The Relationship between Financial Benchmark in Pre-Issue and Decline in Post-Issue Operating Performance of Initial Public Offering firms

• Main Authors: Lee, Yueh-Mei, 李月梅
• Other Authors: 李建然
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/56630356424259641247

碩士 === 國立臺北大學 === 會計學系 === 91 === The stock market in Taiwan has recently attracted great attention. To help collect capital、find human resource and promote operating performance, most of the firms have defined initial public offering in their operating objections. However, in short term or in long term, most of the researches about initial public offering show the decline of it afterward. Hence, the main purposes of this thesis is to investigate the specific financial benchmark which causes the decline before going public, and to help investor judge the extent of the decline after they went public. According to all of the thesis, most of the focuses on the reason on the decline of operating performance after a firm offering public are the agency problem、management of ROE before offering public、time selection of the offering public、the expanse of capital requirement and growth of opportunity、and the birth and the scale of a firm. In addition to these five basic categories , there are others, such as management of working capital and decision of loan、department of industry 、and department of offering public. We used the Model of Multivariate Statistical Methods, analyzed the relationship between these specific financial benchmarks and the extent of the decline in order to help investigator judge whether it is worth investing or not. The result indicate: There are these the specific financial benchmark such as to adjust industry average accrual items/begin total asset、ratio of relatives sales、equivalent cash & short-term investment/total debt、growth of sales help investors to judge in a short-term the extent of the decline after offering public. As well as other financial benchmark such as excel normal ROE prior to 3 years before offering public、market value/book value、and ratio of capital expanse prior to 3 years before offering public help investors to judge in a long-term the extent of the decline after offering public. In a word, the firms offering public in TSE is better than the firms offering public in OTC in the operating performance. Otherwise, ROE and operating risk are great difference between information electronic industry and traditional industry, the more serious extent the volatility of operating performance after information electronic industry offering public.