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.
