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題名:掏空或支持: 企業集團IPOs之效果
作者:陳怡芬
作者(外文):I-FenChen
校院名稱:國立成功大學
系所名稱:國際企業研究所
指導教授:張紹基
學位類別:博士
出版日期:2016
主題關鍵詞:集團企業網絡家族控制公司治理掏空Business GroupsNetworkFamily ControlCorporate GovernanceTunneling
原始連結:連回原系統網址new window
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本研究以1999至至2011年台灣股市初次上市(IPO)案件為研究對象,探討是否台灣的集團企業運用多角化及內部子公司網絡關係將創造綜效利益或提供控制股東誘因而發生掏空舞弊事件。本研究實證結果顯示,集團成員公司初次上市(IPO)的異常報酬高於獨立公司,然而也造成其他成員公司股價下跌。此研究結果也說明了台灣集團企業存在著掏空(Tunneling)的代理問題的現象。此外,多角化的集團企業,其成員公司間存在股權網絡關係將強化掏空的問題並損害其價值。其次,家族控制的集團企業愈容易發生掏空的現象。最後,集團成員公司及獨立公司於初次上市後均存在長期股價績效衰退的現象。
We examine whether diversification and firms’ multiple interfirm ties within Taiwanese business groups benefit member firms when their group peers make initial public offerings (IPOs), or whether they provide a way for controlling shareholders to tunnel. We find that member firms of business groups experience greater underpricing than stand-alone firms in their IPOs, and their group peers have negative market responses. This evidence is consistent with the tunneling hypothesis. More importantly, this effect is stronger when member firms within diversified business groups are connected via equity ties. Furthermore, we also offer an original analysis of how family control in business groups facilitates value expropriation. Finally, we obtain statistically significant underperformance for both member firms and stand-alone firms in the long-run after the focal IPOs.
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