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題名 | 新上市公司獲利能力變化與資本形成關係之研究=Profitability Versus Capital Formation among IPOs |
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作者 | 林玉美; |
期刊 | 證券櫃檯 |
出版日期 | 20010200 |
卷期 | 56 2001.02[民90.02] |
頁次 | 頁1-12 |
分類號 | 553.977 |
語文 | chi |
關鍵詞 | 新上市公司; 業績衰退; 資本擴充; 盈餘轉增資; 資本公積轉增資; 現金增資; 實證研究; IPO; Initial public offering; Operating performance; Stock dividend from retained earnings; Stock dividend from paid-in capital; Seasoned equity offering; Empirical study; |
中文摘要 | 本文主要探討我國新上市公司在上市後,為什麼會產生業績衰退的現象?根據以 前文獻的結果顯示,我國新上市公司在上市後會產生業績衰退,主要原因與上市前盈餘管理 有關。本文參酌我國股市及上市公司特徵,發展另一套理論解釋公司在新上市後會產生業績 衰退。本文認為,公司在上市前大量前本擴充,致股票流通在外籌碼大量增加,致產生上市 後業積衰退的情形。所謂上市前資本擴充意指,公司在上市前會利用現金增資、資本公積轉 增資、盈餘轉增資等方式擴充資本。本研究利用實證研究方式,驗證本研究所提出之理論, 實證結果大致與假說所預測者相若。 |
英文摘要 | This study aims to examine the relationship between operating performance and capital expansions, including stock dividends and seasoned equity offerings. This study establish a new theory to predict that the recess of operating performance subsequent to the IPO (Initial Public Offering). That is, capital expansions resulting from stock dividends and seasoned equity offerings are the major factors causing recess of operating performance. The empirical findings of this study confirm the theoretic hypotheses established in this study. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。