管理團隊品質與公開發行折價之關係

Abstract

本文旨在研究管理團隊成員品質與公開發行折價之間的關係。樣本包含了從2004年到2014年在美國公開發行的1,202家公司。我們從公司上市前的公開說明書(S-1)取得衡量管理團隊品質的相關資料。我們擷取公開說明書中談論管理團隊的部分並使用文字探勘的方式去分析管理階層成員是否有在美國前50大的學校或是前百大公司工作的經驗，以此來衡量一個公司的營運團隊品質。當一個公司有好的管理階層品質，投資人可以由此知道這是一家好公司，因此降低了在公開發行時投資人與公司間的資訊不對稱，從而減少公司公開發行的折價讓公司在資本市場可以取得多一點資金。

This paper tests the relationship between management quality and IPO underpricing. The sample contains 1,202 firms went IPO during 2004 to 2014 in United States. To obtain management quality data, I studied the prospectus (S-1) of each firm and focus on the management section. I derive education and work experience data from it using programming technics. I counted the number of manager who studied in top business school or had superior past work experience to decide the management quality of each IPO firm, then I test the relationship between management quality and underpricing and found them negatively correlated. When I test all the industries all together, only education is negatively significant, indicating better educational background for manager helps reduce the information asymmetry therefore lowers underpricing. The reason why variable COM associated with past work experience is not statistically significant may be the inappropriateness of the top company list which varies across industries and not applicable to all the firms. To remedy this issue, I create specific top company list for that industry. Here I use technology associated industry for example, I found that in this industry past work experience is significant rather than education. This is not surprising for technology firms since it requires much knowledge that you cannot learn in school. In short, the information asymmetry caused the underpricing phenomenon in equity market. Better management quality signals good company to investors, reduces information asymmetry therefore lowers underpricing. This result is coherent with previous literatures and serve as another evidence for this theory