銀行關係、承銷商聲譽與經營績效之關係 --台灣上市上櫃公司首次發行新股之研究

Banking Relationship,Underwriter Reputation and Performance-- Evidence of Taiwanese IPOs Companies

劉毓仁(Yu-Jen Liu)

指導教授 ： 俞海琴 博士

中原大學/商學院/國際貿易研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600107

摘要

摘 要

本文係研究台灣首次上市上櫃公司之經營績效、銀行往來關係及承銷商聲譽間相互影響關係，分別以杜賓Q與股東權益報酬率、銀行往來家數及承銷商市場占有率作為其代理變數。本研究並以圖型方式針對三個內生變數之趨勢做一分析比較，另依內生變數在各產業的分佈，探討其差異性。本文選取之樣本，為自 1991 年至 2002 年在台灣證券交易所及中華民國櫃檯買賣中心首次公開上市上櫃（Initial Public Offerings,IPOs）公司，有效樣本為735個。IPOs 公司相關財報資料、銀行借款資料及承銷商資料，取自台灣經濟新報、台灣證券交易所公開資訊觀測站、各公司年報及各券商網站。本研究利用三階段最小平方法（3SLS）聯立方程式模型來檢視台灣 IPOs 公司之經營績效、銀行往來家數及承銷商聲譽間相互影響關係。結果發現，銀行往來家數與經營績效間呈現雙向顯著負向影響關係，表示銀行往來家數愈多的公司，績效愈差；且績效愈佳的公司，傾向與較少的銀行往來。承銷商聲譽與經營績效間則呈現雙向顯著正向影響關係，隱涵 IPOs 公司因存在資訊不對稱的問題，因而使用聲譽佳的承銷商，較有正面的信號放射效果，間接對公司股價及經營績效有正面的影響；另外，績效較佳的 IPOs 公司，亦傾向找聲譽佳的大承銷商來承銷，以期充分展現其績效佳的實質。最後，IPOs 公司之銀行往來家數與承銷商聲譽間則有雙向顯著負向影響關係，表示銀行往來家數愈多的公司，傾向選擇小承銷商來銷商；而與聲譽佳的承銷商往來之 IPOs 公司，則會與較少的銀行家數往來或借款。

關鍵字

IPOs ； 銀行往來關係 ； 杜賓Q ； 承銷商聲譽 ； 經營績效

並列摘要

Abstract

This study the relationships among performance, banking relationships and underwriter reputation of IPOs（initial public offerings ）companies in Taiwan, using Tobin’s Q and stockholder’s equity rate of returns, the number of banking relationships and underwriter’s market share as their acting parameter separately. This research makes a analysis to compare to the trend of three endogenous parameters by way of chart, depend on the distribution of the endogenous parameter in every industry separately, probe into its difference.
Sample that selected for the TSEC(Taiwan Stock Exchange Corporation)and OTCE(Over-The-Counter Securities Exchange)IPOs Companies from 1991 to 2002 and the effective sample are 735. The IPOs company's relevant financial statements, bank debt and the underwriter, are taken from the TEJ, disclose monitoring station of TSEC, the annual report of every company and every securities websites.
This research utilizes three stages least squares methods (3SLS) to inspect the relationships among performance, banking relationships and underwriter’s reputation. The result finds a significantly negative correlation and two-way relation of influencing between the number of banking relationships and performance. Show the more number of banking relationships, the performance is relatively bad, and the Company with the better performance, inclined to with less banking relationships；The result also find a Positive correlation and two-way relation of influencing between underwriter’s reputation and performance. There is a question of information asymmetry, therefore the underwriter that the company used reputation to be good, relatively a positive signal radiates the result and have positive influence on company's stock price and performance of managing indirectly；In addition, IPOs Company with better performance, is also inclined to and consigned by the great good underwriter of reputation, in the hope of fully representing its essence with good performance. Finally, the number of banking relationships and underwriter’s reputation of IPOs Company show a significantly negative correlation and two-way relation of influencing. The IPOs Company have more number of banking relationships, incline to choose the small underwriter, but the IPOs Company exchanges with good reputation underwriter, there is less bank borrowed money.

並列關鍵字

Tobin's Q ； Banking Relationship ； Underwriter Reputation ； Performance

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