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標題: 企業股票上市前後資金來源與資金運用之考量因素-以M公司為個案研究
Analyzing company's capital sources and uses before and after being listed:a case study of M company
作者: 曾錦堂
Tang, Tseng Chin
關鍵字: Capital sources
Capital uses
Initial public offering (IPO)
出版社: 高階經理人碩士在職專班
摘要: 本研究以M上市公司為研究主體,實證探討該公司在股票上市前後資金來源與資金動用的考量因素,選取的財務比例以負債比例、每股盈餘、營業毛利率、存貨週轉率、營收成長率、股東權益占總資產的比例為代表。透過皮爾森積差相關法(pearson product-moment correlation)逐步回歸(stepwise regression model)及多元迴歸(multiple regression model)模型進行實證分析,主要實證結果如下: 上市之前(1992-1997)負債比例愈高,營收成長率愈大,則短期借款占總資產的比例愈重;然而,上市之後(1998-2004),每股盈餘愈高則短期借款占總資產的比例愈大;實證結果亦發現,M公司個案在上市之後(1998-2004)其銀行的借款額度會較未上市之前(1992-1997)要來的大,其可能是因為,在上市之後,由於公司的獲利能力、經營能力以及償債能力都有明顯成長的跡象;而公司上市之後聲譽上漲,財務資訊品質更加完善以及透明化,進而使得銀行可提供借款的額度增加。另一代表公司獲利能力的營業毛利率無論在上市之前後與短期借款有顯著的正相關。而中央銀行擔保放款融通利率此一外在變數不論在上市之前(1992-1997)或是上市之後(1998-2004)都不是影響短期借款的重要變數。
The primary purpose of this study is to explore M company's how to fund capital and the reasons that M company will concern about capital uses. The empirical methods utilize of several financial ratios, including debt ratio, earnings per share, gross profit margin, inventory turnover ratio, revenue growth rate, and percentage of shareholder's equity to total assets. Employing pearson product-moment correlation, stepwise regression and multiple regression model, we find the empirical results summarized as follows: During the period from year 1992 to 1997, before the company became listed, the higher the debt ratio and the revenue growth rate; the higher the percentage of short-term loan to total assets. However, after being enlisted, from year 1998 to 2004, the higher the earning per share, the higher the percentage of short-term loan to total assets. Based on the empirical evidence, M company receives more loan facility after getting listed probably because its profitability, management capability and repayment ability have been increasing dramatically. That is, the company got better reputation after being listed and the improvement of quality and transparency of financial information make the amount of loan facility increase. The company's gross profit margin, profitability, and short-term loan have significantly positive correlation whether the company got listed or not. Finally, the exogenous variable of the guaranteed loan interest rate of the central bank is insignificant before and after the company got listed.
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