| 摘要: | 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。
研究結果顯示，在長期投資績效方面，分別使用累積異常報酬法、買進持有異常報酬法、平均每月曆月異常報酬法及因子模式曆月時間投資組合法等多項衡量方法的檢定結果並無一致，故無充份證據證明新上市(櫃)公司於上市後之股票報酬是否存在長期異常之現象。
而在長期營運績效方面，則使用杜邦方程式的五項營運績效指標，分別為總資產報酬率、股東權益報酬率、純益率、總資產週轉率及權益乘數，發現其獲利能力是呈現逐年顯著衰退之現象，且其平均獲利能力指標亦顯著低於同產業之基準。資產運用效率雖然也呈現逐年顯著衰退之現象，不過相對於同產業，其平均資產週轉率是顯著高於產業中位數。呈現出新上市(櫃)公司為低毛利、高週轉率之薄利多銷經營模式。另在償債能力則是呈現逐年上揚之趨勢，且顯著高於同產業之中位數。
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. |
