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系統識別號 U0026-1608201401072900
論文名稱(中文) 投資機構對首次公開發行後進行併購之公司的長期績效影響
論文名稱(英文) Impact of Sponsorship on IPO Long-Run Performance Following Mergers and Acquisitions
校院名稱 成功大學
系所名稱(中) 企業管理學系
系所名稱(英) Department of Business Administration
學年度 102
學期 2
出版年 103
研究生(中文) 江佩儒
研究生(英文) Pei-Ju Jiang
學號 r46011272
學位類別 碩士
語文別 英文
論文頁數 34頁
口試委員 指導教授-張紹基
口試委員-許永明
口試委員-林軒竹
中文關鍵字 IPO  上市  投資機構  併購 
英文關鍵字 IPO  sponsor  mergers and acquisitions 
學科別分類
中文摘要 Jensen (1986) 曾指出營運效能、產業專業知識、嚴密監管,以及高負債比率是投資機構重要的特質。Brav and Gompers (1997) 以及 Levis (2011) 也證實有投資機構支持的公司於上市時,相較於非被投資的公司將會有較好的長期績效表現。另一方面,Brau, et al. (2012) 也提出公司若於上市後一年內立刻進行併購活動,將會對績效表現產生顯著的負面影響。因此,本研究致力於串接 Levis (2011) 及 Brau, et al. (2012) 的研究落差,探討公司於上市前是否有投資機構支持,以及於上市後是否進行併購活動,將會對其長期績效表現造成何等影響。本研究的探討樣本使用 733 家在 2001 至 2011 年,於上市後一年內立刻進行併購活動之公司,其多元迴歸分析結果指出,投資機構會對被投資公司績效產生顯著的正面影響,而單變量分析結果則指出,若沒有投資機構支持,其公司會有顯著的負面績效表現。
英文摘要 Jensen (1986) has argued that operational efficiency, management expertise, closer monitoring, and higher leverage level are valuable qualities of equity sponsors. Brav and Gompers (1997) and Levis (2011) provide evidence that sponsored IPOs outperform non-sponsored IPOs in the long run. On the other hand, Brau, Couch, and Sutton (2012) suggest that firms experience significant underperformance if they conduct mergers and acquisitions (M&A) within one year after their IPOs. This study aims to address the research gap between sponsor involvement and M&A activity over IPO long-run performance. 733 firms that issued their IPOs and then conducted M&A within one year during 2001 to 2011 in the U.S. are selected into analysis in this study. The regressions result shows that sponsorship poses significant positive impact on post-M&A IPO long-run performance. Buy-and-hold abnormal returns (BHAR) and calendar-time regressions results also indicate that non-sponsored firms experience significant post-M&A IPO long-run underperformance.
論文目次 Abstract i
摘要 ii
致謝 iii
Content iv
List of Tables v
Chapter 1. Introduction 1
Chapter 2. Literature Review 3
2-1 IPO Long-Run Underperformance 3
2-2 Negative Impact from M&A on IPO 4
2-3 Positive Impact from Sponsor Involvement on IPO 5
Chapter 3. Sample and Methodology 9
3-1 Sample Selection 9
3-2 Variables and Methodology 12
Chapter 4. Result 17
4-1 Univariate Results 17
4-2 Multivariate Results 19
Chapter 5. Conclusion 26
5-1 Managerial Implication 26
5-2 Limitations and Suggestions for Future Research 28
Reference 30
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