初次公開發行對其競爭者及上下游產業之市場反應; The Impact of Initial Public Offering Announcements on Firm’s Rivals, Suppliers, and Customers

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题名:	初次公開發行對其競爭者及上下游產業之市場反應;The Impact of Initial Public Offering Announcements on Firm’s Rivals, Suppliers, and Customers
作者:	賴宏達;Hong-Da Lai
贡献者:	財務金融研究所
关键词:	初次公開發行;財富效果;IPO;Wealth effect
日期:	2009-06-22
上传时间:	2009-09-22 14:45:17 (UTC+8)
出版者:	國立中央大學圖書館
摘要:	過去有一些研究討論上市事件對公司競爭者的衝擊，同時提出IPO事件將同時帶給競爭者正向的訊息效果及負向的競爭效果。本文將研究範圍進一步擴大，探討此衝擊如何透過生產供應鏈蔓延至上下游產業。在我們研究中，上市事件對競爭者的影響分為正向訊息效果及負向競爭效果，且此影響會同方向擴散至上下游產業。在正向訊息效果中，我們發現上市事件可區分為兩種動機，一是公司因對產業未來充滿信心而上市，此時IPO事件帶來的正向影響對投資人是有利的，而我們可以藉由公司是否有創投資金的支持觀察公司對產業的信心程度；另一方面，公司也會在市場高估公司價值時上市以換取正報酬，此時存在嚴重的代理問題，因此IPO事件的正向影響可能會面臨未來的修正。同樣我們可以藉由IPO前後內部人持股比例的變化觀察此公司存在代理問題的可能性。另外，上市競爭帶來的負向競爭效果使得上下游產業同蒙其害，其中以高科技產業下的上市事件最具競爭效果。我們並將影響上市公司及上下游產業報酬的因子分為公司面、產業面以及市場面，並發現上市事件的衝擊程度主要來自產業面或市場面的影響。顯示在衡量上市事件對產業的衝擊時，應該將上市公司本身產業以及上下游產業的風險高低及競爭程度，以及當時的市場狀況納入評估的考量。 Some previous literatures try to examine the impact of IPOs on rivals, and find the announcement of IPO will result in positive information effect and negative competition effect among industry. In this essay, we further examine both effect of IPOs on rivals, suppliers, and customers through supply chain. We find that, under information effect, not only rivals, but also customers and suppliers will experience positive wealth effect, while experiencing negative wealth effect under competition effect from IPOs announcement. Moreover, we separate information effect into two kinds of motives. First one is industry prospect, which is benefit for investors, and we suggest whether IPOs is backed by venture capital is a good signal for it. The other motive is market timing, which represents agency problem, and will hurt investors in the long-run. We also find that investors will use change of holding percentage by insiders after IPO to find out the problem and then reduce their positive valuation on firms with potential agency problem. On the other hand, IPOs from high-tech industry will result in most obvious competition effect. Besides, we examine influence of variables, such as firm factors, industry factors, and market factors on the impact of IPO announcement. We find that industry and market factor explain more than firm’s characteristic. It means that, when evaluating impact of IPO announcement, we should consider industry risk, competitive environment, and market condition as key factors.
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