行政院金融監督管理委員會宣佈自2005年3月1日起實施『初次上市櫃股票首五日無漲跌幅限制』之措施，期望制度之實施可使初次上市普通股的市場價格充分反應合理價值以符合市場需求。本研究針對2005年開放『初次上市櫃首五日無漲跌幅限制』措施進行探討，以瞭解開放首五日無漲跌幅是否能迅速反應股票合理價格，以達金管會制訂承銷新制與國際接軌、效率化及彈性化之重點訴求。研究選擇之樣本為2004年1月至2007年12月於集中市場新掛牌交易公司，比較於掛牌後新舊制度下，IPO公司股票價格表現與反應之效率性。

Financial Supervisory Commission, Executive Yuan announced the new policy to remove price limits on first five trading days of Initial Public Offering(IPO), executing on March 1, 2005. However, this is the first time that there are no price limits on stock-trading at Taiwan Stock Exchange(TSE) since 1962. This paper investigate whether the change that removing price limits make price discovery efficiently. We research the effects of the reform on the Sample that IPO on Taiwan Stock Market during 2004 to 2007; comparing the performance of initial returns and short-run market adjusted return. We find the reform make stock price discovery efficiently on the first trading day of IPO.

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