作品展示

发行公司首次上市、上柜办理现金增资，通常需透过专业机构进行承销，此机构在国外为投资银行办理，于国内则由承销商担当。因企业在初次申请股票上市或上柜时，都必须达到一定的条件，并经过申请、审核、洽定上市上柜日期等步骤。

The issuing firms shall make a seasoned equity offer over the counter following the initial public offering; generally, these firms need a professional organization to underwrite for them, and the organization refers to the Investment Bank abroad and the Underwriter at home. The companies must reach a certain condition when they initially apply for their stocks to be admitted to list (or be over-the-counter) for trading on that market, and they also need to take such measures as application, examination, and the agreement on the date of listing and being over-the-counter.

在整个上市上柜的流程中，承销商主要扮演发行公司和投资人的中介角色，其业务在资本市场中资金需求者与资金供给者间。而承销作业流程因证券种类、承销方式的法令规定不同而略有差异，不过大致皆可分为辅导期间和承销期间两大阶段，其中最重要的在于承销期间的股票承销价格订定。

In the whole process, the Underwriters mainly act as intermediaries (i.e. the issuing firms and investors) between those who have money to invest, and those who need capital. However, although the underwriting process has slightly difference because of the different rules on securities variants and underwriting methods, it can be divided into the two phrases-- “counseling period” and “underwriting period”, and in the underwriting period the underwriting-price fixing is the most important.

然而上柜转上市公司，依据交易所有价证券上市审查准则第16、17、18 或19 之规定，若未达股权分散者，仅需依规定提拨比率不足股权分散之数额对外公开销售，因此若已达股权分散者，将不必进行承销，故不会有承销价格。

However, in accordance with Article 16, 17, 18 or 19 of the Examination and Approval for the Public offering of Securities, if OTC transferring to TSEC companies don't reach the high degree of decentralization of shares, then on the basis of the relevant regulations the amount of securities which haven‘t enough decentralization of shares are extracted to sell publicly. Therefore, the companies who have reached the high degree of decentralization of shares will not have to conduct underwriting activities, and certainly don’t have the offer prices.