初次上市（櫃）股訂價偏誤對承銷商的影響可以從兩方面來探討，如果折價幅度 過大使承銷商因此喪失發行公司對其訂價能力的信心，導致該承銷商失去市場佔有率，則折 價幅度過大將使承銷商公司價值降低；另一方面，如果承銷商價值來自包銷股票的資本利得 ，溢價過高將使承銷商陷於跌價損失的風險。由此可見新股如溢價發行或折價幅度過大均對 主辨承銷商有負面影響。本文以 1994 年底至 1997 年底初次上市、上櫃公司為研究對象， 結果顯示新股在熱市發行的訂價偏誤較在冷市發行時大，且新股在熱市發行其主辨承銷商的 累計異常報酬較高。雖然訂價偏誤愈高的承銷商累計異常報酬愈高，然而訂價偏誤如屬溢價 ，則對承銷商公司價值負面影響。

　　　　　This paper investigates the impact of IPO mispricing on the market value of lead-underwriter. IPOs in hot issue market have high mispricing/underpricing than those in cold issue market. Lead underwriters' cumulative abnormal returns are higher in cases when they bring firms public in hot issue market than those in cold issue market. Lead underwriters' cumulative abnormal returns are positively related with IPO mispricing. However, lead underwriters that overprice IPOs experience negative cumulative abnormal retums.