本研究實證結果發現:(1)興櫃股票提出上市(櫃)申請及證交所(或櫃買中心)上市(櫃)審核通過，對平均每日異常報酬無顯著影響，但對平均每日週轉率有顯著影響。(2)承銷價訂價有明顯低估，持有初上市(櫃)股票二年後累積異常報酬，仍然存在。(3)承銷價折價率高的股票，在興櫃市場有較顯著的異常報酬及週轉率。

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