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題 名 | 興櫃轉上市櫃電子業公司之EPS分析=An Analysis on EPS of the Electronics Industry IPO Firms |
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作 者 | 陳佩瑩; 賴守仁; 林君信; 林君信; | 書刊名 | 華人經濟研究 |
卷 期 | 16:2 2018.09[民107.09] |
頁 次 | 頁71-89 |
分類號 | 563.54 |
關鍵詞 | 興櫃; 電子業; 變化趨勢; EPS; Emerging stock; Electronics; Change trend; |
語 文 | 中文(Chinese) |
中文摘要 | 2002年1月2日興櫃開始交易,為許多成長期公司提供全新的交易與資訊揭露平台,而各企業的每股盈餘(Earnings Per Share, EPS)成長軌跡是眾多公開資訊中投資人最關心的指標之一。本研究資料涵括TEJ資料庫中2017年12月31日以前所有由興櫃轉上櫃或上市之電子業公司。首先,選取此536家企業中,符合上市櫃前後各有4年完整財務資料條件的有效樣本442家公司。其次,計算有效樣本各家公司上市櫃前與上市櫃後各5年(含上市櫃年)之年平均EPS與EPS變化趨勢(最小平方法線性模型所得之斜率參數估計值),並依上市櫃前、後年平均EPS的高低與上市櫃前、後EPS變化的增減各分為5組進行樞紐分析(Pivot Table)。本研究實證發現:(1)依據年平均EPS分組部份,上市櫃前年平均EPS最高的公司組成份股中,上市櫃後仍以EPS維持居於最高組的家數最多;上市櫃前年平均EPS最低的公司組成份股中,在上市櫃後維持居於EPS最低組的家數也最多。(2)在EPS變化趨勢的分析部份,有效樣本在上市櫃前只有23.08%的公司EPS呈現衰退,而上市櫃後短期內EPS呈現衰退的公司卻有52.94%,即上市櫃後EPS衰退的公司比上市櫃前多。顯示「上市櫃後,才是淘汰賽的開始」。 |
英文摘要 | On January 2, 2002, the Emerging Stock began trading, which providing a new platform for trading and information disclosure for many growth companies. The growth track of each company's Earnings Per Share (EPS) is one of the most concerned indexes among many public information. The research data includes all electronic companies in the TEJ database that were transferred from Emerging Stock to TSEC or OTC before December 31, 2017. First, among the 536 companies, 442 companies with 4 years financial information before and after the listing were selected. Secondly, we calculate the annual average EPS and EPS trend (estimated by the slope of Least squares method) of 442 companies before and after the listing, which were divided into 5 groups for Pivot analysis. The empirical findings of this study are as follows: (1) According to the annual average EPS analysis, among the companies with the highest annual average EPS before listing, the number of companies in the highest EPS group is still the highest after listing; among the companies with the lowest annual average EPS before listing, the number of companies in the lowest EPS group is also still the highest after listing (2) In the analysis of the trend of EPS change, only 23.08% company's EPS declined before the IPO, while the companies that declined in EPS in the short term after the listing had 52.94%. It shows that the number of companies with EPS decline after the listing increase, indicating that "After the listing, it is the beginning of the knockout." |
本系統中英文摘要資訊取自各篇刊載內容。