公司上市初期內部人持股變動與經營績效變動關係之研究

The Relationship between Changes in Insider's Ownership and Operation Performance at the Initial Stage after Initial Public Offering

黃振豊(Chen-Li Huang) ； 何佳穎(Chia-Ying Ho)

《當代會計》 3卷1期 (2002/05) Pp. 21-50

https://doi.org/10.6675/JCA.2002.3.1.02

摘要

本研究採上市初期這段經營績效大幅衰退的時間，以變動率來衡量內部人在上市初期持股比例變動率與經營績效變動率之關連性，並探討內部人是否利用資訊優勢於績效衰退前先行出脫持股。研究結果發現：（1）公司上市初期經營績效與內部人持股比例皆有大幅下滑的現象。（2）內部人持股比例下降率較大者，其績效衰退的幅度也越大，但大股東不及董監事來的顯著；內部人出脫持股會反應在經營績效下降前，且越接近上市年度越為顯著。（3）上市時高董監事持股比例且上市後持股比例下降率較小者，其經營績效衰退幅度較小，且與上市時高董監事持股比例且上市後持股比例下降率較大者呈顯著差異；而上市時高大股東持股比例且上市後持股比例下降率較小者並未有較佳的績效。（4）公司成立至上市年數較長，且上市後內部人持股比例下降率小組，其經營績效衰退率較小，但大股東顯著性不及董監事。

關鍵字

經營績效 ； 內部人 ； 資訊優勢 ； 變動率

並列摘要

Operation performance decline often happened during the initial stage after IPO, this research uses fluctuating rates to evaluate the correlation, during the declining period, between insiders' shareholding ratio and performance decline ratio. Moreover, this research also explores whether the insiders take the information advantages and then sell their holdings before company's performance starts declining.Results of this research suggest that: (1) both insiders' holding ratio and company's performance declined significantly during the initial stage after IPO, (2) Insiders with higher shareholding decreasing ratio encountered more severe performance decline, whereas this effect appeared more significant if the insiders were members from the boards rather than large shareholders; insiders sold stocks before performance started declining, besides, closer to the year of IPO, the selling became more obvious, (3) companies with higher IPO shareholding ratio by the boards were divided into 2 groups-one had lower decreasing ratio after IPO and the other higher decreasing ratio, the former encountered significantly lessperformance decline; companies with higher IPO holding ratio by large shareholders, even with lower decreasing ratio after IPO, they did not achieve better performance, (4) companies with both longer history before IPO and lower share decreasing ratio after IPO encountered less performance decline, whereas this effect appeared more significant if the insiders were members from the boards.

並列關鍵字

Operation Performance ； Insider ； Information Advantage ； Fluctuating Rate

參考文獻

台灣證券交易所股份有限公司有價證券上市審查準則。台灣證券交易所股份有限公司。

Berle, Adolph A.,G. C. Means(1932).The Modern Corporate and Private Property.New York:Macmillan.

Coase, R. H(1937).Economica.New Series, IV.

DeGeorge, Francois,Richard, Zeckhauser(1993).The reverse LBO decision and firm performance: Theory and evidence.The Journal of Finance, Cambridge.48(4),1323-1349.

Demsetz, H.,K. Lehn(1985).The Structure of Corporate Ownership Causes and Consequence Journal of Political Economy.93,1155-1177.