本文針對民國七十八年至八十三年第一季新上市之133家公司的承銷價、蜜月期之 市價、蜜月期之長短及蜜月期報酬率等作一分析；並對於承銷價、市價、報酬率與會計資訊 之十六項財務分析比率之關聯性作一比較，以期探討蜜月期市價是否偏離真實價格。 經統計之相關分析、因素分析及迴歸分析結果顯示，近五年來，新股上市後之蜜月期有縮短 、蜜月期之報酬率亦有下降之趨勢。承銷價格則與財務分析比率中之獲利能力衡量比率有統 計上之顯著相關，但與其他衡量指標則不明顯。蜜月期之市價則明顯地偏離基本面，與各項 財務分析比率之相關性不具有統計上之顯著性。本項結果也間接支持「新股上市後之市價因 為資訊不對稱或時尚等因素，而未能真實地反映公司之真實價格」。至於承銷價格是否被低 估則無從得到結論。本研究之結果也建議充份揭露相關資訊以及改變承銷公式皆應有助於上 市後之蜜月期市價之回歸基本面。

　　　　　This study investigates the "Honey Moon Effect" of Taiwan stock market's initial public offerings for the period from 1989 to 1994. The associations among the underwriting price, market price in to IPO period, days of honey moon and abnormal returns are analyzed. The study also tests the usefulness of accounting information for forecasting the underwriting price and market price. The results indicate that the days of honey moon and its abnormal performance in price are shrinking in the testing period. The underwriting price associates with the ratios for measuring profitability and neglect the other abilities. The market prices during the honey moon period are obviously biased. The prices associate with the accounting information insignificantly. The results indirectly support the hypothesis of informations asymmetry or fads for the honey effect. The hypothesis for the undervalued of the IPO price, however, is unable to be supported. The study concludes that fully disclosure of accounting information may be helpful to remove the abnormal performance of the IPO.