Securities Issuance Information System Strategies of Underwriter

摘要

Through the securities brokers to issue new stock of a company is the general type of the securities market in Taiwan. A securities broker could developed the securities issuance information system in Chinese for operating needs. Because the contents of costs still confused by the broker, so how to find a valid model to measure the benefit of issuance each of times or firms for broker used is an important problem. Some costs of issuance are clear, for example the costs of documents and regular fees and etc. but some costs are difficult for finding especially the hidden costs quality. In this paper, after research the environments and practices of the past and current and future time to the securities issuance information system, a model for evaluation is constructed for the underwriter used. The profit matrix is used to represent the risk of the underwriter. To make decision on the profit of underwriting basis with the operating system is given even to find the break points between two underwriting basis is described. The conclusions are that the underwriting firm not only to make decision to chose one of three underwriting bases as the cast lots system was agree with the stocks' issued company but also to find the probabilities of break points between the bases by the lowest of loss making profit with the solution of game theory, and that the underwriting firm can promote to sell the stock through the SIIS and the data file in Chinese. To extend the model useful, the Bayesian decision theory can be instead to the general solution to use this paper. Although to consider four operating systems, the matrix form will extended, our model can be used well too. To prove the model can be used to the practical field, the department of underwriting of the TTC group in Taiwan is an underwriter and approved to issue the common stock of the SUR Company in Taiwan on public securities market in Taiwan as our case example.