依據過去文獻的研究發現，投資人情緒會影響公司 IPO，造成折價。而在不同承銷制 度下，IPO 折價的程度則有相對應不同大小。本研究主要目的在探討不同承銷制度下投資 人情緒對 IPO 折價的影響，首先會探討投資人情緒及承銷制度各別對 IPO 折價的影響，以 驗證過去文獻的發現，另外本研究主要欲進一步了解承銷制度對投資人情緒與 IPO 折價的 關係是否具有調節效果。探討在投資人情緒影響下不同的承銷制度是否對 IPO 折價程度有 所差異。實證結果發現投資人情緒越高，IPO 折價程度越高；另外，三種承銷方式中，使 用詢價圈購的折價程度大於公開申購；最後，在承銷方式的調節效果部份，投資人情緒對 IPO 折價的影響在詢價圈購最高，公開申購次之，競價拍賣則最低。

According to past literature, investor sentiment will affect the degree of IPO underpricing. In addition, many studies have found that under different underwriting systems, IPO underpricing will be significantly different. This study mainly discusses the impact of investor sentiment on IPO underpricing under different underwriting systems. In first, we discuss the impact of investor sentiment and underwriting system on IPO underpricing respectively to verify the findings of past research. In addition, this study focuses on whether the underwriting system has a moderation effect on the relationship between investor sentiment and IPO underpricing. The empirical results show that the higher the investor's sentiment, the higher the IPO underpricing. In addition, among the three underwriting methods, the IPO underpricing of the bookbuilding is higher than fix-price. Finally, the influence of investor sentiment on the IPO underpricing is the highest in the bookbuilding, the next in the fix-price, and the auction is the lowest.

目錄 
第一章 緒論 ... 1 
第一節 研究背景與動機 ...1
第二節 研究目的 ... 4 
第三節 研究架構 ... 4 
第二章 文獻探討 .... 7 
第一節 IPO 折價相關文獻 ... 7 
第二節 投資人情緒相關文獻 ... 12 
第三節 承銷制度相關文獻 ... 21 
第三章 研究方法 ...36 
第一節 研究假說 ... 36 
第二節 樣本選取與資料來源 ...40 
第三節 變數定義 ... 41 
第四節 實證模型 ... 50 
第四章 實證結果 ...53 
第一節 投資人情緒主成分分析 ...53 
第二節 敘述性統計分析 ... 54 
第三節 相關性分析 ...55 
第四節 實證結果與分析 ... 59 
第五章 結論與建議 ... 65 
第一節 研究結論 ... 65 
第二節 研究限制及建議 ... 67 
參考文獻 ... 68
附錄一 中文文獻 ... 68 
附錄二 英文文獻 ... 68

圖目錄 
圖 1-1 研究流程 ... 6

表目錄 
表 2-1 台灣承銷機制演進 ... 22 
表 2-2 詢價圈購文獻 ... 26 
表 2-3 競價拍賣文獻 ... 29 
表 2-4 公開申購文獻 ... 31

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21-35。 陳香吟、吳怡瑩(2018)。淺談初次上市（櫃）承銷制度及價格訂定。證券暨期貨
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23(6)，711-738。 高啓仁(2011)。我國發行市場制度及演變。證券暨期貨月刊，29(9)，17-31。 姜堯民、戴維芯(2016)。臺灣股票初次上市櫃相關研究文獻回顧。經濟論文叢刊，
44(1)，77-125。 沈鳳儀、簡明哲(2012)。事前不確定性假說、訊號發射假說及熱潮假說與 IPO 期 初報酬率之關聯性分析。臺灣金融財務季刊，13(1)，87-113。 

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