初次上市櫃、股權結構與經營績效之關聯分析

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Title:	初次上市櫃、股權結構與經營績效之關聯分析
Other Titles:	A Study on the Relationships between IPOs, Ownership and Operation Performance
Authors:	陳品均 Chen, Pin-Jun
Contributors:	徐?升;林灼榮 Hu, Chi-Sheng;Lin, Jwu-Rong 東海大學會計學系
Keywords:	初次上市櫃;股權結構;經營績效 IPOs;ownership structure;operating performance
Date:	2006
Issue Date:	2011-04-07T05:43:05Z (UTC)
Abstract:	本文建構三組聯立迴歸模型，藉以分析台灣初次上市櫃公司之股權結構變化及對經營績效之影響；在實證推估上，採用反覆表面無關法對1994至2004年間233家上市櫃公司，進行迴歸參數之推估。本研究主要貢獻歸納如下：(1) IPO對樣本公司經營績效之影響，本文定義為「總效果」；且試圖分析IPO對經營績效之影響，主要經由股權結構之改變影響，再進而影響經營績效，此一遞迴路徑，本文稱為「股權結構改變效果」；另外，本文將總效果與股權結構改變效果之差，定義為「殘差效果」。(2)為審慎探討IPO對經營績效之影響，本文同時考量股東權益報酬率、稅前淨利率和資產報酬率等三種經營績效指標。(3)在聯立迴歸體系下，可經由跨方程式進行總效果、股權結構改變效果和殘差效果之組成分析。茲將實證結果歸納如下：(1)IPO前一年度之經營績效（股東權益報酬率、稅前淨利率和資產報酬率），均顯著高於IPO當年度之對應值；且於IPO後之第一年、第二年和第三年，三種經營績效指標，皆呈現顯著下降現象。(2)IPO後導致內部人持股比及董監事持股比下降，進而降低經營績效而傾向支持利益收斂假說。(3)IPO後導致大股東持股比上升，進而提升經營績效而傾向支持利益收斂假說。(4)發現經理人持股比在IPO前後無顯著差異，而經理人持股比與經營績效卻呈現顯著負相關，故本研究結論IPO後之經營績效衰退，並不是藉由經理人持股變化而產生。(5)IPO衝擊效果之組成分析中，發現董監事持股影響經營績效衰退幅度大於大股東持股影響經營績效提升幅度，因此IPO後經由股權結構變化進而使經營績效依然呈現衰退現象，主要肇因於董監事持股比下降所造成的。(6)發現IPO前後經營績效變化之主因，主要肇因於股權結構之變動，而其他沒有量化之IPO因素所產生之殘差效果，對經營成果之影響相對微小。(7)就IPO衝擊效果之組成分析（董監事、大股東和經理人持股）的實證結果而言，發現股東權益報酬率、稅前淨利率與資產報酬率在IPO後的殘差效果隨著上市櫃後逐年的增加，表示上市櫃後外在因素影響程度愈來愈大。 This study contribution is presented as follows:(1)The study can let us understand those total effects which include the effect of stockholder structure changes and error effect how to affect operating performance.(2) The study use return on equity, pre tax income ratio and cash flow return on investment to be index of operating performance.(3)The study estimate the total effect, the effect of stockholder structure changes, and residual effect by recursive regression system and adopt Iterative Seemingly Unrelated Regression, ISUR, to estimate regression parameter. The empirical result is presented as follows: (1) IPO before one year going public is positive correlation with return on equity, pre tax income ratio and cash flow return on investment; IPO after one, two and three year going public is negative correlation with operating performances, return on equity, pre tax income ratio and cash flow return. (2) Inside ownership ratio and board ownership is raise before IPO going public. But after IPO going public, the situation is opposite. Moreover, when insider ownership ratio is in IPO firms, operating performance is well. (3) However, stock holding rate of the biggest stockholder is raise after IPO going public and make operating performance worst. But, managers ownership is not significant for operating performance and don’t have relationship with IPO. (4) The main factor make operating performance worst is board ownership. (5) The effects of operating performances are mainly caused by ownership structure changes, and residual effects are relatively small.
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