有關初次公開發行股票上市後價格被低估且長期績效不佳的現象已被學者廣泛地討論，雖然反向槓桿收購亦屬於初次公開發行股票的一種，但由於先前曾在市場上交易，預期市場參與者對其資訊取得較為容易，加上私募股權基金特殊的經營管理模式注入，使得反向槓桿收購上市後表現是否不同於傳統初次公開發行股票成為大眾關心的焦點。本研究透過美國1990年至2010年間666個反向槓桿收購的樣本，探討上市之折價現象以及三年股票表現。研究結果顯示反向槓桿收購在重新上市時，仍有價格被低估的情形，但幅度遠低於傳統IPOs。另外，上市後三年的表現並沒有顯著低於市場報酬，並於2003年後有上升的趨勢，與一般傳統IPOs長期績效不佳之現象並不一致。The underpricing and long-run underperformance of initial public offerings have been widely documented by scholars. Although reverse leveraged-buyouts are also one kind of initial public offerings, there are still some differences between them. Reverse leveraged-buyouts had public traded in the market before, so market participants would be easier to get the information of the companies. They were also bought by private equity fund and had been put the special mode of operation and management into the company, so everyone concerned about the performance when they reversed to the market. This article uses 666 RLBOs samples in the US between 1990 and 2010 and examines the underpricing and three-year stock performance after offerings. The result shows RLBOs are still undervalued when they are relisted to the market, but they have much lower degree than traditional IPOs. After the listing of three years, the stock performances do not significantly lower than market returns and have an upward trend after 2003 which is inconsistent with the phenomenon traditional IPOs have poor long-term performance.
