Comparative analysis of operating performance surrounding initial public offerings

• Main Authors: Chang, Wen-Shang, 鄭文賢
• Other Authors: Ming-Dow Chen
• Format: Others
• Language: zh-TW
• Published: 1996
• Online Access: http://ndltd.ncl.edu.tw/handle/06869834856530175529

碩士 === 輔仁大學 === 金融研究所 === 84 === The purpose of this study is to compare and analyze the operating performance surrounding initial public offerings. The sample consists of 162 IPOs during the period 1984-1993 in Taiwan Stock Exchange. The operating performance indices are caculated by both accrual-based operating income and cash-based operating cash flow, and the base year of this research is one year before listing. The first, test the whole IPO samples whose financial structure and operating performance if significantly different surrounding IPO. The next, adopt univariate analysis testing if different firm age and scale will influence the post-issue operating performance. The last, adopt multivariate analysis testing if different ownership retention with different legal entity retention, which are divided by 4 groups, will influence the post-issue operating performance. Empirical tests are performed as follows : 1.The post-issue financial structure of IPOs are improved.2.According to the operating performance indices calculated by both accrual-based operating income and cash-based operating cash flow, the post- issue IPOs experience a downtrend.3.Univariate analysis : IPOs with longer history or larger scale have less downtrend.4. Multivariate analysis : IPOs with lower ownership retention and higher legal entity retention have less downtrend.5.Comparing accrual-based operating income and cash-based operating cash flow, IPOs in order to cross the threshold, have some extent of earnings manipulation.