Industry Effect to Unlisted Companies of Initial Public Offerings

本研究主要係以產業效果的觀點，來研究初次公開上市事件對產業的影響，本文以2005年至2013年在台灣初次公開上市（Initial Public Offering, IPO）的公司之同業未上市競爭公司為樣本，透過T檢定以及複迴歸模型來驗證上市事件產生的蔓延效果及競爭效果。研究結果發現，對整體樣本而言，初次公開上市事件確實會影響其同業未上市競爭公司之營運績效，對營收成長率與營業利益成長率為顯著負相關，顯示所產生的負面競爭效果大於正面的蔓延效果。其次，本文研究發現事件與其非上市同業競爭公司之資本支出成長率為顯著正相關，顯示透過蔓延效果傳遞此產業的樂觀前景，同業競爭公司在接受訊息後便會增加其資本支出以因應產業環境之變化。最後本文研究發現，同業內的上市事件會顯著縮短其同業未上市競爭公司之上市時程，顯示當同產業有公司初次公開上市時，同產業之其它公司也會受到影響而加速上市時間。This study analyzes the effect of initial public offerings (IPOs) on unlisted competitors in the same industry. The sample is composed of IPOs and their industry rivals in Taiwan from 2005 to 2013. We use the T-test and multiple regression method to examine the competition effect and contagion effect of IPOs on operating performance of the unlisted rivals, and the result shows that rivals experience negative sales growth and operating income growth reactions to completed IPOs in their industries, as the competition effect has more influence power than contagion effect. Next, we examine the influence on capital expenditure, and the result shows that rivals significantly increases its capital expenditure, which represents the power of contagion effect. Finally, we examine whether the IPOs will give the unlisted rival motive to accelerate the time of going public. The results also shows that the unlisted companies in the same industry has significantly shorter period to go public