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系統識別號 U0026-3105201611152901
論文名稱(中文) 掏空或支持: 企業集團IPOs之效果
論文名稱(英文) Tunneling or Propping: The Intra-Business Group Effect of IPOs
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 104
學期 2
出版年 105
研究生(中文) 陳怡芬
研究生(英文) I-Fen Chen
學號 R48991020
學位類別 博士
語文別 英文
論文頁數 77頁
口試委員 口試委員-林軒竹
口試委員-曾瓊慧
口試委員-方世杰
口試委員-陳安琳
口試委員-李振宇
指導教授-張紹基
中文關鍵字 集團企業  網絡  家族控制  公司治理  掏空 
英文關鍵字 Business Groups  Network  Family Control  Corporate Governance  Tunneling 
學科別分類
中文摘要 本研究以1999至至2011年台灣股市初次上市(IPO)案件為研究對象,探討是否台灣的集團企業運用多角化及內部子公司網絡關係將創造綜效利益或提供控制股東誘因而發生掏空舞弊事件。本研究實證結果顯示,集團成員公司初次上市(IPO)的異常報酬高於獨立公司,然而也造成其他成員公司股價下跌。此研究結果也說明了台灣集團企業存在著掏空(Tunneling)的代理問題的現象。此外,多角化的集團企業,其成員公司間存在股權網絡關係將強化掏空的問題並損害其價值。其次,家族控制的集團企業愈容易發生掏空的現象。最後,集團成員公司及獨立公司於初次上市後均存在長期股價績效衰退的現象。
英文摘要 We examine whether diversification and firms’ multiple interfirm ties within Taiwanese business groups benefit member firms when their group peers make initial public offerings (IPOs), or whether they provide a way for controlling shareholders to tunnel. We find that member firms of business groups experience greater underpricing than stand-alone firms in their IPOs, and their group peers have negative market responses. This evidence is consistent with the tunneling hypothesis. More importantly, this effect is stronger when member firms within diversified business groups are connected via equity ties. Furthermore, we also offer an original analysis of how family control in business groups facilitates value expropriation. Finally, we obtain statistically significant underperformance for both member firms and stand-alone firms in the long-run after the focal IPOs.
論文目次 Chapter 1 INTRODUCTION……………………………………………………………1
Chapter 2 BACKGROUND AND HYPOTHESES……………………………………..8
2.1 The Effect of Business Group Membership on IPOs…………………8
2.2 Diversification Discount of Business Group Membership…………..11
2.3 Direct Effects of Equity Ties on IPOs……………………………….14
2.4 Direct Effects of Interlocking Directors on IPOs……………………16
2.5 Moderating Effects of Family Control………………………………18
2.6 Business Group and Long-Term Performance………………………23
Chapter 3 SAMPLE AND EMPIRICAL METHODOLGY…………………………...24
3.1 Sample Design……………………………………………………….25
3.2 Sample Characteristics……………………………………………….25
3.3 Empirical Methodology……………………………………………...26
3.4 Independent Variables………………………………………………..27
3.5 Control Variables…………………………………………………….28
3.6 IPO Valuation Characteristics………………………………………..31
Chapter 4 ESTIMATION AND RESULTS……………………………………………33
4.1 Underpricing of IPO Firms and Abnormal Returns for Their Member Firms…………………………………………………………….......33
4.2 Univariate Analysis…………………………………………………..36
4.3 Regression Results…………………………………………………...38
4.4 Post-IPO Performance……………………………………………….43
Chapter 5 CONCLUSION……………………………………………………………..44
REFERENCES…………………..………………………………………………………49

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