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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31991

    Title: 臺灣公司管理階層之素質、認證和初次上市之關聯性
    Other Titles: Management quality, certification, and initial public offerings in Taiwan
    Authors: 高立寰;Gao, Li-huan
    Contributors: 淡江大學國際貿易學系國際企業學碩士班
    謝志柔;Hsieh, Chih-jou
    Keywords: 初次公開發行;管理素質;Initial public offerings;Management quality
    Date: 2007
    Issue Date: 2010-01-11 01:31:19 (UTC+8)
    Abstract: 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。


    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.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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