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台湾新上市上柜公司下市的影响因素:发行前特性变数、财务变数以及公司治理变数

【中文摘要】:本研究在探讨当新上

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市上柜公司股票(IPOs)在上市发行之后,是否能透过发行前特性变数、发行后的财务变数与公司治理变数,来预测未来是否容易退出市场的可能性,以及存活时间的长短。
以1990年至2012年间在台湾发行的1296支IPO为研究样本,将其分为存活、主动下市和因财务危机而下市。採用Logistic迴归进行分析,探讨因为变数的不同,是否会影响其下市机率,再以多元迴归分析,来了解变数对于存活时间的影响。经分析后,提出以下结论:
(1) 从发行前特性变数来看,若由三大承销商发行、发行规模够大、公司在发行前成立年数越久与公司为科技类股会降低下市的机率。
(2) 发行后的财务变数与公司治理变数会依企业的生命週期不同,而导致有不同的影响,如较高的成长率会导致企业在成长期时较不容易下市,但会增加成熟期的企业之下市机率。
(3) 发行后的财务变数与公

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司治理变数对于企业存活期间的影响,有正相关的为获利能力、公司规模、经理人持股比。负相关的为研发费用率、负债比例、大股东持股比、独立董事席次、席次股份偏离差与公司为金字塔结构。
【英文摘要】:This thesis assesses the probability of IPO delisting and the IPO’s survival time based on IPO characteristics, financial variables and corporate governance variables in the aftermarket.
Our IPO sample consists of 1296 IPOs issued between 1990 and 2012 in Taiwan. There are three types of aftermarket st

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atus of IPOs after going public: including “survival”, “delisted voluntarily”, and “delisted due to financial crisis”. In this paper, we implement logistic regressions and multiple regressions to discuss how those variables influence the probability of delisting and IPO’s survival time. The results of this thesis are as follows:
(1) According to IPO characteristics, IPO underwritten by prestigious underwriters, large proceeds, older in firm age before issued and high tech firms will decrease the probability of delisting.
(2) Financial variables and corporate governance variables will affect delisting depending on their business life cycle. For example, the growth decreases the probability of delisting of growing firms, but increases the probability of delisting of mature firms.
(3) According to the financial variables and corporate governance variables, profitability, firms size and managerial ownership, are positively related to IPO’s survival time. R&D expenses, leverage, blockhold ownership, number of independent directors, the deviation between ownership and seats and pyramid structure are negatively related to IPO’s survival time.
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  • 来源:中山大学;作者:连智凯
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