本文之研究期間為1992年1月至2006年12月為止，以242家於這段期間曾上櫃轉上市公司為研究對象，主要是探討其上櫃轉上市後之長期投資績效與長期營運績效。長期投資績效分析結果顯示無論採用何種方法衡量，所獲取之長期平均異常績效均為正值，此似乎意謂著投資者若於公司轉上市後購買股票且長期持有，其平均報酬優於基準之平均報酬。 長期營運績效之分析結果顯示台灣上櫃公司轉上市後，其平均獲利能力是呈現逐年衰退之現象，且顯著低於同產業，即其獲利能力相對較差。但是轉上市卻能提升司總資產週轉率，即能夠提高資產之使用效率。最後，結果顯示台灣上櫃公司於轉上市後，其平均資本結構出現顯著之變化。 This thesis was conducted from January 1992 to December 2006, based on the 242 samples of listed companies going from OTC market to TWSE in Taiwan. The main purpose is to study their long-run inventment and operating performances. The empirical results show that average abnormal performance in long run is a positive regardless of which methods to evaluate. This also means that average returns are better than standard returns if investors purchase stocks and hold for long-time after listed companies go TWSE. The results of long-run operating performance show that average profitability drops every year after going to TWSE from OTC, and even significantly lower than other companies in the same industry. However, turn-over rate on total assets gets better. Hence, the result simply shows that average asset structure has significant changes after going from OTC to TWSE.
