鑒於金融市場蓬勃發展，企業對資金的需求大幅提升，向公開市場募集資金已成為企業籌措資金的必要管道之一，盼能藉由上市獲得足夠資金並提升企業形象與知名度，也促成我國資本市場規模日益壯大。本文旨在探討透過不同管道上市對IPO 期初超額報酬的影響是否相同，由於過去研究主要探討直接上市此種管道因此本研究加上不同管道上市的公司加以分析並運用複迴歸分析(Multiple regression analysis)進行研究實證，分成直接上市與上櫃轉上市此兩種管道加以探討，進一步加入公司特質變數如資本額、上市時成立年數，公司財報變數如上市前一年底每股盈餘，市場基本變數如承銷價格、承銷股數、上市當日收盤價、上市當日成交量、股價動能變數與產業變數藉此了解各變數與IPO 期初超額報酬的關聯性為何。
根據本研究實證結果歸納彙整如下:(1) 直接上市管道當日超額報酬研究結果而言，市場基本變數:承銷價格、上市當日收盤價、承銷股數與上市當日成交量此四變數對IPO 當日超額報酬有顯著關係。(2) 直接上市管道影響IPO 三十日超額報酬的研究結果歸納可以發現，公司特質變數:公司上市時資本額對於IPO 上市三十日累計超額報酬有顯著影響。(3) 而在上櫃轉上市管道當日超額報酬研究結果來看本研究之變數假設皆不顯著，探討其可能原因在於對上櫃市場的股票而言，投資人已可大致掌握該檔股票的訊息，因此對上櫃轉上市股票而言產生超額報酬現象相較於直接上市管道而言較少。(4) 上櫃轉上市管道影響IPO 三十日超額報酬的研究結果歸納可以發現，公司特質變數公司:上市時資本額對於IPO 上市三十日累計超額報酬有顯著影響。

In a view of booming financial markets, the corporate demands in funds increase, which the public raising fund from the open market has become one of the necessary channel. Which expect the market to obtain the sufficient funding and enhancing in corporate image and reputation, this also facilitate and bring growing scale to Taiwan’s capital markets.This paper aims to investigate the impact of IPO Initial abnormal return using different channels to investigate the factors, since the research before focuses on direct public offering, this paper added different market channels’ analysis, applying on multiple regression analysis to do research.This research's sample has distinguish into two sectors, one is direct public offering company the other is listed companies going from OTC market to TWSE in Taiwan. And furthermore with additional company characteristics variable such as company’s capital, the listing years; earnings per share.Market fundamental variables such as underwriting price, the number of underwriting shares, first day's closing price and the first day’s turnover; Share price momentum variables and industry variables to research the relevance of each variable with the IPO Initial abnormal return.
According to the empirical results of this study are summarized as followings:(1)Direct public offer first day’s abnormal return research results, market fundamental variables: the underwriting price, first day's closing price, first day’s turnover and the number of underwriting shares these four variables have significant relationship with IPO first day’s
abnormal returns.(2) Direct public offering thirty day’s abnormal return that the company characteristics variables can be found: The company capital have significant positive relation with IPO’s abnormal return. (3)The listed companies going to TWSE from OTC’s first day abnormal return research results, the variable of this study assumed are not significant. To investigate the possible reasons for going to TWSE from OTC sample investors, who already have more information for stock, therefore when company go to TWSE, the stock performance can’t response to price sooner than direct public offering.(4) The listed companies going to TWSE from OTC’s thirty day abnormal returns study can found at at the company characteristics variables: The company capital have negative significant relation with IPO’s thirty day abnormal returns.

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