
圖目錄………………………………………..………………………………………VI
第壹章 緒論…………………………………………………1
第一節 研究背景與動機…………………………………………………1
第二節 研究目的…………………………………………………3
第三節 研究流程…………………………………………………4
第貳章 文獻回顧…………………………………………………6
第一節 創投…………………………………………………6
第二節 承銷價低估…………………………………………………12
第三節 影響IPO折價重要變數來源與意涵……………………17
第叁章 研究設計…………………………………………21
第一節 研究假說的建立…………………………………………21
第二節 樣本選取與資料來源…………………………………………22
第三節 變數定義與衡量…………………………………………25
第四節 實證模型…………………………………………28
第肆章 實證結果與分析…………………………………………30
第一節 敘述統計分析…………………………………………30
第二節 實證分析…………………………………………35
第伍章 結論與建議…………………………………………40
第一節 研究結論…………………………………………40
第二節 研究限制與建議………………………………………….41
參考文獻…………………………………………42
附錄一：初次上市、櫃審核條件………………………………47

                      表目錄

表2-1-1國內、外支持創投認證功能相關文獻…………………………………...10
表2-1-2國內、外不支持創投認證功能相關文獻………………………………..11
表3-3-1 86-96年初次上櫃公司樣本統計數…………………….………..……….23
表3-3-2 樣本資料來源……………………………………………………………25
表3-5-1 變數定義表………………………………………………………………29
表4-1-1 樣本的敘述統計…………………………………………………………31
表4-1-2 有無創投介入之單變量分析……………………….……………………34
表4-2-1 相關係數表………………………………………………………………35
表4-2-2 期初報酬與影響變數之迴歸分析………………………………….……38
表4-2-3 期初報酬與影響變數之迴歸分析……………….………………………39

圖目錄
圖1-3-1  研究流程圖………………………………………………………………5
圖3-3-1  86-96年初次上櫃公司產業分類表……………….……………………24
圖4-1-1  86-96年有無創投介入佔IPO家數百分比…………….…………….…32
圖4-1-2  86-96年初次上櫃公司期初報酬……………….………………………32

一、中文文獻

1.	方伯中(民85)，「我國創投對被投資公司IPO之影響及未來發展方向，國立台灣大學財務金融系未出版論文。

2.	林象山（民94），「承銷商信譽對新上市股票之影響」，中國財務學刊第三卷，，119-143。

3.	洪長輝(民 86)，「創業投資事業之認證功能」，國立中正大學財務金融研究所未出版碩士論文。 

4.	郭美慧(民94)，「創投事業介入初次上市(櫃)公司所扮演之角色」，國立台灣科技大學企業管理學系碩士論文。

5.	黃惠苓(民91)，「高科技產業IPO承銷參考價訂價模式與承銷策略之研究-選擇權評價技術之應用，以IC設計類股為例」，朝陽科技大學企業管理系碩士論文。

6.	詹靖怡(民87)，「新上市股票長期績效~有無創投投資之實證研究」，國立政治大學企業管理學系未出版碩士論文。 

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9.	Brav, A. and P. Gompers (1997), “Myth or Reality The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies,” Journal of Finance 52:1791-1821.

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Underwriter Reputation.” The Journal Of Finance , XLV., pp.1045-1067.

11.	Chemmanur and Loutskina, (2005),” The Role of Venture Capital Backing in Initial Public Offerings:Certification, Screening, or Market Power?,” Journal of Finance, Vol. 45, 1990, pp.1-10.

12.	Garfinkel（1993）,”Issuing costs to existing shareholders in competitive and negotiated underwritten public utility equity offers.” Journal of FinancialEconomics15, pp.233-260.

13.	Gompers, P.A., and J. Lerner, 1998, “What drives venture capital fundraising?”Brookings papers on Economic Activity, pp.149-204.

14.	Greenwald,D.(1982)The McGraw-hill Dictionary of Modern Economics,pp.622.

15.	Grinblatt and Hwang,1989,” Grandstanding in the Venture Capital Industry”, Journal of Financial Economics, Vol. 42, September, pp. 133-156.

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17.	Hellmann and Puri(2002),” The interaction between product market and financing strategy: The role of venture capital,” Review of Financial Studies44, pp.421-449.

18.	Ibbotson, R.G., Sindelar, J. and Ritter, J.,(1988) “Initial public offerings,”
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19.	Jeffrey Jaffe, Donald B. Keim and Randolph Westerfield,(1989)” Earnings Yields, Market Values, and Stock Returns,” The Journal of Finance, Vol. 44, pp.135-148   

20.	Koh, Francis, And Terry Walter, 1989, “A Direct Test Of Rock’S Model Of
The Pricing Of Unseasoned Issues.” Journal Of Financial Economics 23,
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22.	Krigman, WH Shaw, KL Womack, (2001),” Why do firms switch underwriters?,” Journal of Financial Economics Volume 60, pp.245-284

23.	Lee, P., and S. Wahal (2002),”Grandstanding, Certification and the Underpricing of Venture Capital Backed IPOs,” forthcoming in Journal of Financial Economics.

24.	Leland, H., Pyle, D.,（1977）,”Information asymmetries, financial structure, and
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Economics March 21,pp44-64.

28.	MA Habib and AP Ljungqvist, (2001),” Underpricing and entrepreneurial wealth losses in IPOs: theory and evidence,” the Society for Financial Studies Rev Fin 2001; 14:433-458

29.	Muscarella, Christopher and Michael Vetsuypens, (1989),” Initial public offerings and information asymmetry,” Working Paper, Southern Methodist University.

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