本篇研究主要探討在美國通過新創企業法案後，初次上市上櫃公司的證券承銷商在決定發行價時，是否會因為考量了機構投資人的監督效果，訂定較貼近未來預期市場價格的發行價來降低該公司發行折價的情形，進而證明該公司的機構投資人能抑制新創企業法案所帶來的資訊不對稱情形。由本研究實證結果得知，美國在通過新創企業法案後，這些適用新創法案的公司與不適用新創法案的公司相比，的確有較大的發行折價來顯示潛在的資訊不對稱風險，然而，本研究卻無法證明通過新創企業法案後，公司的證券承銷商在決定發行價時，會因為考量了該公司機構投資人的監督效果，促使該公司有較小的發行折價，此結果顯示在美國通過新創企業法案之後，公司證券承銷商在決定發行價時，將會受到該公司採用法案的情形，以及法案可能帶來的資訊風險所影響，因而較不考慮該公司機構投資人的正向影響力。

This paper investigates whether institutional investors can show their monitoring effects on lowering underpricing under imperfect information disclosed brought by the Jumpstart Our Business Startups Act (JOBS Act). By comparing 169 newly public companies qualified JOBS Act and 99 newly public companies not qualified JOBS Act from July 5, 2009 to December 31, 2014, this paper examines companies qualified JOBS Act have severe problems of information asymmetry by observing the extent of underpricing. However, this paper does not get significant results to prove institutional investors have monitoring effect on lowering underpricing. This paper finds that this unexpected result caused by strong impact of JOBS Act which makes underwriters less consider the effect of institutional investors in setting offer price.

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