| Summary: | 碩士 === 東海大學 === 會計學系 === 94 === This study contribution is presented as follows:(1)The study can let us understand those total effects which include the effect of stockholder structure changes and error effect how to affect operating performance.(2) The study use return on equity, pre tax income ratio and cash flow return on investment to be index of operating performance.(3)The study estimate the total effect, the effect of stockholder structure changes, and residual effect by recursive regression system and adopt Iterative Seemingly Unrelated Regression, ISUR, to estimate regression parameter.
The empirical result is presented as follows: (1) IPO before one year going public is positive correlation with return on equity, pre tax income ratio and cash flow return on investment; IPO after one, two and three year going public is negative correlation with operating performances, return on equity, pre tax income ratio and cash flow return. (2) Inside ownership ratio and board ownership is raise before IPO going public. But after IPO going public, the situation is opposite. Moreover, when insider ownership ratio is in IPO firms, operating performance is well. (3) However, stock holding rate of the biggest stockholder is raise after IPO going public and make operating performance worst. But, managers ownership is not significant for operating performance and don’t have relationship with IPO. (4) The main factor make operating performance worst is board ownership. (5) The effects of operating performances are mainly caused by ownership structure changes, and residual effects are relatively small.
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