我國證券商業同業公會於民國八十四年三月引入「競價拍賣」與「詢價圈購」兩種承銷配售方式，自此，國內股票上市承銷（不含現金增資）配售方式為公開申購與競價拍賣並存制。由於不同的承銷配售方式其承銷價格決定機制各異，公開申購之承銷價係由發行公司與承銷商共同議定，競價拍賣則引入價格競爭機制，藉由市場供需決定其承銷價，因此，兩者之承銷價資訊內涵將有所不同，進而導致以不同方式配售之IPOs其後市股價修正行為差異。
　　故本研究引入資訊代理變數，先探討承銷新制施行前後的股價修正行為變化，再探討採不同配售方式承銷之發行公司，其後市長短期績效差異，所得的實證結果顯示：一、在蜜月期報酬方面，承銷新制施行前後並未有顯著差異，且承銷新制施行後，公開申購與競價拍賣的蜜月期報酬亦未有顯著不同，顯示競價拍賣的引入，仍無法顯著降低IPOs的蜜月期報酬；二、承銷新制之施行降低了IPOs的股價波動度，而承銷新制施行之後，不同的配售方式其股價波動度亦有顯著差異，以競價拍賣配售上市者其股價波動度較低，顯示競價拍賣的引入，的確降低了IPOs的股價波動度；三、長期之下，以競價拍賣配售上市的IPOs，其長期績效顯著較差，其可能原因係由於投資人的過度樂觀所導致。

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