民國八十四年以前，現金增資承銷制度的方式僅為公開申購，但公開申購制度有所缺失且缺乏效率性，因此主管機關除了對公開申購制度多所改革，還引進了詢價圈購制度，使發行公司有更多的選擇。然而，詢價圈購的引進是否改善了市場效率及公開申購的改革是否有成效，都是值得探討之議題。因此本研究旨在探討，自民國八十四年三月八日引進詢價圈購後，對現金增資市場效率的影響，並以折價幅度為探討之主軸。同時，也探討影響折價幅度的相關變數為何；法規修改對現金增資折價變動的影響，承銷價格是否貼著下限發行以及使承銷價格貼進下限的原因。本文選用複廻歸模型，ANOVA分析及ｔ檢定。結論為如下：新制度確實能改善市場效率，而公開申購改制後，現金增資折價幅度明顯降低，顯示政府在公開申購承銷制度的改革上有一定成效；影響折價幅度的主要因素為每股盈餘、現金增資比例、資金成本、新版承銷制度、中籤率及公司年齡；發行公司會將承銷價格訂在下限價格附近以求增資成功；在公開申購制度之下，影響下限幅度差異的因素為市場特性及現金增資比例；在詢價圈購制度之下，影響下限幅度差異的因素為市場特性、資金成本及增資前資本額。 Before 1995, public subscription was of the only underwriting mechanism for SEO. However, public subscription is not efficient. Therefore, the government changed some of the systems and introduces book building as an alternation underwring mechanism. Nevertheless, whether book building improves market efficiency and reform public subscription or not, all phenomena are worth probe into. This research aims at probing into SEO underwriting and consigning the impact on its market efficiency since introducing book building on March 8, 1995. We use SEO discount as a measure of market efficiency and discuss what factors affect SEO discount. In addition, this research probes the effect of changing regulation on SEO discount and whether underpricing follows the floor. This selected use hierarchical regression analysis, ANOVA analysis and T-test to be basic inspecting foundation. In conclusion, the new system can really improve market efficiency. Also, the range of discount price has been obviously reduced since past public subscription. This demonstrates that certain impact of the government reforming public subscription exists.
