本研究主要探討初次上市櫃前內部人持股比率、董事會持股比率、機構法人持股比率與股權集中度對承銷價、新股折價的影響。研究樣本為台灣2001至2008年的613家上市櫃公司。實證結果顯示在全體樣本中，IPO前董事會持股比率與承銷價格之間呈顯著先降、後升、再降的關係，而IPO前的股權集中度與承銷價格之間亦呈顯著先降、後升、再降的三段式關係。表示IPO前董事會持股比率及股權集中度均與承銷價格呈非線性相關。這樣的關係顯示IPO前之董事、大股東會因為持股比率的不同，而有不同的動機去議定承銷價格。而IPO前內部人持股比率、機構法人持股比率對承銷價格則不具非線性關係。另外，初次上市櫃前內部人持股比率、董事會持股比率、機構法人持股比率、股權集中度對新股折價則不具顯著影響。

The main purpose of this study is to examine the determinants and interrelationships among pre-IPO ownership structure, offer price and underpricing by using a sample of Taiwan’s initial public offerings’ firms. We find that firms with ‘low’ and ‘high’ levels of pre-IPO directors’ ownership and ownership concentration experience negative relationships between directors’ ownership, ownership concentration and offer price, while firms with ‘intermediate’ level of pre-IPO directors’ ownership and ownership concentration exhibit a positive relationships between directors’ ownership, ownership concentration and offer price. The results are strongly supported the non-linear relationship between pre-IPO directors’ ownership and offer price as well as pre-IPO ownership concentration and offer price. And we find no statistically significant relationship between pre-IPO ownership structure and underpricing. According to the result of this study, it should be useful information to the security market.

目  錄
第壹章　緒論	1
第一節　研究背景與動機	1
第二節　研究目的	2
第三節　研究架構與流程	4
第貳章　文獻探討	6
第一節　股權結構相關文獻	6
第二節　初次上市櫃相關文獻	12
第參章　研究設計	16
第一節　研究架構	16
第二節　研究假說	16
第三節　樣本選取與資料來源	19
第四節　實證模型	19
第五節　變數定義	22
第肆章　實證結果與分析	29
第一節　敘述性統計分析	29
第二節　相關性分析	29
第三節　股權結構與承銷價格之迴歸分析	33
第四節　股權結構與IPO折價之迴歸分析	45
第伍章　研究結論與建議	54
第一節　研究結論	54
第二節　研究限制	55
第三節　研究建議	56
附錄	57
參考文獻	60
圖目錄
圖 1-1研究流程圖 5
圖 3-1 觀念性架構圖 16
表目錄
表 1-1  45個國家平均IPO折價 3
表 4-1  樣本敘述統計量 31
表 4-2  相關係數分析 32
表 4-3  初次上市（櫃）前內部人持股比率與承銷價格之迴歸結果 40
表 4-4  初次上市（櫃）前董事會持股比率與承銷價格之迴歸結果 41
表 4-5  初次上市（櫃）前法人持股比率與承銷價格之迴歸結果 42
表 4-6  初次上市（櫃）前股權集中度與承銷價格之迴歸結果 43
表 4-7  初次上市（櫃）前股權結構與承銷價格之假說驗證歸納表 44
表 4-8  初次上市（櫃）前內部人持股比率與IPO折價之迴歸結果 49
表 4-9  初次上市（櫃）前董事會持股比率與IPO折價之迴歸結果 50
表 4-10初次上市（櫃）前機構法人持股比率與IPO折價之迴歸結果 51
表 4-11初次上市（櫃）前股權集中度與IPO折價之迴歸結果 52
表 4-12初次上市（櫃）前股權結構與IPO折價之假說驗證歸納表 53
表 6-1　初次上市（櫃）前股權結構與承銷價格之迴歸結果 58
表 6-2　初次上市（櫃）前股權結構與IPO折價之迴歸結果 59

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