公開發行與產品效益關聯之探討 : 以台灣電子業為例

Abstract

企業將股票公開上市的原因很多，但大多為了獲取外部資金，以提高公司的流動性。本研究發現台灣電子產業的公司，認為上市能透露品質訊息的觀點，高科技或網路等相關產業在網路外部性的特性下，會藉由股市的表現透露產品品質訊息給消費者。本文實證發現一些公開發行的電子產業公司，的確藉由公開發行股票，提高其產品聲譽，進而使企業營業收入增加，因此，股票公開上市發行可透露品質訊息提生產品市場競爭力的觀點，對台灣電子業近年爭相上市的情況具有支持的證據。就上市速度而言(公司設立日期到上市日的天數)則以網路業上市速度最快（2,693.38天），資訊服務業的上市速度為最慢（6,262天）。

There are several reasons for businesses going public, but the main reason is to get capital from outside in order to increase the liquidity. In this study, we find going public will reveal the information of the product quality to the customers for the Taiwan electronic industry. There are lots of companies in this industry believe the initial public offering (IPO) would increase their reputation of their product, and then will increase their revenues, stock prices, and the Market-book ratios. That's why these companies try their best to go public recently. We also divided the electronic industry into some sub-industries according to their main businesses and discussed the speed of the IPOs between different sub-industries. The fast is the Internet companies and the slowest if the electronic distributors.