本研究探討IPO公司初次上市(櫃)的異常報酬問題,研究期間為2001年至2014年,研究樣本從2001年至2011年間共664家初次在台灣證券交易所掛牌上市的公司,探討台灣股票上市(櫃)的公司是否存在上市後長期(3年)股價績效衰退的現象。並探討公司初次上市一年內宣告現金增資(SEO)是否為一負項訊號。 研究結果顯示,整體而言,台灣的IPO市場並未出現長期績效偏低(Loughran and Ritter, 1995)的現象,初次上市的公司於事件日當天有十分顯著的正向宣告效果,當日報酬高達21%,但其後累積異常報酬衰退的速度十分快速,但上櫃公司長期股價績效衰退的現象則相對不明顯。至於IPO公司初次上市一年內宣告現金增資(SEO)其股價績效衰退的現象大致在SEO一年後才會顯現。
Discussion In this study, abnormal return IPO company initial public offerings, and the study period is from 2001 to 2014, the study sample from 2001 to 2011 a total of 664 for the first time between the Taiwan Stock Exchange listed company (listed company at over-the-counter market), to explore the Taiwan stock market whether the company after the listing of long-term (3 years) stock Price Performance recession phenomenon. And to explore the company's initial public declaration of seasoned equity offerings (SEO) within a year whether the signal is a negative term. The results show that, overall, IPO market in Taiwan did not appear long-term performance is low phenomenon (Loughran and Ritter, 1995), companies listed on the first day of the event there is a very significant positive announcement effect, the date of payment up to 21 %, but then the cumulative abnormal return rate of decline is very rapid, but long-term performance of OTC(listed company at over-the-counter market) recession phenomenon is relatively obvious. As the IPO company declared seasoned equity offerings (SEO) within one year its share price performance of listed phenomenon of recession roughly a year after the SEO will appear.
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