The Study of Going IPO Effect on the Equity of Firms, Shareholders and Employees.

• Main Authors: Yueh-yuan Chen, 陳月圓
• Other Authors: Yung sheng Su
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/10194902095716720868

碩士 === 國立高雄第一科技大學 === 財務管理所 === 95 === This paper uses the data around 6 years of the 258 IPOs from January 2001 to December 2002. This paper generalizes the stock Initial Public Offering (IPO) on equity of the firms, the shareholders and the employees. In order to understand the hidden meaning of going IPO, treating the change on the equity of stakeholder under four research hypothesis. The empirical results show that: 1.By communicating good news of going IPO to investors and stockholders is significantly reduce capital cost. It supports the first research hypothesis. 2.Return on Asset (ROA) and Return on Equity (ROE) of the firms do not support the second hypothesis. It shows that earning manipulation exits and the performance decline against the purpose of concern after IPO. 3.That capital formation has significantly effect on capital gain of stockholder after IPO. The third hypothesis sets up. 4.The research result supports the fourth hypothesis. By employee bonus and other benefit after IPO is significantly effect to advance employee loyalty.