廠商成長之研究不僅是產業常關注的問題，在股票市場中亦是許多廠商業者本身及投資大眾所關心，本研究的目的即在於探討公司在股票上市前後，廠商成長的關聯性。 本文挑選台灣2000年上市的公司，使用其上市前後1995年~2006年銷售總額、資產總額，及廠商年齡的平衡面資料，並以Evans(1987a,b)所提的廠商成長模型為依據，建構實證模型，並分別就OLS方法、固定效果及隨機效果的模型，來進行廠商成長的實證。 實證研究結果顯示台灣的上市公司，其規模與成長率之間皆存在顯著負相關，與Gibrat’s Law不一致，然而實證結果指出上市的行為對公司的成長率有正面影響的效果，意即首次公開發行對公司是有利的。 Research on firm growth is not only concerned by industry, but also cared by firm itself, which has attracted investors in stock market. The purpose of this paper is to discuss the relationship of the firm growth before and after listed at TSEC (Taiwan Stock Exchange Corporation). This paper selects the firms listed initially at TSEC in 2000, and uses the balanced panel data of gross sales, general assets, and firm age during 1995~2006. Our model is based on the firm growth framework developed by Evans (1987a, b). To obtain the empirical results, our estimation uses the OLS method as well as the fixed and random effect models to account for the characteristics of panel data. Our findings show that there is an inverse relationship between the growth rate and firm size that is inconsistent with the Gibrat’s Law. However, our results indicated that the listed behavior for firms have positive impacts on the growth rate. This shows that firms are benefit from the initial public offering.
