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    題名: 臺灣公司管理階層之素質、認證和初次上市之關聯性
    其他題名: Management quality, certification, and initial public offerings in Taiwan
    台灣公司管理階層之素質、認證和初次上市之關聯性
    作者: 高立寰;Gao, Li-huan
    貢獻者: 淡江大學國際貿易學系國際企業學碩士班
    謝志柔;Hsieh, Chih-jou
    關鍵詞: 初次公開發行;管理素質;Initial public offerings;Management quality
    日期: 2007
    上傳時間: 2010-01-11 01:31:19 (UTC+8)
    摘要: 本研究的實證檢驗結果欲指出台灣公司管理階層的素質和聲譽的確影響了在其IPO各方面的表現上。公司管理階層的素質和聲譽會影響各種在其IPO時和之後IPO績效的表現上。不過各種在公司管理階層素質和聲譽,與其在IPO時及IPO之後表現上的關聯性探討,在學術文獻上則受到較少的注意。本研究假設較有聲譽的管理者能夠確實傳達公司的實質價值給外部者,並減少在權益市場中的資訊不對稱。

    因此,具有高管理素質的IPO公司將有較低的折價現象、較高的機構投資興趣,以及吸引較有聲譽的承銷商承銷的特徵。此外,高管理素質會有較低的投資者異質性評價,公司有較佳的管理者將具有較好長期股價報酬。最後,由於較佳的管理者能夠選擇較好的投資計畫(具有較大的淨現值計規模計畫)並且能夠完成它們,高管理素質將會有較大的IPO發行規模和強勢的IPO後期營運績效。我們嘗試將這些現象用台灣的數據資料證實呈現。

    但研究結果並不能在統計上顯著地支持台灣公司在管理素質上和IPO特徵的關聯性。
    We empirically examine the relationship between the quality and reputation of a Taiwan firm’s management and various aspects of its IPO and post-IPO performance, a relationship that has so far received little attention in the literature. We hypothesize that better and more reputable managers are able to convey the intrinsic value of their firm more credibly to outsiders, thereby reducing the information asymmetry facing their firm in the equity market.

    Therefore, IPOs of firms with higher management quality will be characterized by lower underpricing, greater institutional interest, and more reputable underwriters. Further, if higher management quality is associated with lower heterogeneity in investor valuations, firms with better managers will have greater long-term stock returns. Finally, since better managers are likely to select better projects (having a larger NPV for any given scale) and implement them more ably, higher management quality will also be associated with larger IPO offer sizes and stronger post-IPO operating performance. We present evidence consistent with the above hypotheses.

    The major findings are summarized as follows:
    No significant relationship was found between quality and reputation of a Taiwan firm’s management and various aspects of its IPO and post-IPO performance.
    顯示於類別:[國際企業學系暨研究所] 學位論文

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