公營事業民營化企業價值合理性之研究

• Main Author: 黃超邦
• Other Authors: 康榮寶
• Format: Others
• Language: zh-TW
• Published: 1997
• Online Access: http://ndltd.ncl.edu.tw/handle/34828389967240121562

碩士 === 國立政治大學 === 會計學系 === 85 === 　　This study aims to assess whether the valuation of state-owned enterprises is reasonable or not. In general, a valuation of firm''s value should consider not only the values of physical assets but also future profitability of the firm. This study attempts to apply this concept to answer this research question. 　　The empirical study investigates the after market performance and changes in profitability of state-owned enterprises subsequent to their IPOs (Initial Public Offerings) or seasoned offerings, including five samples, Chung Kuo Insurance Co., Ltd., China Petroleum Development Co., Ltd., China Steel Co., Ltd., BES Engineering Co., Ltd., and Yangming Transportation Co., Ltd. The findings can be summarized as follows: 　　1. Except for the IPO of BES Engineering Co., Ltd., the average of after market performance is significantly different from the average returns of composite market portfolios for all other samples. 　　2. In terms of after market performance, this study cannot generally conclude whether the offerings of state-owned enterprises are over-estimated or underestimated. 　　3. Bull/Bear market is not a factor significantly affecting the percentage of successful lottery for the offerings of state-owned enterprises. However, the lower percentage of successful lottery is, the state-owned enterprise is more probable underestimated. 　　4. Since the changes in profitability cannot explain the valuation of state-owned enterprise, this study suggests that the Valuation Committee of state-owned enterprises should take this factor into consideration in order to resolve the issue of over-or under-estimation.