The Study of the Characteristics of the Parent Companies and the Performance of the Taiwanese Firm''s Initial Public Offerings in Hong Kong

• Main Authors: Yi-Han Lan, 藍禕涵
• Other Authors: 作者未提供
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/vasw3c

碩士 === 銘傳大學 === 國際企業學系碩士班 === 95 === Recently the cases of the Taiwanese firms going public in Hong Kong are increasing every year. After the first Taiwanese firms went public in Hong Kong in 1988, there are 48 Taiwanese firms going public in Hong Kong Stock Exchange until March, 2007. So this issue becomes more and more important than even. This study compares the rate of abnormal return and parent company’s character and operation performance between the sample of Hong Kong and the Taiwanese matching sample by matching sample of the Taiwanese IPO firms. The empirical results are that firms going public in Hong Kong gained the stock return less than firms going public in Taiwan; if parent firms have the higher level of earning per share of the contribution from the investment in China and debit rate, the subsidiaries of listing location will choose to offer in Hong Kong. On the other hand, the electronic industry prefers to offer in Taiwan. While the operation performance, if the subsidiaries choose to list in Hong Kong, parent firms of return on asset and return on EBITDA are decrease, but the indicator of gross profit rate are constant.