本篇研究中主要探討新上市股票在有無創投支持下的日內價格行為。藉由檢視有無創投投資的新上市公司之微市場 (microstructure) 交易特性，找出創投的參與是否能減少資訊不對稱的現象，以降低折價(underpricing)發行的程度。並藉由買賣價差的組成成分，來更進一步的檢驗。希望能藉此更明瞭創投的參與投資是否確實為被投資公司帶來實質的貢獻。

本研究採用民國八十八年四月至八十九年十二月間，新上市及新上櫃的公司資料為研究對象，共計有34家上市櫃公司，其中上市佔8家，上櫃佔26家。首先，將全體樣本分為有創投參與(VC-back)及無創投參與(NVC-back)兩個群體，再依照Schultz & Zaman(1994)所使用之方式將兩組樣本依上市期初時點的報酬區分為兩群，稱之為價格低估1之新上市股票( Underpriced IPOs )與價格充分表露2之新上市股票( Fullypriced IPOs )，描述其平均每日交易次數、平均每日交易量等變項之敘述性統計，再以t檢定及中位數無母數檢定法來探討有無創投支持在交易活動上有無差異。

最後，再利用迴歸分析，來做更進一步驗證。其實證結果發現：創投的認證效果並不顯著，也就是說創業投資的存在並無法對被投資公司產生顯著的影響。

This paper investigates intradaily price behaviors of IPOs with venture capital support on the Taiwan stock market. Firstly, we contrast venture-capital-backed firms with companies that have no venture-capital-backed. Then we divide the subsample into two groups according to whether their underwriting prices are underpriced or not.

Then we analyze and compare the price behaviors of these two groups using intradaily trading volumes and prices. Also, the bid-ask spread components are calculated and studied. The empirical results of this study provide that there is no difference between VC-backed IPOs and NVC-backed IPOs.

中文部分：
林象山, 1995, 承銷商信譽對新上市股票之影響，Journal of Financial Studies, vol. 3 No.1, p119-143

俞海琴、謝清潭, 1996, 我國新上市股票價格低估與後續市場支持行為之研究, 國科會人文及社會科學, 七卷二期, p245-259

王恕, 1999, 台灣新上市股票安定操作行為之研究, 中山大學企業管理研究所碩士論文

詹靖怡, 1999, 新上市股票長期績效~有無創投公司投資之實證研究, 政治大學企業管理研究所碩士論文

英文部分：
Affleck-Graves, J., S. Hegde, and R. Miller, 1989, Regulatory and procedural effects on the underpricing of initial public offerings, The Journal of Financial Reasarch, 12, p193-202

Allen, Franklin and Gerald R. Faulhaber, 1989, Signaling by underpricing in the IPO market, Journal of Financial Economics, 23, p303-323

Bagehot, Walter (pseud), 1971, The only Game in Town, Financial Analysts Journal, 27, 12-14, 22.

Baron, David P., 1982, A model of the demand for investment banking advising and distribution services for new issues, Journal of Finance, 37-4, p955-976

Barry, C., C. Muscarella, J. Peavy III and M. Vetsuypens, 1990, The role of Venture capital in the creation of public companies：Evidence from the going-public process, Journal of Financial Economics, 27, p447-471

Beatty, R., and J. Ritter, 1986, Investment banking, reputation and the underpricing of initial public offerings, Journal of Financial Economics, 15, p213-232

Benveniste, L. M., W. Y. Busaba and W. J. Wilhelm Jr., 1996, Price stabilization as a bonding mechanism in new equity issues, Journal of Financial Economics, 42, p223-255

Brockman Paul and Dennis Y. Chung, 1999, Bid-ask spread components in an order-driven environment, The Journal of Financial Research, 12, p227-246

Carter, R. B. and S. Manaster, 1990, Initial public offerings and underwriter reputation, Journal of Finance, 45, p1045-1067

Charles Cao, Laura Casares Field and Gordon Hanka, 2002, Does insider trading impair market liquidity? Evidence from IPO lockup expirations, Working Paper, Forthcoming, Journal of Financial and Quantitative Analysis

Chen, Anlin and J. F. Cotter, 1996, The role of underwriter reputation in the stabilization of Initial public offerings, Working Paper, College of Business Administration, The University of Iowa.

Chowdhry, B., and Nanda, V., 1996, Stabilization, Syndication, and Pricing of IPOs, Journal of Financial and Quantitative Analysis, 31-1, p25-42

Copeland, T. and D. Galai, 1983, Information effects on the bid-ask spreads, Journal of Finance, 38, p1457-1469

Daniella Acker, Mathew Stalker and Ian Tonks, 2000, Bid-Ask Spreads Around Earnings Announcements, Working Paper, Department of Economics, University of Bristol.

Glosten, L. R. and L. E. Harris, 1988, Estimating the components of the bid-ask spread, Journal of Financial Economics, 21, p123-142

Gompers, P. A., 1996, Grandstanding in the Venture Capital Industry, Journal of Financial Economics, 42, p133-156

Hanley, K. W., Kumar, A. A. and Seguin, P. J. 1993, Price stabilization in the market for new issues, Journal of Financial Economics, 34, p177-197

Huang, R. D. and H. R. Stoll, 1997, The components of the bid-ask spread: A general approach, Review of Financial Studies, 10, p995-1034

Hebb, G. M. and MacKinnon G. H., 2000, Valuation Uncertainty and IPO’s: Investment Bank vs. Commercial Bank Underwriters, Working Paper, Saint Mary’s University, Canada

Ibbotson, R. G., 1975, Price performance of common stock new issues, Journal of Financial Economics, 2, p235-272

Lin, J. C., G. Sanger, and G. G. Booth, 1995, Trade size and components of the bid-ask spread, Review of Financial Studies, 8, p1153-1183

Muscarella, C. and M. Vestsuypens, 1989, A simple test of Baron’s model of IPO underpricing, Journal of Financial Economics, 24, p125-135

Megginson, William and Kathleen Weiss, 1991, Venture capitalist certification in initial public offerings, Journal of Finance, 46, p879-904

Paul Brockman and Dennis Y. Chung, 1999, Bid-ask spread components in and order-driven environment, The Journal of Financial Research, 12-2, p227-246

Rock, K., 1986, Why new issues are underpriced, Journal of Financial Economics, 15, p187-212

Sahlman, W., 1990, The structure and governance of Venture Capital Organization, Journal of Financial Economics, 27, p473-521

Stoll, H. R., 1978, The supply of dealer services in securities markets, Journal of Finance, 33, p1133-1151

_________, 1989, Inferring the components of the bid-ask spread: Theory and empirical tests, Journal of Finance, 44, p115-134

Tinic, Seha M. 1988, Anatomy of initial public offerings of common stock, Journal of Finance, 43-4, p789-822

Welch, I., 1992, Sequential Sales, Learning and Cascades, Journal of Finance, 47, p695-732

Schultz, P. H., and M. A. Zaman, 1994, Aftermarket support and underpricing of initial public offerings, Journal of Financial Economics, 35, p199-219