Taiwan carries out the new underwriting rules since 2005, it is very important to the reformation of financial system, and its purpose is mainly for responding to the reformation of underwriting rules so as to promote the quality of listed companies. At present, the underwriting method of Taiwan¡¦s major Initial Public Offerings (IPO) stock uses the mix and collocation of two systems, public subscription by lot drawing and book building, as the underwriting method, the previous studies emphasized that the underwriter had higher right to decide the amount of placing, which can increase the responsibility and sensibility for the underwriting price, and then the result of promoting placing efficiency can be reached. This study compares the markets in Mainland China, Hong Kong, and Taiwan that have carried out book building system. This study mainly finds out, because the underwriters in Taiwan can provide higher stock weight of the placing of book building and the underwriters have higher right to decide the amount of placing, thus, it is more possible that when placing IPO stock, the company would regard its customers as the core, and this act is entirely different with the conception of the initial reformation, and unfavorable influence would be produced to the issue company or individual investor at the same time. This study sums up the previous literatures and questionnaire statistical analyses, and then proposes the influence that degree of rigor of laws and regulations, anticipated result of placing, institutional function of book building and decisive factors of placing have towards the actual results of placing of underwriters. The questionnaires are distributed to the personnel who actually are responsible for the IPO placing strategy of underwriters that have hosted actual placing results in Taiwan, Hong Kong, and Mainland China. After the comparison using single factor variance, one can find that the underwriters from Mainland China significantly think that the laws and regulations are stricter, and IPO stock has more good prospects of gain. However, the underwriters from Taiwan significantly think that the decisive factors of placing are stronger. When placing IPO stock, the underwriters from Mainland China prefer placing according to the system, while the underwriters from Taiwan prefer placing according to relationship. This study uses regression analysis to discuss the factors that influence the underwriters to carry out placing according to system or relationship. This study finds out if the degree of rigor for the two factors in laws and regulations, objective & fair and book building standard, is higher, then the underwriters will tend to carry out placing according to system more. And also, the system-oriented and price-oriented factors in decisive factors of placing also promote the underwriters carry out placing according to system. On the other hand, if the degree of rigor for the objective & fair factor in laws and regulations is higher, then the underwriters tend not to carry out placing according to relationship. When the factors such as considering underwriter¡¦s benefits, anticipated profit, and relationship-oriented are higher, then the underwriters tend to carry out placing according to relationship. In view of the above, this study has proposed many suggestions to improve the problems that might happen when underwriters in Taiwan placing IPO stock at present, including report beforehand, exposing the principles, ratio of book building placing, classifying the investors and placing in proportion, regulations of holding term, strengthening the supervision on notary public during the placing process, and canceling the use of person as the basic unit when purchasing but the use of purchasing capital¡¦s scale as the drawing unit. This study also hopes that the relevant departments in governments and underwriters could consult this study thesis and take this study as the reference for the follow-up reformation direction of IPO system.

We analyze institutional allocation in initial public offerings (IPOs) using a new data set of R.O.C. offerings between 2005 and 2006. We document a positive relationship between institutional allocation and day one IPOs returns. This is partly explained by the practice of giving institutions more shares in IPOs with strong premarket demand, consistent with Book Building theories. However, institutional allocation also contains private information about first-day IPOs returns not reflected in premarket demand and other public information. Our evidence supports Book Building theories of IPO underpricing, but suggests that institutional allocation in Underpriced issue is in excess of that explained by Book Building alone.

In Alternext, companies could choose two different kinds of IPO mechanisms; one is Public Offer, and the other is Private Placement. In fact, Private Placement in Alternext means 100% book-building. This article focused on what kind of companies would intend to choose Private Placement other than Public Offer, and compared their IPO discounts and market performance with companies using another mechanism. Companies with low profitability and no family holding would prefer to use Private Placement. However, companies with highly information asymmetry and profitability would also choose Private Placement. From the view of post-IPO liquidity, we infer that companies that choose Private Placement may be due to their preference for long-term investors. Referring to IPO indirect cost, we found that companies choosing Private Placement pay higher IPO discount cost. However, their post-IPO cumulated abnormal returns (CAR) are higher than companies using Public Offering.

In 1998, the Philippines introduced book-building pricing mechanisms for Initial Public Offerings. Almost all capital raised through IPOs in the Philippines is done using a book-building pricing method, however a significant number of IPOs still occur using non-book-building methods. Understanding why book-building has become the dominant pricing mechanism but yet non-book-building methods still survive is the aim of this paper. I find that unlike other countries where the introduction of book-building leads to higher total issue costs for individual issuers and unlike theory which suggests the increased effort of book-building should come with increased costs, IPOs that use book-built pricing in the Philippines actually have a lower total issue cost as a percentage of the total issue size compared to issuers who use non-book-building methods. This being the case, explaining why non-book-built IPOs still occur is even more interesting. I find that the large variance in size and the low volume of IPOs in the Philippines creates a bifurcated market where it is uneconomical for underwriters to use book-building to service small firms who want to IPO. The harder phenomenon to explain is the choice by firms who are large enough to book-build to use non-book-built methods. I suggest that the developing sophistication of the local market as well as the relationship driven aspect of business in the Philippines are two possible explanations.

Capital market is an important part of the economy. Its development undoubtedly influences efficiency of the economy and thus the overall development of the country. This master thesis analyze the process of initial public offering ("IPO") in the Czech Republic, because I believe that IPO can significantly help to develop capital market and thus the entire economy. I analyze the IPO process in terms of the main factors that affect the value of issued shares and through it the basic objective of the joint-stock company in IPO, to maximize equity gained from the process of going public. The analysis shows that significant weaknesses in the Czech regulation have been removed and the IPO process is regulated on the same level and in the same extend as in other EU countries. However, IPO remains an option that many companies do not involve in their strategic planning because of its complexity and high costs. Thorough preparation and analysis of legal options of how to go public in the legal environment can maximize profits from the issue and, moreover, it contributes to achieving higher long-term profits.

學年度：90 學期：2 校院：國立政治大學 系所：經營管理碩士學程 論文名稱：從兩岸入世論臺灣承銷商的發展契機 學位類別：碩士 研究生：陳慶洪 指導教授：杜化宇 關鍵詞：中國大陸、證券承銷、證券承銷商、發行人、配售方式、詢價圈購、公開申購、競價拍賣、世界貿易組織 中文摘要： 隨著中國大陸經濟的蓬勃發展，股票市場也在這個變動的社會中應運而生。股票市場做為溝通資金供需雙方的重要渠道，是傳統資本主義社會的重要表徵，最早發軔於西歐，臺灣和中國大陸也陸續引進這種商業型態的制度。隨著兩岸分別加入世界貿易組織，股票市場也必須積極地邁向國際化。當歐、美、日等國的投資銀行均已積極地進駐中國大陸，以搶佔其金融市場之際，國內業者受制於兩岸的政治氛圍卻顯得步履蹣跚。然而太晚進入大陸市場，將使國內證券承銷商處於不利的競爭地位。 在WTO的架構下，金融服務業必須受到服務貿易總協定的規範，兩岸都將適用最惠國待遇和多邊諮商原則，所以臺灣對中國大陸以及中國大陸對臺灣的經貿與金融政策都必須作大幅度的調整。臺灣地區的證券承銷商如何掌握此一發展趨勢，以開創華人世紀的新紀元，在在考驗著臺灣政府與業者的智慧。 摘要 回顧八零年代後期，中國大陸在鄧小平的主導下，踏上改革開放的試點工作，低廉的要素成本和政府的政策支持，吸引著外資源源不斷地注入，臺商得文化、地利之便，藉著轉移生產基地以延續產業生命並擴展生產規模。二十餘年來，西進的臺商從勞力密集，逐漸提升到資本密集與技術密集，對國內的經濟發展帶來相當大的衝擊。當臺商在異地逐漸站穩腳步，並於境外獲得資金供給的來源，對國內資本市場的依存度自然降低許多。做為資金供需雙方媒介的國內證券承銷商，遂因而陷入市場萎縮的困境。當兩岸次第加入世貿組織以後，國內承銷商是否有機會跟隨臺商腳步，將市場拓展至中國大陸，以延續生機並再創高峰，的確是一件值得深思的問題。 本研究的第二章、第三章分別介紹中國大陸和臺灣的承銷制度，依序分從 「證券商之分類及其業務範疇」、「承銷時機」、「承銷方式與資格」、「承銷作業程序」和「承銷價格訂定與配售方式」等五個面向加以探討，第四章則從比較制度的觀點，分析兩地承銷制度的異同。為了瞭解WTO入會架構將對兩岸承銷商帶來何等影響，本研究第五章首先介紹世界貿易組織的功能、理念與規範重點，其次則試圖探討兩岸入會後可能面臨的衝擊與因應之道。第六章則以建華金控為例，探討年前國內通過金融業者得以純粹控股公司形式跨業兼營的法令，將對證券承銷業者進軍中國大陸的努力帶來何等影響與可能的限制。 從制度面來看，由於臺海兩岸均係繼受歐美國家的先進體制，只是導入時期先後有別，除因政策性考量產生些許出入外，可說是大同小異。其次，兩岸分別在2001年11月間的卡達會議中獲准加入世界貿易組織，臺灣地區雖以已開發國家身份入世，因入世前長達九年的複邊磋商過程已陸續將相關要求內化，入世後應不致帶來太大的衝擊。而中國大陸係以開發中國家身份爭取入世，因此在國內市場的開放上有較多的調適時間，不過從其最近出台的《外資參股證券公司設立規則》來看，除了對於境外股東的持股比例，依其入世時承諾的進度設定限制外，可說是全面開放證券承銷市場；且該規則亦適用於香港、澳門及臺灣地區的業者。受限於兩岸政權迄今仍處於對立狀態，短期內恐無法假前述規則簽署證券監管合作諒解備忘錄，勢將嚴重斷喪臺灣承銷商西進的發展契機，徒將崛起的商機拱手讓與外資，國內政府誠應審慎考慮此一嚴肅課題，進而積極協助業者排除政治上的障礙，以延續並擴展臺灣業者的生存命脈。 / Academic year: 2001 Session:2 School: National Chengchi University Department: Executive MBA of Finance Title of Thesis: The Opportunity of The Underwriting Corporation in Taiwan After Attending WTO Degree: Master Author: Ching-Hung Chen Advisor: Professor Anthony Tu Keywords: Mainland China, securities underwriting, underwriter, issuer, offering method, book-building, fix-price, auction, WTO Abstract: As the economy of Mainland China is glooming, the stock market arises in the changing society. The stock market is an important channel to link the supply and demand, as well as a symbol of the traditional capitalist society. It has taken a long time for western countries to develop their stock systems. However, similar systems emerged in Taiwan and Mainland China. After Taiwan and Mainland China attending WTO, stock markets must be aggressively facing the globalization. When Europe, the United States, and Japan are going to compete to dominate the Mainland's financial market. Taiwan is moving at a slower pace and facing many restrictions. The late entry of Taiwan's underwriting corporations into the Mainland market will undermine their competitiveness. Under the WTO framework, the basic principles on the financial services sector are governed by the General Agreement on Trade in Services (GATS). Once Taiwan and the Mainland become WTO members, they must both accept all WTO regulations, including those on MFN treatment and multilateral negotiations. In light of these requirements, both Taiwan and the Mainland must make large adjustments in their cross-strait and financial policies toward each other. The underwriting corporations in Taiwan are willing to create a new era. How to grasp the developing tendency is a critical trial to the enterprises and government in Taiwan.