本研究以2024年登錄台灣興櫃市場之公司為研究樣本，探討影響掛牌後一個月短期報酬率的關鍵因素。由於興櫃市場具有無漲跌幅限制、資訊揭露要求較低及採用議價造市等獨特制度，相較於上市櫃集中市場，其初期股價行為呈現顯著的差異性。本研究核心目的在於檢驗公司內部治理結構、財務績效、初始定價及市場因素對興櫃新掛牌公司掛牌後一個月報酬率的解釋能力。
本研究樣本共計83家興櫃公司，排除極端值後剩餘78家。研究資料取自公開資訊觀測站、櫃買中心及TEJ資料庫，並採用多元迴歸模型進行實證分析。依變數為掛牌後一個月報酬率，自變數包含申請年度前一年每股盈餘、興櫃認購價格、董監事及大股東持股比例、營收成長率與櫃買指數報酬率。
實證結果顯示，模型整體具統計顯著性，其中「董監事及大股東持股比例」與「稅後每股盈餘」對掛牌後一個月報酬率具有顯著正向影響，顯示公司治理集中與獲利能力強者能獲得市場較高評價。相對地，「興櫃認購價格」、「營收成長率」及「大盤報酬率」對短期報酬之影響不顯著，反映市場投資人主要依據企業內部特質與可驗證之財務資訊進行決策，而非短期題材或外部市場情緒。
綜合分析結果可得三項主要結論：第一，興櫃市場仍為資訊不對稱程度高之環境，價格發現效率有限；第二，公司治理與盈餘狀況為主要影響報酬的內部資訊；第三，投資人對企業基本面反應敏銳，顯示市場逐漸重視財務品質而非短期波動。質化觀察顯示，新掛牌股票亦受產業題材、景氣循環與增資定價等市場訊號影響。此類難以量化的因素補充實證結果，使新股初期價格形成更為全面。
研究建議興櫃公司應加強資訊揭露與治理透明度，推薦證券商應完善定價與盡職審查機制，而投資人宜以長期基本面為評價依據，以提升市場穩定與效率。

This study examines the key determinants of short-term returns during the first month after listing, using companies registered on Taiwan's Emerging Stock Market in 2024 as the sample. Due to the features of the Emerging Stock Market—including no daily price fluctuation limits, lower information disclosure requirements than the centralized market, and the use of negotiated trading—its initial stock price behavior exhibits significant differences compared to the centralized market for listed companies. The objective of this study is to examine the explanatory power of corporate governance structures, financial performance, initial pricing, and market factors on the one-month post-listing returns of newly listed companies on the Emerging Stock Market.
The study sample comprises 83 OTC companies, reducing to 78 after excluding outliers. Data were sourced from the Taiwan Securities and Futures Institute, the Taiwan Stock Exchange, and the Taiwan Economic Journal (TEJ) database, with empirical analysis conducted using multiple regression models. The dependent variable was the one-month post-listing return, while independent variables included earnings per share (EPS) from the year prior to application, OTC subscription price, shareholding ratios of directors, supervisors, and major shareholders, revenue growth rate, and the OTC index return.
The empirical results indicate that the model is statistically significant overall.
Among the variables, “shareholding ratio of directors, supervisors, and major shareholders” and “post-tax earnings per share” exert a significant positive impact on the one-month post-listing return, suggesting that companies with concentrated corporate governance and strong profitability receive higher market valuations. Conversely, the “OTC subscription price,” “revenue growth rate,” and “market return” exerted insignificant effects on short-term returns. This reflects that market investors primarily base their decisions on corporate internal characteristics and verifiable financial information, rather than short-term themes or external market sentiment.
This study yields three key conclusions: First, the Emerging Stock Market remains an environment with high information asymmetry and limited price discovery efficiency. Second, corporate governance and earnings performance constitute the primary internal information influencing returns. Third, investors demonstrate acute responsiveness to corporate fundamentals, indicating the market's growing emphasis on financial quality over short-term volatility. Qualitative observations reveal that newly listed stocks are also influenced by market signals such as industry themes, economic cycles, and capital increase pricing. These difficult-to-quantify factors supplement empirical findings, providing a more comprehensive understanding of initial pricing formation for new stocks.
The study thus recommends that OTC companies enhance information disclosure and governance transparency which will encourage securities firms to improve pricing and due diligence mechanisms and that investors base valuations on long-term fundamentals to enhance market stability and efficiency.

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二 英文
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