以公司治理角度探討IPO對公司績效之影響

本研究以台灣2001年至2014年間實施IPO之304家公司為研究樣本，研究IPO短期與長期效果，並探究當公司治理機制較佳時，是否有助於公司未來價值之提升，最後則進一步討論IPO股價折價幅度是否影響IPO公司治理結構。研究結果發現，IPO上市櫃公司在研究樣本中多屬相對規模較小之公司，其中又以電子工業及化學生技醫療產業占多數。在短期報酬部分，前六天在統計上有顯著為正的異常報酬，累計平均異常報酬率皆達顯著正向之報酬，並於第十四天首度修正股價。此外，IPO對股價的長期影響，雖存在正常報酬，但長期異常報酬均為負。在長期下，公司治理好的公司會有較佳的股票報酬。最後，當股價折價幅度愈大或資產規模愈小時，未來公司治理分數愈佳，說明公司為追求永續經營目標，當折價幅度會愈大時，更需要良好的公司治理構面。

關鍵字

公司治理；折價幅度

並列摘要

This study investigates the relationship between the IPO and the company’s performance from the aspect of corporate governance. We have a sample of 304 IPOs that went public in Taiwan during the period from 2001 to 2014. We first investigate the impact of equity offering after the IPO on the short- and long-run performance, and investigated if a good corporate governance structure helps a company increase its value. Lastly, this paper explored the relationship between the IPO discount and the governance structure. The results show that the companies included in the research are relatively smaller, and are mostly in the electrical, chemical, bioengineering and medical industries. As far as short-term returns are concerned, the first 6 days showed significantly positive abnormal returns (AR) and cumulative average abnormal returns (CAAR), with a first adjusted price on the 14th day. Even though normal returns do exist, long-term abnormal returns are all negative. We also find that firms with good corporate governance have relatively better performance than those with bad corporate governance. Finally, when the underpricing range becomes larger, or when the scale of the assets becomes smaller, the future governance score increases, indicating that when companies pursue sustainable operation, they will require better corporate governance to recover the IPO discount.