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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/99328


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99328


    Title: 首次公開發行公司短期及長期績效之探討
    The Short-Run and Long-Run Performance of Initial Public Offerings
    Authors: 陳姵彣
    Chen, Pei Wen
    Contributors: 陳鴻毅
    Chen, Hong Yi
    陳姵彣
    Chen, Pei Wen
    Keywords: 初次公開發行公司
    長期
    短期
    績效
    IPO
    long-run
    short-run
    performance
    Date: 2016
    Issue Date: 2016-07-20 17:12:37 (UTC+8)
    Abstract: 本研究主要探討初次公開發行公司短期與長期之績效。利用1980年至2015年美國初次公開發行公司為樣本，本研究發現初次公開發行之公司其上市後三年之股價較市場整體表現來得差。經三因子模型及五因子模型之風險調整後，初次公開發行之公司之超額報酬仍為負值。此外，初次公開發行之公司其上市後三年之營運表現也較上市之前更為衰退。本研究進一步依據公司於首次公開發行後之短期績效分成四組，發現短期擁有較高的累積市場調整報酬之公司其長期之股價及營運績效也會較好。結果顯示市場能於公司首次公開發行時能夠有效率地分辨好公司與壞公司。
    The main purpose of this study is to investigate the short-run and long-run performance for initial public offering (IPO) firms. Using U.S. firms which conducted IPO during the period from 1980 to 2015, this study finds that IPO firms exhibit relatively poor price performance for three years. The poor performance still holds after adjusted by Fama-French three factor model and Fama-French five factor model. This study further separates IPO firms into four groups, and finds that the group with higher cumulative adjusted return in the short-run will have higher price performance and operating performance in the long-run. This implies that the market can efficiently separate good IPO firms from bad IPO firms.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    103357028
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103357028
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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