| Summary: | 碩士 === 國立臺北商業大學 === 企業管理系碩士班 === 106 === The objective of this research is to figure out the first-day abnormal returns of F-shares, and investigate that the effect of Shareholder Structure, Board Composition, Top Management Team Characters and other influencing factor on the offering price setting and IPO stock price performance. We also comparison with Domestic Issuers. We choose 67 foreign IPO companies listing in Taiwan Stock Exchange（TWSE） and 39 companies listing in Taipei Exchange（TPEx） as our research samples. Besides, we also choose 331 domestic IPO companies listing in these two exchanges. We use Multiple Regression model to capture the impact of the Shareholder Structure, Board Composition, TMT Characters and other variable on the offering price setting and IPO stock price performance.
Our investigation indicates that both F-shares and Domestic Issuers have positive abnormal returns in the first issuing day, short-term and long-term cumulative abnormal returns also significant positive.
F-shares in TWSE:
(1)CEO duality, TMT’s education levels and the size of IPOs has significant positive impact on offering price, but Lot winning rate and age of company has significant negative impact.
(2)Large Shareholder shareholding ratio, Board size, Directors shareholding ratio, Lot winning rate, first-day abnormal returns and the timing of issuance have significant positive impact on short-term cumulative abnormal returns
(3)The short-term cumulative abnormal returns, Manager shareholding ratio and Board size have significant positive impact on Long-term performance.
Domestic Issuers in TWSE:
(1)CEO duality, Manager shareholding ratio and the size of IPOs has significant positive impact on the offering price, but Lot winning rate and Institutional Investor shareholding ratio has significant negative impact.
(2)As for the short-term cumulative abnormal returns, our results reveal that the first-day abnormal returns, Lot winning rate and the timing of issuance have significant positive impact, but TMT’s industrial experience has negative impact on its.
(3)Our finding provide evidence that CEO duality, Institutional Investor shareholding ratio and short-term cumulative abnormal returns have significant positive impact on Long-term performance, but TMT’s industrial experience has negative impact.
F-shares in TPEx:
(1)The size of IPOs has significant negative impact on the offering price, but Board size and the timing of issuance has significant positive impact on its.
(2)First-day abnormal returns and TMT’s education levels have significant positive impact on short-term cumulative abnormal returns.
(3)Directors shareholding ratio and TMT’s education levels has significant positive impact on Long-term performance, but CEO duality and the size of IPOs has negative on its.
Domestic Issuers in TPEx:
(1)Large Shareholder shareholding ratio, Directors shareholding ratio and the size of IPOs have significant positive impact on the offering price, but Lot winning rate has significant negative impact on its.
(2)First-day abnormal returns and Lot winning rate have significant positive impact on short-term cumulative abnormal returns.
(3)Board size and first-day abnormal returns has significant negative impact on Long-term performance, but short-term cumulative abnormal returns have significant positive impact on its.
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