股權結構與董事會對新上市公司績效之研究

Ownership, Board of Directors and the Performance of Initial Public Offerings

謝雅婕(Ya-Chieh Hsieh)

指導教授 ： 夏侯欣榮

元智大學/管理學院/財務金融學系/碩士(2008年)

摘要

本文以美國1998-2002年初次發行公司為樣本，從董事會效率性與股權集中度的角度，探討二者分別對於發行首日承銷價低估程度、上市後長期股價表現與長期經營績效的影響。我們的研究結果指出，董事會的效率性愈高，愈能降低公司與投資人之間的資訊不對稱程度，發行公司將傾向以較大的承銷價低估程度宣示其為好公司的訊號，長期績效也有較好的表現。股權集中度的實證結果則顯示，公司內部人持有的股權比例愈高，首日發行價格的低估程度愈高；然而長期而言，惟有非個人身分持股的大股東較多的新上市公司，其長期經營績效相對較佳。

關鍵字

董事會 ； 股權結構 ； 新上市公司 ； 折價 ； 績效表現

並列摘要

We examine board effectiveness and ownership concentration attributes of U.S. initial public offerings (IPOs) between 1998 and 2002 and their relation with first day return on underpricing sample and 5-year post-listing abnormal stock return and operating performance separately. Our result is consistent with a more effective board can reduce the information asymmetry, and therefore, increase the degree of underpricing as a positive signal and improve long-run performance. Evidence of ownership concentration shows that IPO firms with higher ownership by officers and directors are associated with a higher degree of underpricing; however it does not show any significant result with better long-term performance. While firms with more corporate blockholders result in better operating performance significantly in the long run.

並列關鍵字

board of directors ； ownership ； initial public offerings ； underpricing ； operating performance

參考文獻

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