探討初次公開發行之公司IPO前後對企業經營績效的影響;The investigation of the influences on enterprise business performance before and after the enterprise IPO

NCUIR > School of Management at National Central University > Executive Master of Industrial Economics > Electronic Thesis & Dissertation > Item 987654321/86260

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Title:	探討初次公開發行之公司IPO前後對企業經營績效的影響;The investigation of the influences on enterprise business performance before and after the enterprise IPO
Authors:	陳梓茵;Chen, Tzu-Yin
Contributors:	產業經濟研究所在職專班
Keywords:	初次公開發行;企業經營績效;OLS迴歸;固定效果;隨機效果;Initial public offering;enterprise business performance;Ordinary Least Squares;Fixed-effects Model;Random-effects Model
Date:	2021-07-23
Issue Date:	2021-12-07 12:23:29 (UTC+8)
Publisher:	國立中央大學
Abstract:	臺灣企業所面對的不僅為國內市場，而是全球競爭，如欲擴展公司規模，提升公司競爭?，其發展政策大多以對外籌募資金為主，而現今資本市場已成為企業籌資最普遍及重要的管道，依據過往文獻指出公司之盈餘管理、上市時機、公司規模、營運資金管理、產業別等資訊，將影響公司上市櫃後之財務績效表現，希望臺灣企業從事上市櫃決策時，對其公開發行之規劃能更客觀地評估，瞭解影響公司績效之原因，增加投資人選擇股票之立基。本研究樣本取自2008年至2017年首次公開發行公司的IPO前三年與IPO後三年資料，以IPO作為切點並利用財務績效特徵進行量化迴歸分析，研究探討初上市櫃公司IPO前後對其企業經營績效（營業收入淨額、資產報酬率、股東權益報酬率）之影響，採用的迴歸模型有OLS、固定效果、隨機效果進行分析。在考量財務績效指標影響的模型二及模型三，於全產業及區分產業（電子、傳統）模型下，可觀察到上市櫃公司IPO前後對企業經營績效的影響皆具有統計上顯著之負向相關，說明本研究之觀察企業於IPO後皆有企業經營績效下降之現象。 ;Taiwan enterprises are encountering competition from not only domestic but also global markets. To expand the scale and enhance competitiveness, enterprises usually adopt fundraising as a development strategy. The capital market has become the most widespread and essential channel. The past literature indicates that the enterprises’ information such as earnings management, IPO timing, enterprise-scale, business operation funding management, industry type…will impact their financial performance after being listed. This study recommended Taiwan enterprises evaluate their IPO plan more objectively and realize the influencing factors behind business performance while making decisions on IPO, in order to benefit investors in selecting stocks. The samples in this study are according to the information three years before and after the enterprise IPO from 2008 to 2017. This research adopted IPO as a cutting point and analyzed financial performance variables. By using quantitative regression analysis, this research investigated the influences on enterprise business performance such as net operating revenue (NOR), return on assets (ROA), and return on equity (ROE) of newly listed enterprises. Regression models such as ordinary least squares, fixed-effects model, and random-effects model were used. Based on the financial performance indexes (Model 2 and Model 3) versus all range industry and district industry (electronic and traditional), enterprise business performance presented a significantly negative correlation before and after enterprise IPO. That is, the financial performance indexes of selected enterprises in this research demonstrated an overwhelming decline after enterprise IPO.
Appears in Collections:	[Executive Master of Industrial Economics] Electronic Thesis & Dissertation

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