管理者品質對企業IPO績效之關聯性－家族企業與非家族企業的異同

The Relationship of Management Quality on Performance of Firm’s Initial Public Offerings- Differences between Family and Non-Family Firms

陳松山(Sung-Shan Chen) ； 游士正(Shih-Cheng Yu) ； 黃德舜(Derek-Teshun Huang)

《中原企管評論》 14卷1期 (2016/04) Pp. 85-110

摘要

藉由管理者品質的衡量來檢驗其是否影響企業之IPO績效，另外將樣本區分成家族企業與非家族企業，驗證兩個群組的管理者品質對IPO績效之異同。本文以台灣證券交易所IPO樣本為研究對象，研究期間為2005年3月至2013年12月，共計171家樣本公司，以多元迴歸分析樣本公司管理團隊資源、管理團隊結構及管理團隊聲譽等管理者品質三大構面之動因要素與IPO績效的關連性及影響程度。實證結果顯示：一、在不同的IPO承銷價格區間所著重的管理者品質因素不同，對於低承銷價格區間之家族企業，提升管理團隊相關經驗比率，將有助於增加機構投資人的持股比率。二、在不同的IPO承銷價格折價幅度區間所著重的管理者品質因素不同；適度增加管理團隊規模，對於高折價幅度之非家族企業，將有助於降低折價幅度。提升管理團隊相關經驗比率，對於高折價幅度之非家族企業，除將有助於降低折價幅度外，並能增加機構投資人的持股比率；若IPO屬中承銷價格區間或中折價幅度區間之非家族企業，則降低管理團隊相關經驗比率，將有助於提升IPO承銷價格及降低折價幅度，以提升發行效益。

關鍵字

管理者品質 ； 初次公開發行 ； 代理理論 ； 家族企業

並列摘要

This study examines whether or not the quality of the management team affects the performance of initial public offerings (IPOs). A sample of 171 companies listed on the Taiwan Stock Exchange (TWSE) from March 2005 to December 2013 was divided into family and non-family controlled IPO firms. The multivariate regression analysis method was used to determine the relationship of the resources, structure and reputation of a management team and the IPO performance. The result shows that: Firstly, different quality factors of the management team are considered in different ranges of IPO prices. For lower offering prices, family firms can increase the holding ratio of institutional investors by enhancing the relevant experiences ratio of the management team. Secondly, different quality factors of the management team are considered in different ranges of IPO underpricing. For non-family firms, a modest increase in the size of the management team reduces IPO underpricing whereas the enhancement of a management team's experience helps increase the holding ratio of institutional investors and reduce IPO underpricing. If the non-family firms belong to medium offering price or in the middle of IPO underpricing range, reducing the ratio of relevant experience in the management team helps raise the IPO price and lower underpricing in order to enhance efficiency.

並列關鍵字

Management Quality ； Initial Public Offering ； Agency Theory ； Family Firms

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