昨天與共同融資方MS共進午餐，提到難纏客戶某公司，不願意按照先前約定好的事項，進行設質，推託說因為這樣要公告，會影響股價，MS大老闆歪果J哥說，除非是Margin Loan(公告後可能引發其他股票投資人退場，造成股價下挫)，的確會有影響股價的疑慮，否則應該依約設定。
什麼是Margin Loan?
簡單來說就是借錢來買股票。[節錄]自己出一部分资金（可以是股票或现金），然后向银行贷款购买同一股票(贷款一般不超过总投资的80%，各股票不同）。这部分贷款的利息可以扣税。但是如果股票价格跌去买入价的一定范围（通常5%），银行会要求你补充资金。marging lending的利息在8%左右，期限为一至3年。
[下方節錄]A margin or investment loan is a form of gearing that lets you borrow money to invest in approved shares or managed funds, using your existing cash, shares or managed funds as security. The amount that you can borrow is determined by the securities in your portfolio, their Loan to Value Ratio and a credit limit based on an assessment of your financial position.
Margin loan case study
Jim's existing portfolio
Jim has an existing portfolio valued at $50,000. He works out that he can borrow up to $116,000 if he takes out his maximum loan value and invest $166,000 (assuming a loan to value ratio of 70%).
How he invests
He chooses to borrow $50,000, giving him a total amount of $100,000 to invest (including his existing portfolio worth $50,000). Jim also chooses to prepay his interest in advance, as it is tax deductible based on his own personal financial circumstances.
Jim can now invest the borrowed $50,000 in securities he selects from the approved securities list.
Options for the future
In 5 years' time Jim intends to cash in his portfolio. If at this time it has increased in value, he will be able to pay off the loan and keep any extra amount.
Effect of a margin call
During the 5-year period there may have been a margin call. This would have been made if the amount Jim owed was more than his portfolio security value, and he would have had to put in additional capital of his own, or sell part of his portfolio to restore the margin.
歪果J哥後來提到，這間公司原先是MS幫忙承銷，當時另一名歪果G哥努力將承銷上市價推到天頂，不幸公司上市後，股價一路往下走再也不回頭，上市近8個月來跌幅超過4成。
股價又是怎麼訂出來?
http://wiki.mbalib.com/zh-tw/IPO%E5%AE%9A%E4%BB%B7
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