• 作者： 夏侯欣榮
• 作者服務機構： 元智工學院財務金融系
• 中文摘要： 本研究主要是研究新上市股票(IPO）的長期績效，包含長期報酬績效與長期營運績效，實證結果發現IPO持有一年的長期報酬績效較對等公司為差，尤其是股市景氣時上市的IPO、資本額小的IPO與風險高的IPO長期報酬績效特別差。就營運績效而言，實證發現IPO長期營運績效差，但是無法得出大股東持股比率與IPO長期營運績效的具體關係；此外，IPO不論上市異常報酬率如何，上市後的長期營運績效均差。
• 英文摘要： This paper investigates the long-term performance of IPO. including performance of long-term returnand long-term operation. It discovers that the performance of the one-year long-term return of IPO is worsethan that of other equivalent corporations, especially when IPO went public in the market during the hotmarket. Both the performance of the long-term return of IPO of small capital amount and IPO of greater riskswere very bad. From the viewpoint of operating performance, the emperical result was that the post-issueoperating performance of IPO was bad,but it was impossible to find the significant relation between theownership and the post-issue operating performance of IPO. In addition, no matter what the initial return ofIPO was, the post-issue operating performance was bad.
• 中文關鍵字： 新上市股票; 長期績效
• 英文關鍵字： IPO; Long-Run; Performance