首次公開上市公司的競爭效果：以台灣為例

Abstract

本篇論文以1986至2008年間台灣證券市場初次上市公司為研究對象，探討初次上市公司對於同產業既存公司是否具有競爭效果，並研究其競爭效果的來源和影響程度。本文主要以競爭者股價的累積異常報酬及長期經營表現分析競爭效果。成功上市的公司經實證發現確實具有競爭優勢，對於產業競爭者來說有負面影響，因此產業中若有新上市公司，產業競爭者的經營表現在其後幾年會顯著劣化；反之，在上市申請的過程中撤回上市案，對於產業競爭者則是正面訊號。競爭效果受到財務槓桿、創投投資及知識資本的影響很大，研究結果發現其與創投投資及知識資本呈正向關係，與財務槓桿呈反向關係。

This paper investigates the competitive effect of initial public offering firms on industry incumbents by using Taiwan securities market data from 1986 to 2008. We use incumbent firms’ cumulative abnormal return and long-term operating performance to measure the competitive effect. Empirical results suggest that firms successfully completing their IPOs have competitive advantage, which lead to the deterioration on the stock and operating performance of incumbents. As opposed to completed IPOs, industry competitors react positively when there is a withdrawn IPO incurring in their industry. The competitive effect is related to financial leverage, venture capital, and the presence of knowledge capital. Venture capital and knowledge are positively associated with the operating performance of incumbents, while financial leverage is negatively correlated with the operating performance of incumbent firms.