明星股東對IPO績效之影響

Abstract

本文旨在探討明星股東對初次上市股票績效所產生的影響。實證結果顯示，相比於無明星股東的公司，有明星股東的公司股票初次上市時擁有較高的期初報酬。並且明星股東個人特徵也會對期初報酬產生影響，公司上市時擁有的明星股東人數、明星近一年受關注程度與期初報酬為正相關，明星年齡、作品數量為負相關，明星顏值則對期初報酬有正面影響。至於明星股東對股票長期績效的影響，有明星股東的公司股票上市後第一、二年績效表現較差，自上市後第三年始績效表現較佳。究其原因，本文認為這是明星股東所產生的關注效應以及投資人的過度樂觀情 緒使期初報酬上升；隨著時間經過，關注效應減弱、投資人熱情衰退，長期績效變差；而明星屬於文化傳播產業的「稀缺資源」，為公司帶來長期營收成長，使投資人對其予以額外估值的結果。

This paper studies the effect of celebrity shareholders on underpricing and post-IPO performance of Chinese culture industry IPOs. Celebrity shareholders bring more attention on IPO stocks, and investors show a higher level of aggressiveness of the new share subscription, leading to higher initial returns compared with IPO stocks without celebrity shareholders. Personal characteristics of celebrity shareholders also affect initial returns. Companies with more celebrity shareholders, who have higher Baidu searching volume index during the year before IPO, less film and television works, as well as more attractive appearance and a younger age, experience higher initial returns. I also find a negative relationship between celebrity shareholders and the stock performance in the one, two years after IPO. The result is consistent with the investor sentiment explanation of IPO long-run underperformance, which states that the fading of investor exuberance is the cause. However, in the third year after IPO, stocks with celebrity shareholders outperform those without celebrity shareholders. I conjecture this stems from the scarcity of celebrities in Chinese culture industry. Companies with celebrity shareholders exhibit a significant higher sales growth rate and earnings growth rate in the one, two and three years after IPO. This positive effect on the operating performance boosts the investors expectation of company value, thus raising the stock price.