英语论文网

nipulated space . Although the practice final offer price decision in the hands of the underwriters and issuing company , but as a formula for market reference should have its objectivity , such as Japan in the underwriting decision applied when two similar companies , a decision by the underwriters , and the other a decision by the Exchange . This method can reduce the underwriters and issuers in the same industry earnings decisions adopted when underwriting price manipulation possibilities.

( 3 ) prediction data easily manipulated . Net income per share for the formula and dividends per share , although considering an IPO the company's future , but does not specify , predict how the data selected principled terms . Therefore, the issuing company may use financial forecasting earnings management manipulation , making use of the results of corporate computing market distortion.

( 4 ) the formula "one-year deposit rate " is used flawed. " One-year deposit rate" in the offering price of the use, making reference to the market price value of the portfolio , but the one-year deposit rate vulnerable to fluctuations in short-term funding and liquidity position will be affected by interest rate adjustment , therefore , at prevailing interest rates dividend reduction calculated values may cause deviation from the reference price underwriting market .

In addition , the market is commonly used formula of calculating the weight factor based on the lack of financial management theory , and based on the formula when calculating the price of many factors to consider , there are deficiencies, such as market supply and demand , IPO companies in the same industry market rankings . Freshly stock underwriting system for underwriting initial issue price determination , Financial Supervisory Commission , Executive Yuan has been due to the repeal of the commonly used formula , and specified by the issuer future IPO underwriting price mutually agreed between the Company and the underwriters , issuers need only be fully disclosed in the Prospectus developed based on the issue price and the way to develop a more rationalized IPO price and reflect market demand.

August 18, 1993 the State Council issued the " 1993 Equity Offering Certification Rules" Issuance you can use " unlimited Offer Table " and " linked with bank savings " in two ways . The so-called linked with bank savings means wish to participate in IPO investors receive on a regular basis in the specified bank fixed deposits and fixed-rate special deposits, certificates of deposit and issue an unlimited number of CDs with each number, the date of deposit certificates of deposit after the close of the number of shares to be issued determine the success rate and the number of check number , the success of the investment people can buy shares. This approach avoids the purchase CALL statement financial losses , reducing the costs of the application and to attract savings from the public , but is conducive to large -funded , unfair to small investors and high resale ballot qualification speculation rife , 1996 -1997 widespread use of this method , the basic no longer used after 1998 .

Using Dutch auction (Dutch Auction) mode , investors in transactions within a specified time
The computer trading system that tender after purchase , by the exchange auction system accordi