台灣資訊電子產業廠商策略投資行為與IPO前後績效之關連

Abstract

本研究探討國內高科技廠商IPO前後之經營管理管理行為對於企業績效的影響。此外，進而研究個別策略投資項目對於績效影響效果。研究樣本為國內資訊電子廠商共371家企業，研究期間從1987~2007共21年時間，樣本期間涵蓋該企業IPO前後三年的區間。 研究結果發現，國內高科技廠商在IPO之後績效存在IPO效果也就是績效衰退的現象。僅管如此，當企業的經營團隊存在不同經營理念去進行IPO活動時，則以追求公司利益最大化的經營理念進行IPO之企業將可減少績效衰退的現象；而當公司若存在以追求個人利益最大化的公司治理問題時，此時IPO後的績效衰退現象將會來得更加嚴重，顯見我國高科技產業各廠商間經營行為差異將會影響到最終公司績效的表現。

The study investigates whether the style of management behaviors pre IPO affect the firm’s performance. After that, we also examine the impact of individual strategic investment on the firm’s performance by using panel-data regression model. The sample includes 371 ICT listed firms in Taiwan during 1987-2007. The empirical result shows that the firm’s performance get worse after IPO, in other words, the ICT firms did suffer from a negative IPO effect. Further, the extent of strategic investment is positively associated with post-issue financial and operating performance. Overall, our results indicate that the style of management behaviors pre IPO will affect the firm’s performance after IPO.