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系統識別號 U0026-2906202010415100
論文名稱(中文) 企業型態與IPO意願之關聯性研究-以臺灣興櫃公司為例
論文名稱(英文) An Empirical Study on the Correlation between Firm Type and Intention of IPOs-Evidence from Taiwan Emerging Stock Market
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 莊子賢
研究生(英文) Tzu-Hsien Chuang
學號 R86071050
學位類別 碩士
語文別 中文
論文頁數 41頁
口試委員 指導教授-梁少懷
口試委員-廖麗凱
口試委員-劉梧柏
中文關鍵字 IPO  高科技產業  家族企業  F-PEC power scale 
英文關鍵字 IPO  High-Tech Industry  Family Business  F-PEC power scale 
學科別分類
中文摘要 2005年,證券櫃檯買賣中心頒布一條新規定,除公營事業以外,其餘公司皆須於興櫃市場交易六個月以上,才能申請IPO。據此,本研究以2005年至2018年間曾登錄於臺灣興櫃市場的公司作為研究樣本,共565筆觀察值,以羅吉斯回歸(Logistic Regression)探討這些公司之企業型態與其IPO可能性之間的關聯性。
本文欲探討之企業型態主要可分為高科技產業及家族企業。高科技產業方面,本文先判斷企業型態是否為高科技產業,接著進一步深究研究發展,以研發投入強度與研發績效衡量之;家族企業方面,本文藉由F-PEC power scale算出家族影響程度,透過此量化指標將樣本分成家族企業與非家族企業,接著深入探討家族企業,以家族影響程度的高低分成強家族企業、標準家族企業、弱家族企業共三類。
研究結果顯示,若企業型態為高科技產業或家族企業,則會顯著正向提升其IPO可能性;隨著研發投入強度或研發績效越高,企業型態為高科技產業的公司並不會提高其IPO可能性,意即仍須考量其他因素,如人才培育、制度管理及法規遵循等;若家族影響程度越高,家族企業反而會顯著降低其進行IPO可能性,意即需避免股權過度集中導致的種種問題。
英文摘要 In 2005, there was a new regulation enacted by Taiwan Stock Exchange that companies had to be engaged in trading in Emerging Stock Market for more than six months before going public, except for public enterprises. Based on this new regulation, this study selects 565 samples which had listed in Emerging Stock Market from 2005 to 2018. Also, this study examines the relationship between firm type and intention which is to choose to go IPO by using logistic regression.
This study can be divided into high-tech industry and family business. First, this study determines whether the firm type of samples are high-tech industries or not. Subsequently, this study chooses impact of R&D effort and R&D effectiveness as two measures of R&D. Next, this study determines the firm type of samples are family businesses or non-family businesses by using F-PEC power scale. Moreover, this study focuses on family business and divided into strong, normal and weak family business by using F-PEC power scale as well. Finally, the results show that companies will significantly increase their intention of IPOs if they are high-tech industries and family businesses, and companies will not enhance the intention of high-tech industries to choose to go IPO if considering R&D effort and R&D effectiveness. It means that we should take into account talent and regulation. In family business, companies will significantly increase their intention of IPOs if the family influence gets lower. It means that it’s necessary to avoid the problems caused by excessive ownership concentration.
論文目次 目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第二章 文獻探討與假說發展 4
第一節 文獻探討 4
第二節 假說發展 10
第三章 資料來源與研究模型 12
第一節 樣本選取及變數定義 12
第二節 研究模型 18
第四章 實證結果 20
第一節 敘述性統計 20
第二節 相關係數 23
第三節 迴歸結果分析 25
第五章 結論與建議 33
第一節 研究結論 33
第二節 研究限制與建議 34
參考文獻 35

表目錄
表 1行政院科技部高科技產業之定義 13
表 2變數定義及衡量方式 17
表 3敘述性統計量 21
表 4家族企業敘述統計量 22
表 5自變數VIF值 23
表 6相關係數表 24
表 7模型(1)迴歸結果 26
表 8模型(2)迴歸結果 28
表 9模型(3)迴歸結果 29
表 10模型(4)迴歸結果 30
表 11模型(5)迴歸結果 32
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