The Impact of Underwriters and CPA Firms on the Financial Performance of IPO Companies

• Main Authors: LIN,LIANG-YIN, 林亮吟
• Other Authors: CHAN,CHANG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/5j63ef

碩士 === 國立臺北大學 === 金融與合作經營學系 === 106 === This study is consisted of the observation about 421 companies, which are TSE and exchange listing companies in Taiwan from 2000 to 2017.This study would show that the existence of window dressing in the Taiwan IPO market makes ROA and ROE significantly lower than the ones before listing.We analyzed the financial performance of the underwritten companies by comparing the difference of ROA and ROE of the 2 years before and after listing to check whether they were trying window dressing.This study would also show that the higher Underwriter Marketshares would be with the worse financial performance after the listing of the underwriters.However, the slowdown in financial performance of the underwriting companies with better Supervisory quality like CPA Firms is not significant after the listing.