台灣上市櫃公司IPO之動機與財務結構之研究

Abstract

IPO對企業而言是很重要的里程碑。企業IPO有兩項顯著的好處： 1. 募集資金便利，挹注資金進行投資以追求企業永續經營； 2. 增加股票流動性，為原創股東與早期投資者帶來可觀財富。 因此，本研究透過企業IPO後的經營績效與董監持股比率之變化，探討企業IPO之動機。本研究結果顯示，企業IPO後經營績效顯著衰退，且董監持股比例顯著下滑。同時，本研究亦發現相較於非電子業，電子業之經營績效衰退較為顯著且董監持股比例減少亦較為顯著；另一方面，小規模企業相較於大規模企業，其經營績效衰退較為顯著且董監持股比例減少亦較為顯著。

Going public is one of the most important decisions for a company. There are two obvious benefits for IPO (Initial Public Offering): 1. raising funds easily. Companies need lots of capital for investment to pursue growth. 2. Increasing liquidity of stocks. It brings massive benefit to original and early investment shareholders. Therefore, the main purpose in this paper is to discuss the motivations of IPO by examining the change of operating performance and internal shareholdings after IPO. Our results show that there are significant decreasing of operating performance and shareholdings of Directors. Meanwhile, we find that electric companies have significant worse performance and fewer internal shareholdings compared with non-electric companies; Small firms have more significant worse performance and less internal shareholdings than large firms.