本文探討新股上市前銀行貸款、授信銀行聲譽與該公司上市時折價幅度及公司價 值的關係，本文以 1985 年至 1995 年除金融類股外，上市於臺灣證券交易所的公司為研究 對象，實證結果顯示銀行貸款金額與新股上市折價幅度無顯著關係，授信銀行如果為上市公 司的承銷商該股折價幅度較高，進一步檢定顯示，這樣的現象在小公司樣本較為明顯。若以 主貸銀行或銀行團的淨值作為銀行信譽的代理變數，授信銀行的聲譽與折價幅度成反比。 本文實證結果也顯示企業上市前是否有銀行貸款與公司價值無明顯關係，但是長期銀行貸款 佔總資產的比率則與公司價值成反向關係，除此之外，公司價值也與授信銀行家數成反比。

　　　　　This paper investigates the information mechanism of bank loans in initial public offerings. We examine IPOs for non-financial firms listed in the Taiwan Stock Exchange from 1985 through 1995. There is no significant relation between the amount of bank loans and initial returns. Underpricing is higher in cases where the lending banks serve as the underwriter for the issuer than that in cases where the lending banks are not the underwriter. The result is more profound for small issuers than for large issuers. Moreover, when using networth as the proxy for bank reputation, underpricing is negatively associated with bank reputation. Whether an issuer has bank loans prior to going public or not does not materially affect firm value. However, firm value is negatively related with the ratio of long-term loans to total asset. Furthermore, firm value is negatively associated with the number of banks involved.