民國91年1月2日啟動交易的「興櫃市場」，提供投資者一個合法、安全及透明的未上市（櫃）股票交易市場，而依台灣證券交易所(TSEC)上市審查準則及櫃檯買中心(OTC)上櫃審查準則之規定欲申請初次申請上市（櫃）股票之公開發行公司，必先登錄興櫃股票，並掛牌交易達六個月以上，先熟悉市場交易規則及充分透明的資訊揭露，進而才有資格申請成為上市櫃公司。然興櫃市場是否具有「價格發現」機制，又影響其申請上市櫃(IPOs)股票蜜月現象因素為何，係本研究之探討重點。 本研究主要探討興櫃公司初次申請上市（櫃）(IPOs)股票蜜月現象及其影響因素，研究目的在於「暸解檢驗興櫃公司從興櫃登錄至申請上市（櫃）（IPOs）期間是否存在超額報酬，並從公司基本因素、公司於興櫃市場表現因素、公司上市（櫃）時條件因素、市場景氣與制度因素與公司治理因素等五大類，瞭解其對於IPOs蜜月現象的影響。此外，並以實際登錄興櫃公司申請上市櫃進度，從興櫃股票在登錄興櫃日、上市（櫃）送件日、上市（櫃）審議委員會通過日等三個不同時點的兩個超額報酬，相對於上市（櫃）審議委員會通過日至上市（櫃）掛牌日這段期間之超額報酬的影響。另解析個案公司SWOT分析結果，探討個案公司相對於其所面對外部環境之機會與威脅，以及公司內部環境所具備的優勢與劣勢等相關影響因素。 本研究運用複迴歸分析，得到實證結果發現興櫃申請上市(櫃)公司： 1.「登錄興櫃日至上市（櫃）送件日之超額報酬」主要與產（行）業別、興櫃交易天數、登錄興櫃日至上市（櫃）送件日之大盤漲幅、會計師事務所聲譽等因素有關。 2.「上市（櫃）送件日至審議委員會通過日之超額報酬」受到公司成立年數、興櫃交易天數、稅後EPS、登錄興櫃日至上市（櫃）送件日之大盤漲幅、上市（櫃）送件日至審議委員會通過日之大盤漲幅的影響。 3.「審議委員會通過日至上市(櫃)掛牌日收盤價之超額報酬」與產（行）業別、興櫃個股日平均成交金額、興櫃交易天數、中籤率、承銷價、登錄興櫃日至上市（櫃）送件日之大盤漲幅、上市（櫃）送件日至審議委員會通過日之大盤漲幅、審議委員會通過日至掛牌日收盤價之大盤漲幅、首五日無漲跌幅限制、會計師事務所聲譽有關。 4.「議定承銷價至上市(櫃)掛牌日收盤價之超額報酬」則是受到公司成立年數、興櫃交易天數、承銷價、稅後EPS、首五日無漲跌幅限制等變數的影響。 除上述影響因素外，個案分析興櫃申請上市櫃(IPOs)公司可發現若該公司在產業皆具有領導地位、產品當紅有競爭利基（如ＩＣ設計等）具有國際競爭力及成長潛力、掌握關鍵研發創新技術、營收或獲利不斷成長、有較高毛利率及稅後每股盈餘、部份有富爸爸資源支持及垂直整合從與外資青睞，從登錄興櫃經審議委員會到上市（櫃）掛牌皆有超額報酬現象。 / Emerging Stock Market, which was started the transaction on January 2, 2002, provides the investors a legitimate, safe and transparent stock transaction market of unlisted company. According to the listed examination criterion of TSEC and OTC, an initial public offerings (IPOs) company has to be listed and transacted on Emerging Stock Market for over than six months to be familiar with the transaction rule of market and disclose the information of the company fully transparently. Then it has the admissibility of applying to transfer to listed market. This thesis mainly explores the honeymoon effect of IPOs stock and its influence factors. The five purposes including: 1. To examine whether there is exceed return when an emerging company transferring to an IPOs company. 2. To discuss the influence to the exceed return of IPOs by the five group factors, including the company fundamental, the performance in Emerging Market, the conditions of the company at IPOs, the market situations and systems, and the company governance. 3. To discuss the influence to the exceed return of IPOs by the two time period factors between the three time points: listed day in the Emerging Market, the apply day to TSEC and OTC, and the day the application approved by Examination Committee of TSEC or OTC. 4. To give SWOT analysis (combined with five forces analysis) in the case studies to explore, of the target companies, the opportunities and threats of the external environment and the strengths and weakness of the internal environment. 5. To apply the exploration in Purpose 1, Purpose 2, and Purpose 3 to the target companies in the case studies. By using multiple regression model, we found the following results: 1. The exceed return from the listed day in Emerging Market to the apply day to TSEC or OTC is related to the industry, the days staying in Emerging Stock Market, the performance of TSEC index, and the reputations of accountant business offices. 2. The exceed return from the day applying to TSEC or OTC to the day the application approved by Examination Committee is related to the company age, the days a company staying in Emerging Stock Market, the EPS after tax, and the performance of TSEC index. 3. The exceed return from the day the application passed by Examination Committee to the closing price at listing day is related to the industry, the average amount of transaction in Emerging Stock Market, the days a company staying in Emerging Stock Market, the transaction lot size, the stock offering price, the performance of TSEC index, the 7% price limit has been cancelled under the new underwriting system in five trading days after IPO, the reputations of accountant business offices. 4. The exceed return from the IPOs price to the closing price at listing day is related to the company age, the days a company staying in Emerging Stock Market, the stock offering price, the EPS after tax, the 7% price limit has been cancelled under the new underwriting system in five trading days after IPO. Besides the above factors, we found, from the case studies, that IPO companies have the exceed return when they possess: the leadership in the industry, the international competitiveness and growth potential of their niche products, the key creative technology of R&D, the continuation growing of revenue and profit, the higher profit rate and the EPS after tax, the support of the parent group, and the foreign capital investors.

我國興櫃股票之交易方式係由推薦證券商（即興櫃股票之造市商）之報價主導交易進行，屬於報價驅動（Quote-driven）之交易方式，與我國上櫃股票採取「等價交易」及上市股票採取「競價交易」等均屬委託單驅動（Order-driven）之交易方式迥然不同。 按我國證券交易法第155條第2項準用同條第1項規定之適用結果，「於證券商營業處所買賣有價證券」者，仍應有第1項所揭反市場操縱條款之適用。惟有關興櫃股票交易在成交對象之選擇、成交順序、成交價格決定，乃至於成交後之給付結算作業方式等，均與我國現行上市（櫃）股票之交易及交割方式具有明顯之差異，致應如何適用證券交易法反市場操縱條款之規定，乃成疑義。 本文鑒於興櫃股票市場規模已呈穩定成長之勢，不難想像興櫃股票交易與市場操縱行為之間終將有擦出爭議火花之時，故以比較法學研究之觀點，歸納並分析興櫃股票與上市（櫃）股票交易方式之差異及其癥結所在。另蒐集瀏覽世界各國主要證券市場之交易規制，包括美國OTCBB市場、歐陸Alternext市場及英國AIM市場，分析其他採用報價驅動交易模式之先進市場當中有關造市商義務之規範，以掌握造市商義務之核心意涵。進而以造市商義務範圍及報價驅動市場之交易特徵為基礎，逐一檢測興櫃股票適用我國證券交易法所揭「違約不交割」、「相對委託」、「連續交易」、「沖洗買賣」、「散布流言或不實資料」及「其他直接或間接操縱市場」等各款反市場操縱條款規定可能引發之爭議，並提出本文意見。 / The trading mechanism of Taiwan Emerging Stock is based on quote-driven model, which is very different from the order-driven model of the Taiwan OTC securities market and Taiwan Stock Exchange market. By the Taiwan Securities and Exchange Act Article 155 paragraph 2 permitted that paragraph 1, the anti-market manipulation provisions, shall apply mutatis mutandis to securities transactions conducted on the over-the-counter markets. However, lots of Taiwan Emerging stock trading rules such as allowing the participants to choose their counterparty, the matching sequence rules, the price decision rules, and even the rules of payment and settlement practices after transaction, all have significantly differences between those of Taiwan Emerging stock market and listed stock market. Therefore, how should Taiwan Emerging stock apply to the Securities Exchange Act under the terms of the anti-market manipulation is into doubt. Taiwan Emerging stock market has shown a steady growth trend, hence, it is easy to imagine that Taiwan Emerging stock trading and market manipulation issues will eventually rise to controversy. This thesis is to study from the point of view of comparative law, by means of analyzing the emerging stock markets of the advanced countries, including the U.S. OTCBB market, the European Alternext market and the UK AIM market, to conclude the crux of the difference between the quote-driven and order-driven market models. Then, to understand the characteristics and core obligation of the market maker under quote-driven market model, furthermore, to detect the disputes may lead for adapting the anti-manipulation provisions to Taiwan Emerging stock, including the terms of "breach of contract non-deliverable", "improper matched orders ", "continuous trading", "wash sale", "spreading rumors or false information" and other direct or indirect behavior of manipulation". And this thesis proposed its discovery at the end.