本研究嘗試將網絡分析應用於IPO報酬探討，同時藉由券商每日進出明細，分析券商間合作與競爭關係。以2008年1月1日至2017年12月31日臺灣IPO案為例，本研究發現(1)主辦券商網絡參數對IPO首日報酬為正向影響外，協辦券商網絡參數亦對IPO首日報酬為正向影響。承銷商網絡中心性越高，有利於同業間獲取資訊與推廣客戶進而增加IPO首日報酬。(2)主協辦券商網絡參數對於承銷商出場時間亦為正向影響。主協辦承銷商網絡參數差距越接近，出場時間越短。 (3)主協辦券商中心性差距對於折價為負向影響，僅網絡中心性相近券商會加大折價。本研究藉由網絡分析與合作競爭理論給予IPO報酬新的解釋，亦可供投資人參考制定IPO投資策略。

This study attempts to apply network analysis to the discussion of IPO return, and analyzes the cooperation and competition between underwriters through the daily trading details of brokers. Taking the IPO case of Taiwan from January 1, 2011 to December 31, 2017 as an example, this study found that (1) The network parameters of the lead brokerages have a positive impact on the IPO initial return, and also does the network parameters. The higher the centrality of the underwriters, the better to get information and clients network from peers, which both increase IPO initial returns. (2) The network parameters of the main-co underwriters affected underwriters' strategy timing positively. If the difference of underwriter network parameters is near 0, the timing of underwriters’ strategy will be short. (3). If the difference of the lead and co-underwriters is near 0,the tend to increase the discount.

CONTENTS
論文審定書 i
摘　要 ii
Abstract iii
1. Introduction 1
1.1 Research Motivation 1
1.2 Research Purpose 3
1.3 Research Contribution 3
2. Literature Review 4
3. Data and Methodology 6
3.1 Data 6
3.2 IPO details in ROC 7
3.3 Network analysis 8
3.3.1 Network parameters measure 8
3.3.2 Definition of Network parameters 8
3.4 Econometric model 10
3.4.1 The network parameters of the lead underwriter and IPO initial return 10
3.4.2 The network parameters of the lead and co-underwriters and IPO initial return 11
3.4.3 The network parameters of the lead and co-underwriters and the strategy 12
3.4.4 The difference of network parameters of the lead and co-underwriters and the strategy 13
3.4.5 The difference of network parameters of the lead and IPO long run return 14
3.5 Definition of variable 15
4. Empirical Result 18
4.1 Descriptive statistic 18
4.1.1 Taiwan IPO market 18
4.1.2 Underwriters and offering company return 20
4.1.3 Network parameters of underwriters 22
4.2 The network parameters of the lead underwriter and IPO initial return 25
4.3 The network parameters of the lead and co-underwriters and IPO initial return 27
4.4 The network parameters of the lead and co-underwriters and the strategy 29
4.5 The difference of network parameters of the lead and co-underwriters and the strategy 33
4.6 The difference of network parameters of the lead and IPO long term return 35
4.7 The difference of network parameters and IPO discount、Market reaction 37
5. Conclusion 39
References 41
Appendix 43

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