影響新上市、上櫃公司報酬與風險的企業特質

Research on Enterprise Characteristics Influencing Risk and Return on the Initial Public Offerings

10.30003/JRM.200607.0001

薛健宏(Chien-Hung Hsueh)

新上市 ； 新上櫃 ； 報酬 ； 風險 ； Initial public offerings ； Return ； Risk

風險管理學報

8卷2期（2006 / 07 / 01）

101 - 136

繁體中文

以往研究多測試IPO企業的報酬，本研究亦檢視其風險，IPO市場的資訊不對稱較為嚴重，其風險特質可能不同於一般環境。本研究分別以｢不確定程度」、｢發生不利狀況的機率與程度」評估企業風險，實證顯示兩類風險指標多具同質性，低風險的企業因子卻是跌破承銷價的重要特質。此外，大型事務所簽證的IPO公司其風險反而偏高，與測試一般環境的既有文獻明顯不符，這顯示資訊不對稱可能嚴重影響企業的風險走向。

The previous studies mostly explored the return on IPO firms, but this study specifically investigates their risk. Information asymmetry is more serious in IPO market, where the risk characteristics may be different from the literature which investigates in the common environment. This study adopts two indicators, ”uncertainty” and ”possibility and degree of unfavorable results” to evaluate the risk. The empirical results indicate that these two risk indicators are mostly equivalent, and the factors of low uncertainty are also the significant characteristics of the firms whose value remains below their offering prices. Besides, the IPO firms certified by the big CPA firms have higher risk, which is inconsistent with the literature based on the common conditions. This shows information asymmetry may have great effects on the enterprise risk.

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