本篇論文主旨在探討承銷商與發行公司間, 如果先前存在有承銷關係時, 對於承銷商及發行公司而言, 是否有利益。從我們的結果中發現, 對於承銷商而言, 如果先前與發行公司存在有承銷關係時,承銷商較容易取得未來的股票發行承銷權。然而, 投資人對於股票發行時是否存在承銷關係, 並不認為是一個好的訊息, 在股價的表現上, 具有承銷關係的股票發行與沒有承銷關係的股票發行間, 股價並無顯著差異; 只有當發行公司與承銷商間具有首次發行承銷關係時, 股價報酬有顯著為正。因此, 以股價的報酬的觀點來看, 只有首次發行承銷關係對於發行公司而言, 具有利益。 This paper examines whether there are efficiencies that benefit underwriters and issuers when a financial intermediary has underwritten an issuer’s public securities offering before. Our results show that underwriters have more probability to winning the future public issuing business when there is an underwriting relationship before. However, the market reaction to the underwriting relationship does not significant and only exists the IPO specific. Investors do not consider the underwriting relationship as a good news for public equity issuing. Firms only derive a benefit from choosing banks with which they have IPO underwriting relationship.
