新上市公司上市後營運績效衰退原因之探討

The Reasons for Post-Issue Operating Performance Decline of IPO Firms

10.6545/JFS.2002.10(1).2

李建然(Jan-Zan Lee)；羅元銘(Yuan-Ming Lo)

初次上市 ； 代理問題 ； 盈餘管理 ； 杜邦分析 ； 營運績效 ； 上市時機的選擇 ； Initial Public Offering ； Agency Problem ； Operational Index ； Earnings Management Du Pont Analysis ； Timing Selection of IPO

財務金融學刊

10卷1期（2002 / 04 / 30）

23 - 52

繁體中文

本研究調查民國73年至85年間，在台灣證券交易市場初次上市（Initial Public Offering, IPO）公司，上市前與上市後至第九年經營績效變化之情況，並探討上市後營運績效衰退的原因。本文以淨值報酬率（Returns on Equity, ROE）為主要績效指標，再根據杜邦分析的架構（Du Pont System），分析造成淨值報酬率變化的因素（收益率、資產使用效率及財槓桿）在上市前、後變化的情況，以瞭解積效指標變化的成因。此外，本文進一步從IPO公司上市後長、短期績效變化的形態（pattern），探討造成績效衰退可能的原因－代理問題、盈餘管理或上市時機的選擇。實證結果發現，上市後公司主要營業活動的獲利能力、資產的使用效率及財務槓桿的使用皆明顯不如上市前的表現，進而導致上市後淨值報酬率有明顯衰退的現象。進一步分析上市後績效衰退的形態後發現上市後積效衰退的原因，似乎與在資訊不對稱的情況下，上市後的代理問題、盈餘操縱及上市時機的選擇有關。

This article investigates whether there is a significant decline in operating performance of firms after they went to public for the period between 1984 and 1996, and the reasons for such a decline. We use change in return on equity (ROE) after IPO as the main performance Index change. Change in ROE was then further decomposed into three parts based on Du Pont anaIytical frame work, namely, return on change in sales (operating policy), change in assets turnover (investing policy), and change in financial leverage (financing policy). By this means, we can investigate which driver had triggered the most of decline in ROE. In addition, this study also examines whether the agency problem, pre. IPO earnings management, and IPO timing selection are the reasons for post-IPO performance decline. The empirical results indicate a significant decline in ROE through nine years after IPO. Following the Du Pont framework, return on sales, assets turnover, and financial leverage were found to deteriorate significantly after IPO. In the context of information asymmetry, the decline of post-IPO performance was significantly correlated with the agency problem, pre.IPO earnings management, and timing select ion of IPO.

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