成长策略与外部股东资金来源之关系：集团企业之调节效果

Abstract

台湾众多企业家成长过程会透过IPO（initial public offering）筹措未来成长资金。对于外部投资者而言，公开上市公司未来成长策略是重要的讯号，牵动投资者投资的信心与意愿。本研究以讯号理论为基础，探讨初次上市公司的成长策略对外产生的讯号效果如何牵动着外部投资者投资的信心与意愿，其中成长策略包含多角化、国际化与研发密集度策略；本研究进一步瞭解初次上市公司成长策略与外部股东资金来源关系是否因集团企业之型态而异。以2000至2012年台湾297家初次上市公司为实证样本，实证发现初次上市公司多角化策略与研究发展会促使公司越有机会从外部取得资金；此外，初次上市公司为集团企业组织型态会调节公司多角化与研发策略与外部股东资金来源之关系。

Many firms raise capital through initial public offering (IPO). For investors, firms' strategies play an important signal, enhancing their investment confidence and willingness. This research using signal theory intends to investigate how the strategies of initial public offerings (IPOs) firms create positive or negative signals, enhancing external investors' confidence. The firm strategies are considered by diversification, internalization, and R&D intensity. This study further examines whether IPO firms of business groups affect the relationship between firm strategies and external equity investment. Using a sample of 297 Taiwan IPOs firms for the 2000-2012 period, we find that IPOs firms having a higher diversification and R&D intensity will have higher opportunity to raise fund by external equity. IPOs firms belonging to business groups moderate the relationship between firm strategies of diversification and R&D and funds raised by external equity.