本文討論興櫃市場的實施，對新上市公司是否減低資訊不對稱效果。同時考量承銷定價中的成長機會評估，是否與發行異常報酬有相關。本研究資料選取自西元1997年至2006年之上市櫃樣本共計818家。研究結果發現，興櫃市場的成立使得越來越多小規模及年輕公司得以在上市櫃市場發行，且有效的減少承銷商之評價不確定性。若考量成長機會在承銷價中之評估，興櫃市場的成立使投資人能更有效預估承銷價中承銷商對於不確定的成長機會之估算，若成長機會被高估，則經過興櫃市場發行的個股會有效反映承銷價的高估而有較低期初報酬。另外，當興櫃期間越長或是越多的興櫃交易發生，會促使興櫃報價差距有效縮小，也減少承銷價低估的情況。

This paper addresses whether the development of the emerging stock market (EM) can reduce the asymmetric information and assess the growth opportunities in offering price. Samples are 818 firms going public on TSE or OTC stock market from January 1, 1997 to December 31, 2006. Evidences reveal that emerging stock market policy help more and more young firms with less size go on public and have less value uncertainty and less underpricing. Also if there is the same assessment of growth opportunities in offering price, EM firms may have less initial return then non EM firms, which means investors for EM firms have better information assessment of the growth opportunities and prevent the over-assessment for the uncertainty. In addition, longer period or more trading for firms on EM let the quoted spread for EM stocks decrease, and decrease underpricing.

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