電機機械產業上市前後經營效率之研究

Operating Efficiencies Before and After Listing in Electrical Machinery Industry

常娥(O Chang)

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(2013年)

https://doi.org/10.6826/NUTC.2013.00059

摘要

台灣傳統產業，是台灣經濟起飛的基石，電機機械產業更扮演其成功之主要助力，隨著產業外移，及國際競爭關係，上市公司之經營效率越顯重要，經營績效是企業生存及發展的關鍵因素，值得研究與探討。

本文以國內上市櫃之電機機械產業為研究對象，評估上市前後三年期間經營效率。依其產業特性，投入項採用：固定資產、員工人數、研究發展費用率；產出項採用：營業收入淨額、每股盈餘，探討各投入項對應產出項相對應係數關係。以經營效率進步指標為研究方向，分析IPO新上市股票上市後績效表現，及異常報酬現象，提出意見與建議，提供電機機械產業，於投入項與產出項之資源分配決策，以提升營運效率，本研究之分析結果提供業界參考價值。

本實證分析發現：
一、經營效率進步指標級距統計，進步指標平均值為0.9760，小於1，且退步組家數計34家，高於進步組家數計19家，顯現上市後三年經營效率多數低於上市前三年經營效率。
二、IPO新上市股票，存在蜜月行情，企業在選擇上市時機，應於景氣熱絡時推行，可順利募集資金，亦能得到較好之行情收益。
三、上市初期的確存在異常報酬，但隨持有期間延長，其績效於IPO之後3年經營指標呈下降現象，短期有異常報酬。

關鍵字

電機機械產業 ； 經營效率進步指標 ； 異常報酬

並列摘要

Traditional industries have served as the cornerstone for the economic takeoff of Taiwan and much of this success is attributable to contributions from the electrical machinery industry. Because of outward-transferring industrial production and intensified international competition, the operating efficiency of listed companies has become increasingly crucial concerning the survival and development of enterprises and thus worthy of study,.
Targeting listed companies in the electrical machinery industry in Taiwan, in this study, we assessed the operating efficiency in the 3-year timeframe before and after listing. Depending on specific industrial characteristics, the input items included fixed assets, number of employees, and expenditure ratios for research and development, and the output items included net revenue and earnings per share. We explored the corresponding coefficients between input and output. Based on the indicators of progress in operating efficiency, the performance of initial public offering (IPO) stocks and abnormal returns were analyzed. We provide opinions and suggestions for the electrical machinery industry, to facilitate decision making in allocating input and output resources, thus improving operating efficiency. The analytical results can provide a reference for the electrical machinery industry.
The empirical analysis revealed that:
(a) Statistically, the indicators of progress in operating efficiency levels attained a mean of 0.9760 (less than 1). The retrogressive group comprised 34 companies compared with 19 in the progressive group, indicating that for a majority of the listed companies, the operating efficiency during the 3 years after the listing was lower compared with the 3-year period prior to the listing.
(b) A honeymoon period effect exists for IPO stocks. Regarding timing, new stocks are most effectively issued when the overall economic situation is in a boom period, in which funds can be successfully raised, and market returns gained.
(c) At the initial listing stage, abnormal returns exist. The performance indicators show a declining tendency during the 3 years following the IPO, in which short-term abnormal returns exist.

並列關鍵字

electrical machinery industry ； indicators of progress in operating efficiency ； abnormal returns

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