- 學位論文
創投基金與私募股權基金如何影響IPO公司之長期績效表現－以大中華地區為例
The Performance of Private Equity-Backed and Venture Capital-Backed IPOs in The Greater China Region
摘要
本研究探討大中華區的私募股權基金與創投基金等財務性投資人支持的公司IPO後之長期績效表現，並且與其他無財務性投資人支持之IPO公司做比較，挑選在大中華地區2006-2015年上市之公司為樣本，並分別分析台灣、香港與中國市場影響IPO長期績效表現之因素。研究結果顯示在大中華區的公司IPO後長期績效表現優於整體大盤，而在中國的IPO公司若背後有財務型投資人支持的話，其長期績效優於無財務性投資人支持的IPO公司，顯示在中國的財務性投資人對於其投資的IPO公司能夠創造長期價值。此外，本研究亦發現大中華區的公司IPO公司時，第一天的報酬率對於其長期績效有顯著的負面影響，即表示IPO時因為資訊不對稱的緣故，使投資人容易對於股價過度反應，而長期下股價會回歸其公平價值。
並列摘要
The purpose of this paper is to examine the long-run aftermarket performance of financial sponsor-backed initial public offerings (IPOs) including private equity-backed IPOs and venture capital-backed IPOs, and compares it to the performance of non-sponsored IPOs in the Greater China region. This study focuses on analyzing the long-run aftermarket performance drivers from different countries. The empirical results show that the long-run aftermarket performances of IPOs in the Greater China region are better than benchmark index. In China, the financial sponsor-backed IPOs appear to perform better than non-sponsored IPOs in the long-run which means financial sponsors could create long-term value for their portfolio companies. Furthermore, this study also finds that there is significantly negative relation between first-day return and long-run performance. It indicates the investors overreact the stock price when it issues due to the information asymmetry, and the stock price will return to its fair value in the long-term.