本文主要是探討興櫃公司上市櫃申請的價格動態過程。投資人預期興櫃公司在上市櫃後，公司財務報表會更透明、資訊不對稱程度會降低、股票流動性提高，因此在申請的過程中會有正向的超額報酬。本文的實證結果支持此看法。此外，財政部於2013年實施證券交易所得稅，此稅法主要是針對IPO股票進行課稅。因此本文亦探討證所稅實施後對興櫃公司上市櫃價格變動的影響。實證結果發現證所稅實施後承銷價低估程度下降。

This thesis examines the change of price of the process of initial public offerings (IPO).When companies apply for IPO, investors will expect that information of the company will become more transparent and make information asymmetry disappear, and then it will improve the liquidity of stocks. Therefore, there is significant positive excess return. We find that there is significant positive excess return on the process. In addition, we also examines the effect of the capital gains tax on securities transactions. We find that the underpricing of IPOs decline after the implementation of the tax.

中文文獻
何怡瑩(2002)，「IPOs 長期績效表現之實證研究」，中央大學企業管理研究所碩士論文。
陳崇生(2007)，「興櫃公司初次申請上市（櫃）(IPOs)股票蜜月現象及影響因素之研究」，國立政治大學經營管理碩士學程碩士論文
陳禮隆(2011)，「申請上市櫃過程中股票價格之變化：來自興櫃市場的實證」，中央大學財務金融研究所碩士論文。
林家生(2012年2月)，「興櫃股票市場制度十週年之回顧與展望─專訪櫃買中心吳總經理裕群，《證券櫃檯雙月刊》,10-12。
詹靜秋(2012年2月)，「興櫃股票市場發展契機與期許」，《證券櫃檯雙月刊》，13-17。
褚哲聰(2013年11月27日)，《個人證券交易所得課稅制度》。

英文文獻
Amihud, Y., Mendelson, H., and Lauterbach, B., 1997, Market microstructure and securities values：evidence from the Tel Aviv Stock Exchange. Journal of Financial Economics 45,365-390.
Amihud, Y., and Mendelson, H., 2008, Liquidity, the value of the firm, and corporate finance. Journal of Applied Corporate Finance 20,32-46.
Barclay. M.J., Kandel, E., and Marx, L.M., 1998, The effects of transaction costs on stock prices and trading volume. Journal of Financial Intermediation 7,130-150.
Chana, K., Wang, J., Wei, K.C., 2004, Underpricing and long-term performance of IPOs in China. Journal of Corporate Finance 10,409-430.
Elyasiani, E., Hauser, S., and Lauterbach, B., 2000, Market response to liquidity improvement：evidence from exchange listings. The Financial Review 41, 1-14.
Guenther, D.A., and Willenborg, M., 1999, Capital gains tax rates and the cost of capital for small business: evidence from the IPO market. Journal of Financial Economics 53,385-408.
Ibbotson, R.G., 1975, Price performance of common stock new issues. Journal of Financial Economics 2,235-272.
Kadlec, G.B., and McConnell, J.J., 1994, The effect of market segmentation and illiquidity on asset prices：evidence from exchange listings. The Journal of Finance 49,611-636.
Loughran, T., Ritter, J.R., and Rydqvist, K., 1994, Initial public offerings: international insights. Pacific-Basin Finance Journal 2,165-199.
Lowry, M., and Shu, S., 2002, Litigation risk and IPO underpricing. Journal of Financial Economics 65,309–335.
McDonald, J.G., and Fisher, A.K., 1972, New-issue stock price behavior. The Journal of Finance 27,97-102.
Reese, W., 1998, Capital gains taxation and stock market activity: evidence from IPOs. The Journal of Finance 53,1799-1820.
Ritter, J.R., 1991, The long-run performance of initial public offerings. The Journal of Finance 46,3-27.
Rock, K., 1986, Why new issues are underpriced. Journal of Financial Economics 15,187-212.
Sanger, G.C., and McConnell, J.J., 1986, Stock exchange listings, firm value, and security market efficiency: the Impact of NASDAQ. The Journal of Financial and Quantitative Analysis 21,1-25.
Schultz, P., 2003, Pseudo market timing and the long-run underperformance of IPOs. The Journal of Finance 58,483-518.
Tiniç, S.M., 1988, Anatomy of initial public offerings of common stock. The Journal of Finance 43,789-822.
Umlauf, S.R., 1993, Transaction taxes and the behavior of the Swedish stock market. Journal of Financial Economics 33,277-210.