附面额认股权承销方式股票之评价一以中钢为例TheValuationof.PDFVIP

亞太管理評論第二卷第期(民國八十六年) 33 Asi a Pacific Management Review , Vol. I ( 1997) 附面額認股權承銷方式股票之評價一以中鋼為例 The Valuation of Stocks Issued with Conditional Contingent Rights- The Case of China Steel Corporation Z午J美南 Hsinan Hsu 國立成功大學企管研究所 Graduate School ofBusiness Administration , National Cheng Kung University 洪f二杰 Rem-Jay Hung 國立成功大學企管研究所、國立屏東技街學院農企業管理技術系 Graduate School ofBusiness Administration , National Cheng Kung University Departrnent of Agribusiness , National Ping Tong Polytechnic Institute 摘要 本文目的旨在利用遠期合約及選擇權的觀念，來探討附面額認股權承銷方式股票之評價及其一般 化模式 。 附面額認股權承銷方式是為鼓勵承購人長期持有，而給予承購人在持有其所承購之股票一段 期間(通常為一年)後，得以面額(或特定價格)再承購特定比例股票的一種特殊承銷方式。本文並以中鋼 公司第六次官股釋出案為例，以所建構之評價模式分別計算特定人(洽商部份)、一般投資人(中籤人)及 員工等三種不同承銷條件下之理論承銷價格。結果發現三種不同承銷條件下，計算出來之理論價格分 別為25. 8元，28.3元，及30. 5元，均遠高於此次承銷價格2 1. 4元，因此我們認為此次之承銷價格似有偏低的 現象 D 關鍵詞: 附面額認股權承銷方式，遠期合約.選擇榷 。 ABSTRACT This paper employs the concepts of forward contract and options to investi gate the valuation 命amework for stocks is sued with Conditional Contingent Rights (CCRs). The issuing of stocks with CCRs is a particular flotation type (instead of innovative security) that gives the buyers the right s to buy another fractional shares at par (or at a specified price) of their original shares purchased if the buyers hold their original shares for a period of time (generally a yea r) . This paper also applies the valuation models to the Sixth Release of State-Owned China Steel common stocks under the three different issuing terms for the block buyers , the public , and th