本文係探討高階管理團隊管理者品質的效果,透過企業管理者品質的衡量以檢驗管理者品質的發揮是否可進一步延伸影響IPOs時投資人的決策;企業建構良好的管理者品質是否能吸引投資人的注目;以及家族企業相對較低的代理問題組織型態對於影響IPOs的管理者品質要素是否與非家族企業有所歧異。 本研究以台灣證券交易所初次上市公司為研究對象,研究期間為2005年3月至2013年12月約九年的時間,共計171家樣本公司,以多元迴歸分析樣本公司管理團隊資源、管理團隊結構及管理團隊在外界的聲譽等管理者品質三大構面其動因要素與IPOs績效的關連性及影響程度。實證結果顯示: 一、在不同的IPOs承銷價格區間所著重的管理者品質因素不同,尤其在高承銷價格區間的群組,家族企業與團隊聲譽之間是負相關,但非家族企業兩者之間是正相關。 二、在不同的IPOs承銷價格折價幅度區間所著重的管理者品質因素不同;在不同折價區間,非家族企業之管理者品質因素與承銷折價幅度較有顯著性關係。 三、家族與非家族企業管理者品質對於IPOs發行規模皆有顯著影響,但影響的管理品質因素不同。 四、在非家族企業中,管理者品質因素對於IPOs協辦承銷商數量有顯著性的影響。 五、不論家族或非家族企業,管理者品質因素中,管理團隊擁有管理工作經驗的比率對於IPOs機構投資者投資意願有顯著性的影響。
This research discusses the effect of management quality, towards top management team (TMT), on performance of firm’s initial public offerings. We investigate if better magangment quality affects investors’ strategic decisions in firm’s IPOs. In general, family firms have relatively less agency problems compared to non-family firms in its IPOs. This study selects 171 initial public offering firms in the Taiwan Stock Exchange Market from March 2005 to December 2013. The multiple regression analisis could be used to run the relationship of variables in sample firms including three major management quality dimensions: management team resources, management team structure and outside reputation of management team. The result of study shows: 1. In different IPOs underwriting price ranges, the important factors of management quality are different. It shows that team reputation is negatively related to high underwriting price range in family firms. But the relationship between team reputation and high underwriting price range is positive in non-family firms. 2. In different IPOs underpricing ranges, the influential factors of management quality are different. Basically management quality in non-family firms has significant relationship with underpricing range in defferent underpricing range. 3. Management quality has a strong influence on IPOs offer size in family or non-family firms. But it shows different impact factors. 4. Management quality severely affects numbers of IPOs co-underwriter in non-family firms. 5. Regardless of family or non-family firms, institutional investors have more intention to invest the firms with high ratio experienced management team in IPOs firms.