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題名：考量高低績效水準下美國IPO長期績效因素影響情形之探討
書刊名：人文與社會學報
作者：李建興
作者(外文)：Lee, Jen-sin
出版日期：2009
卷期：2:4
頁次：頁111-139
主題關鍵詞：股票初次上市；IPO長期績效；分量迴歸分析；機會之窗；強者恆強；IPO；Long-term performance；Quantile regression method；The window of opportunity；The stronger always the winner
原始連結：連回原系統網址new window
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本文探討美國IPO長期績效的影響因素影響情形。由於不同績效水準之「公司股票特性」與「處分方式」有所差異，可能導致高與低IPO之長期績效，其影響因素的影響形態可能有所差異，本文引入分量迴歸分析法來加以探討。 主要發現如下：首先，高低分量之實證結果，確實有許多重要差異，這表示區分高低長期績效來探討本研究主題，有其必要性。其次，同時發行境外股份的公司，其長期績效較佳；在網路泡沫期間上市的公司，由於上市股價過度高估而使得長期績效較差。
This study investigates the impact factors of US's IPO long-term performance. To investigate the differences in the impact effects between high and low long-term performances, we perform the quantile regression method (QR). Our main findings are as follows: First of all, Our research indicates that QR identifies multiple relationships between the long-term performance and impact factors. Global IPOs are larger and enjoy higher operation performance, and those characteristics help global IPOs to have superior long-term performance. Secondly, the overpricing of stocks relative to actual value during the Internet bubble period undermined long-term performance.
期刊論文
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