A Study of The Performance After IPO in Taiwan

• Main Authors: I-Sung Lou, 羅亦淞
• Other Authors: Wen-Ming Szu
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/98020558527176690675

碩士 === 國立高雄第一科技大學 === 金融營運所 === 92 === The main purpose of this thesis is to investigate the change in operating performance after IPO. This study also tries to analyze what factors that may affect the operating performance of the change. Return on owners’ equity is employed as proxy for performance measurements. The sample examined consists of 240 IPO firms from 1994 to 1999 . The empirical analyses are performed in the following ways : First, the change of operating performance ,This study observes firms for three years before and three years after IPO for analysis of post-IPO operating performance. Second, This study is to investigate the relationship between percentage of directors' stock - holding, percentage of SPO raised, percentage of stock divident raised,the age,assets size,debt ratio, research expense ratio and operating performance, then uses multiple regression analyses and market、industry dummies as control variables to test the proposed hypotheses. The empirical results do support the hypothesis that newly IPO firms perform worse soon after the IPO. With regard to the factors affecting the performance, percentage of directors' stock-holding、percentage of SPO raised、percentage of stock divident raised、the age、assets size and debt ratio are found to have significant relationship with degree of poor performance. Keywords：IPO、Performance