第一上市(櫃)公司申請IPO方式與短期績效研究

A Study on IPO Methods and Short-run Performance of the Foreign Issuers

謝旻倫

指導教授 ： 薛敏正

國立臺北大學/商學院/會計學系/碩士(2016年)

摘要

台灣政府為吸引台商企業回台，政府自2008年放寬外國企業來台上市資格及籌資限制。依本國證券市場外國發行人發行股權性質之有價證券，其種類計有三類，分別為外國發行人第一上市(櫃)股票、第二上市(櫃)股票及臺灣存託憑證(Taiwan Depositary Receipt，簡稱TDR)，本研究以外國發行人第一上市(櫃)股票研究內容。根據我國相關法規，目前外國企業申請回台上市櫃者應先由主辦證券承銷商上市(櫃)輔導或申請其股票登錄為興櫃股票櫃檯買賣屆滿六個月，此項規定與台灣本國企業申請上市櫃前需申請其股票登錄為興櫃股票櫃檯買賣屆滿六個月較為寬鬆。本研究主要目的在於探討第一上市(櫃)公司申請IPO方式與對掛牌後短期經營績效是否有影響。
本研究以F公司規模大小、獲利能力及ROA作為實證研究之應變數，以logistic迴歸分析及OLS最小平方法作為實證統計方法。研究結果顯示，公司規模愈大與獲利能力愈高之公司愈不傾向於IPO前申請興櫃交易，選擇較有聲譽證劵承銷商之F公司亦較不傾向於IPO前申請興櫃交易，惟其結果皆不顯著。另研究結果也顯示，選擇曾於興櫃市場交易之F公司對於正式掛牌後之短期績效影響未符合預期。本研究推測主要係因曾申請興櫃之F公司為提高興櫃掛牌價格，已於申請興櫃交易前全力提高獲利水準，因此造成F公司是否曾興櫃與正式掛牌後短期經營績效之研究結果並未顯著。

關鍵字

第一上市(櫃) ； F公司 ； IPO ； 短期績效

並列摘要

To attract Taiwanese enterprises back, the Taiwanese government has broadened the listing qualifications and the financing restrictions since 2008. According to the nature of domestic securities market of foreign issuers’ equity security, there are three categories from foreign issuer’ first listed stock to second listed stock to the Taiwan depository receipt. This research focuses on the first listed stock of foreign issuers. In the light of Taiwanese laws and regulations, foreign companies should first be coached by the organizing underwriter or apply their stocks as emerging stocks for six months if they want to be listed back to Taiwan. This requirement is much more liberal than listing as a domestic company. This research mainly investigated in whether the applying methods of IPO would have short-run impacts on operating performance after listing.
This research took the firm scale, performance and the return on total assets (ROA) of F Company as the test variables, and used both logistic and ordinary least square (OLS) regressions to test. The result of this research showed that the larger scale or the more capacity of profit a company has, the less it tends to apply emerging stocks before IPO. The F company once chose a reputable underwriter also had this tendency but not significant at conventional level. Another finding also indicated that the short-run impacts on operating performance of the F Company was not as expected when they chose merchandising in the emerging market. This research speculated that to increase the value in the emerging market, the F Company had already improved its profitability level before the application of listing. Thus, the short-run result on operating performance after listing was not as expected.

並列關鍵字

First listed stock ； F Company ； IPO ； short-run operating performance

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