公司治理與新上市公司股票績效之研究

Corporate Governance and the Performance of IPOs

葉子瑜(Tzu-Yu Yeh)

指導教授 ： 王朝仕

國立臺中科技大學/商學院/企業管理系事業經營碩士班/碩士(2014年)

https://doi.org/10.6826/NUTC.2014.00099

摘要

公司治理自1930年代開始被學術界重視，而在歷經國內外企業的經營危機後，逐漸成為顯學。本研究認為，基於新上市公司的資訊不對稱程度較高，故其更應做好公司治理，取得投資人之信任。因此，本研究以新上市公司股票(initial public offerings, IPOs)為研究對象，討論公司治理是否能解釋上市後股價績效變化。
針對公司治理變數，本研究引用Chen et al.(2007)建構的公司治理指標，其中涵蓋CEO二元性、董事會規模、管理層持股及大股東持股等四個面向。本研究總實證期間為1996年12月至2013年12月，樣本選取自1997年12月至2010年12月間的IPOs，擬依據上市前一年的公司治理情況，檢視上市後三年期間績效的差異性。
實證結果發現，公司治理與IPOs上市後股價績效具有相關性。雖然公司治理在上市初期對於績效的影響並不顯著，推測此可能是投資人狂熱行為干擾所致，但是就本研究注重的長期而論，公司治理程度高的IPOs有較佳的表現。據此，本研究認為公司治理效益在長期下才會顯現，此符合王朝仕(2013)的論點。根據本研究之結果，期能提供投資人與證券管理當局作為參考，加強瞭解上市前公司治理情況，促進金融市場穩定與公平性。

關鍵字

公司治理 ； 新上市公司股票 ； 績效

並列摘要

Corporate governance has attracted attention from the academic field since the 1930s and has been extensively studied following the occurrence of business crises among international and domestic enterprises. We suggested that because newly listed firms exhibit high information asymmetry, they must enhance their corporate governance to earn the trust of investors. Thus, we used initial public offerings (IPOs) as the objects for investigating whether corporate governance can be used to explain the variations in the performance of IPOs.
Regarding corporate governance variables, we referenced the corporate governance index established by Chen et al. (2007), which consisted of CEO duality, board size, managerial ownership, and block shareholders’ holding. This empirical study was conducted between December 1996 and December 2013, and samples were selected from the IPOs listed during the period between December 1997 and December 2010. Based on the corporate governance situation of the previous year, we examined the performance differences among the 3 years following listing.
The empirical results indicated that corporate governance was correlated with the IPO performance. Although corporate governance did not significantly influence the performance during the preliminary periods of the IPOs, which might be confounded by the effects of investment fads, we determined that the IPOs that had a high level of corporate governance demonstrated favorable performance from a long-term perspective. Therefore, we assert that the effectiveness of corporate governance is manifested over a long time, which is consistent with the argument by Wang (2013). The results of this study can be used as references for investors and competent authorities of securities to enhance their knowledge regarding the corporate governance of firms before listing and to promote stability and fairness in financial markets.

並列關鍵字

corporate governance ； initial public offerings(IPOs) ； performance.

參考文獻

王健安，2002。公司治理的模式與評估，台灣金融財務季刊，第三輯第三期，159-187。

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王朝仕，2013。以投入觀點解析公司治理價值性，管理學報，第三十卷第五期，385-405。

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