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題名:新上市公司經營績效之研究
書刊名:管理與系統
作者:林嬋娟 引用關係周雯菁
出版日期:1995
卷期:2:2
頁次:頁167-189
主題關鍵詞:新上市公司經營績效會計師與承銷商聲譽Newly listed firmsOperating performanceQuality of auditor and underwriter
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 博士論文(1) 專書(0) 專書論文(0)
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  • 共同引用共同引用:0
  • 點閱點閱:24
     我國新上市公司上市後經營績效大幅衰退之現象時有所聞,而上市後董 監事即拋售股票並申請現金增資之情形亦不在少數,嚴重影響投資人之權益。儘 管媒體對這方面之報導頗多,然迄今學術界仍乏有系統之分析研究,本文盼能拋 磚引玉,激勵往後更多之探討。 本文旨在分析新上市公司是否上市之後經營績效變差,其次本文亦嘗試瞭解影響 績效變化的相關因素。本研究採用股東權益報酬率、營業利潤率、資產報酬率作 為績效衡量指標。樣本包括74年至80年底計103家新上市公司,以上市前三年的 平均為分析上市後經營績效是否衰退之比較基礎。 本研究首先測試樣本公司上市前後經營績效之差異,並調整同業平均數。其次, 將樣本分別按會計師聲譽、承銷商聲譽、上市期間、董監持股變動率及現金增資 率分為兩組,以單變量分析檢定兩組績效變化是否不同。最後以複迴歸分析,同 時考慮上述五個因素及兩個控制變數對上市後經營績效之影響。 本研究實證結果顯示,調整產業平均後,樣本公司上市三年內相較於上市前三年 平均確實有顯著衰退之現象。而影響績效衰退之相關因素中,承銷商聲譽及現金 增資之多寡有較佳的解釋力,其他變數雖然與預期符號相同,但不顯著。
     There have been many reports indicating that the operating performance of newly listed firms in Taiwan Stock Exchange has declined by a big margin. Also, officers and directors of these firms are reported to sell large shares right after initial public offering. Further, these firms often attempted to raise capital by issuing new shares shortly after listing. However, so far there exists noempirical studies that systematically examine the above issues, which motives this research. The main purpose of this paper is to investigate whether newly listed forms really perform poorly after the listing. This study also tries to analyze factors that may affect the operating performance of these firms. Return on owners' equity, profit margin on sales, and return on assets are employed as proxies for performance measurements. The sample examined consists of 103 newly listed firms from1985 to 1991. This study uses there years' average before the listing as benchmark for analysis of post listing operating performance. This study uses both univariate and multivariate analyses to test the proposed hypotheses. The empirical results do support the hypothesis that newly listed firms perform worse soon after the listing, after adjusting for industry average. With regard to the factors affecting the performance, quality of underwriter and percentage of new capital raised in the post-listing period are found to have significant relationship with degree of poor performance.
期刊論文
1.Kaplan, Steven(1989)。The Effect of Management Buyouts on Operating Performance and Value。Journal of Financial Economics,24,217-254。  new window
2.Smith, Abbie J.(1990)。Corporate Ownership Structure and Performance: the Case of Management Buyouts。Journal of Financial Economics,27(1),143-164。  new window
3.Beatty, R. P.、Ritter, J. R.(1986)。Investment banking, reputation, and the underpricing of initial public offerings。Journal of Financial Economics,15(1/2),213-232。  new window
4.Menon, Krishnagopal、Williams, David D.(1991)。Auditor Credibility and Initial Public Offerings。The Accounting Review,66(2),313-332。  new window
5.Balvers, Ronald J.、McDonald, Bill、Miller, Robert E.(1988)。Underpricing of new issues and the choice of auditor as a signal of investment banker reputation。Accounting Review,63(4),605-622。  new window
6.Titman, Sheridan、Trueman, Brett(1986)。Information quality and the valuation of new issues。Journal of Accounting and Economics,8(2),159-172。  new window
7.Carter, Richard R.、Manaster, Steven(1990)。Initial Public Offerings and Underwriter Reputation。The Journal of Finance,45(4),1045-1067。  new window
8.Beatty, Randolph P.(1989)。Auditor reputation and the pricing of initial public offerings。The Accounting Review,64(4),693-709。  new window
9.DeAngelo, Linda Elizabeth(1981)。Auditor Size and Audit Quality。Journal of Accounting and Economics,3(3),183-199。  new window
會議論文
1.林嬋娟、施春成(1992)。新股上市的會計師選任與公司風險的關係。第四屆會計理論與實務研討會。  延伸查詢new window
2.邱正仁(1992)。試探我國上市公句現金增資之管理動機。證券金融市場之理論與實務研討會。  延伸查詢new window
學位論文
1.顏美英(1992)。承銷商聲望與新上市股票異常報酬關係之實證研究(碩士論文)。國立台灣大學。  延伸查詢new window
2.吳桂燕(1993)。從代理關係探討國內公司上市前後之融資、投資決策與經營績效(博士論文)。國立臺灣大學。new window  延伸查詢new window
3.洪貴恩(1992)。從財務報表分析與股票報酬率之觀點探討臺灣新上市公司之上市效果(碩士論文)。東吳大學。  延伸查詢new window
 
 
 
 
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