初次上市公司超常績效的持續時間

Abstract

本文採隨時間變動的解釋變數之持續時間模型 (time-varying covariate duration model)針對初次上市公司的超常經營績效進行研究。實證結果顯示稅後淨利率、負債比率、應收帳款週轉率與固定資產週轉率四個變數，與公司上市當時的超常績效，及後續超常績效的持續時間呈正向且顯著的關係。營業毛利率愈大，則公司上市時的超常績效愈大，但該變數對其超常績效的持續時間，並無顯著的影響效果。此外，在Jain and Kini(1994)代理問題方面，董監事持股比率之大小，不論對上市時的超常績效的大小，或對上市之後超常績效的持續時間，均無顯著的影響。

In this paper, we will use the time-varying covariate duration model to investigate the duration of abnormal post-issue operating performance and the reason of abnormal post-issue operating performance decline. From the empirical results, we found that there is a significant and positive relation between the duration of post-issue abnormal operating performance and the four factors, that is, net income ratio, debt ratio, receivable turnover ratio and fixed assets turnover ratio. In addition to four foregoing factors, there is also a significant and positive relation between gross margin ratio and the abnormal operating performance at the IPO. We also found that operating performance and the duration of abnormal post-issue operating performance in Taiwan IPO's firm are unrelated to the ownership of officers and directors.