集團國際化、家族控制與新股折價關聯之探討

Business Group Internationalization, Family Control and IPO Underpricing

本研究主要在探討集團的國際化程度對分子企業在初次上市時折價幅度之影響，集團國際化的衡量包含了集團海外資產比例、集團海外營收比例和集團海外子公司數。本文以2001 年到2010年屬於集團之IPO 公司(IPO: initial public offering)為研究樣本，結果發現，當採用集團海外資產的比例和集團海外營收比例來衡量國際化，集團國際化程度愈高，分子企業初次上市時的折價幅度會愈大，在集團海外營收比例的衡量中，國際化程度愈高使得折價幅度愈大的現象在家族集團控制的企業更為明顯。由於國際化加重分子企業經營上的代理衝突和經營風險，使得投資者對分子企業在初次上市時會要求較高的補償，造成較大的折價。此外本文也同時發現，隨著集團所有權愈高，集團和分子企業的經營目標愈一致，可降低分子企業因集團國際化所增加的新股折價幅度。

This research aims to investigate the impacts of business group internationalization on the underpricing of IPO firms affiliated to business groups. Business group internationalization considers aspects from group foreign assets, group foreign sales and foreign subsidiaries. This study selects sample from IPO firms affiliated to business groups ranging from 2001 to 2010. The results showed that IPO firms with higher degree of group internationalization will have greater degree of IPO underpricing. Group internationalization has pronounced impact on IPO underpricing when group internationalization was measured by foreign sales. Group internationalization worsens companies’ agency problems and operating risks, which leads to greater IPO underpricing due to investors expecting premiums. Furthermore, our study finds that higher group ownership will enhance the goal alignment between groups and their affiliated firms, reducing the degree of IPO underpricing arising from group internationalization. This study contributes to the current literature in the areas of international business, family business and financial accounting.