IPO動機因素分析－台灣興櫃公司之實證研究

Abstract

本論文研究2005年至2015年間曾在台灣興櫃市場登錄的公司，探討其選擇進行初次公開發行（IPO）與否的原因，相較於外國市場，台灣政策的規範提供了利於研究IPO動機的環境，能透過興櫃市場，在公開發行前關注有上市意願的公司，相關資料的取得亦更加容易。本研究的面向包含產業集中度等產業面變數、公司內部人的所有權、投票權變數以及公司基本面變數，並透過因素分析，歸納出變數間的共同因素，以此為基礎建立實證模型。 對股權結構變數的鑽研是本論文的特點，特別是在投票權變數上，為了能區別出有意願進行IPO的內部人，嘗試移除了零持股內部人於董事會的席位，這些內部人多為獨立董監，在董事會中主要工作是審議股東會議案，非提出IPO之提議者，由於本論文目的在於研究IPO動機故將其移除。 在控制了基本面變數後，本論文發現監督因素和公司投票權因素與IPO與否之決策，呈現部分顯著的負向關係，代表在IPO前外部大股東持股越低、以及提議公司決策的內部人投票權越低時，確實會促進企業進行IPO。

This paper examined the motivation of initial public offering (IPO) activities with 2005-2015 Taiwan Companies which had listed in Emerging Stock Market. Compared to foreign stock market, scholar can take advantage of the regulation for Taiwan stock market. That is, with the establishment of Emerging Stock Market, it is more convenient for research to identify companies willing to go public. Related data such as ownership structure before IPO is more sufficient as well. In this study, industrial variables, ownership variables, voting right related variables, and fundamental variables are the focus. Factor analysis will be conducted among those variables. Based on common factor extracted with factor analysis, this paper forms few multiple regression models for IPO motivation. The feature of this paper is the focus on voting right variables. In order to define the insiders who push IPO events, I tried to remove the seats for zero stockholding insiders. Removed insiders are independent director mostly, and their role in BOD is to examine the proposal. Since this paper focus on IPO motivation, it is reasonable to remove insider who doesn’t raise the IPO proposal. After controlling the fundamental variables, I find monitor factor and voting right related factor both have negative effect on IPO dummy variables significantly. As conclusion, this study find enterprises are more willing to go public if the stockholding of unaffiliated blockholder is lower and the voting right held by insider who making decision is lower.