這份論文說明了企業在上市前兩年從事購併後的折價及長期績效，我們用了美國在1983年到2002年間在上市前兩年從事購併的16個產業及用上市前沒有從事購併的16個產業當做對照組來做分析。分析的結果告訴了我們平均來說上市前購併的績效並不會比單純上市的公司來的差。同時我們也發現了企業的獲利能力是影響企業在購併後上市長期績效的一個重要的因素，此外我們也發現在短期折價績效表現良好的企業在長期績效通常表現的並不好，這原因有可能是因為投資者對購併公司過份樂觀所導致。 This study examines the short-run and long-run stock performance of companies that undertook mergers and acquisitions (M&As) within the two years prior to the initial public offerings (IPOs). Using a sample of 16 industry portfolios of US M&A IPOs and pure IPOs from 1983 to 2002, I show that, on average, the pre-IPO acquirers do not underperform the pure IPO sample or other IPO companies. However, I find that long-run performance of M&A IPOs is associated with earning management factor. In addition, I find that IPO companies with higher initial returns tend to have lower long-run performance, consistent with the explanation that investors are overly optimistic about IPO companies.Keyword: Initial public offerings (IPOs), Mergers and acquisitions (M&As), Initial return
