臺灣博碩士論文加值系統

本文旨在研究IPO公司於初次上市櫃後一年內參與併購活動之長期經營績效之變化。本篇研究除了驗證IPO公司在其上市後經營績效會有衰退的現象，並深入探討該IPO公司在參與併購活動後之經營績效的變化。實證結果發現公司的IPO政策對其長期經營績效有負面的影響，且經營績效在各種不同的配對指標下，均為衰退的現象。同時，參與併購活動將造成IPO公司面臨更劇烈的長期經營績效衰退。結果顯示IPO後主併公司長期經營績效表現明顯低於未參與併購活動之IPO公司，且該結果並不受其他IPO相關之變數影響而改變。實證支持併購活動為IPO公司長期經營績效衰退的原因其一。

This study discusses long-run abnormal operating performance of firms involving in merger and acquisition activity within one year after going public. Except for confirming the negative performances of IPO firms after going public, we further test for post-IPO performance after M&A. The empirical results suggest that the decision of going public decreases firms’ long-run operating performance relative to pre-IPO performance, and the results are robust to different matching approaches used. Furthermore, empirical results of our sample demonstrate the explanatory power of acquisition to IPO firms’ underperformance, and presents inferiority of post-IPO mergers’ operating performance than non-mergers. Lastly, this negative effect of M&A on IPO firms exists even when controlling for other factors related to IPO. This study proves that M&A is one possible explanation for the poor operating performance of IPO firms.

Content
誌謝辭 I
摘要 II
Abstracts III
1. Introduction 1
2. Literature Review and Hypothesis Development 4
2.1 Post-IPO Performance 4
2.2 Merger and Acquisition and IPO 6
2.3 Other Factors Related to IPO 8
3. Data and Methodology 10
3.1 Data 10
3.2 Methodology 11
3.2.1 Calculation of Abnormal Performance 11
3.2.2 Measurements of Firms’ Operating Performance 14
3.2.3 Multivariate Regression of Factors Related to IPO 15
4. Empirical Findings 16
4.1 Post-IPO Performance by Whole Sample 16
4.2 Post-IPO Performance and Acquisition Activity by Sub-samples 17
4.2.1 Operating Return on Assets 18
4.2.2 Operating Cash Flows 18
4.2.3 Sales 19
4.2.4 Asset Turnover 20
4.3 Method of Payment for Acquiring 21
4.4 Empirical Results of Multivariate Regression 22
5. Conclusion 23
References 26
Table
Table 1 Sample Frequency Distribution 29
Table 2 Sample Summary Statistics 30
Table 3 Abnormal Operating Performance of IPO Firms 32
Table 4 Abnormal Operating Performance of Post-IPO Mergers and Non-Mergers 33
Table 5 Abnormal Operating Performance Using Different Method of Payment 35
Table 6 Regressions of Other Variables Explaining Underperformance 37

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