English  |  正體中文  |  简体中文  |  Items with full text/Total items : 52052/87180 (60%)
Visitors : 8895698      Online Users : 190
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/51533

    Title: 新上市(櫃)股票之長期績效
    Other Titles: The long-run performance of the initial public offerings
    Authors: 鄭志賢;Cheng, Chih-hsien
    Contributors: 淡江大學財務金融學系碩士在職專班
    顧廣平;Ku, Kuang-ping
    Keywords: 新上市(櫃)股票;長期投資績效;長期營運績效;Initial public offerings;long-run investment performance;long-run operating performance
    Date: 2010
    Issue Date: 2010-09-23 15:24:40 (UTC+8)
    Abstract: 本研究係以2000年至2005年間新上市(櫃)股票為研究對象,運用不同的績效衡量方法來探討台灣新上市(櫃)之長期投資暨長期營運績效。
    The study aims to investigate the long-term investment and operation performance of Initial Public Offerings (IPO) on the TSE and OTC market in Taiwan by using different performance measurement methods and IPO that gone public on the TSE and OTC form 2000 to 2005 as the subjects.
    The study shows that, on the aspect of long-term investment, as the results are not consistent when the performance are measuring with Cumulative Abnormal Returns, Buy-and-Hold Abnormal Return, Mean Monthly Calendar-Time Abnormal Returns and Factor Model, and Calendar-Time Portfolios and Number, no sufficient evidence is provided that the IPO returns bear long-term anomalies after listing.
    As for the long-term operation performance, when exam with the DuPont Identity of the five operating performance indicators, including Return on Assets, Return on Equity, Return on Sales, Total Assets Turnover, and Total Assets to Equity, the study shows that the profitability of the IPO decline significantly year by year, and the average profitability are significantly lower than the industry benchmarks. Besides, though the efficiency of asset utilization declines throughout the years, the average asset turnover ratio of the IPO is higher than that of the industry. It suggests that the IPO deploy a “small profits, quick returns” business model characterized with low margin and high turnover ratio. Finally, the solvency increases yearly and is higher than the median of that of the industry.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

    Files in This Item:

    File SizeFormat

    All items in 機構典藏 are protected by copyright, with all rights reserved.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback