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

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（PivotEarnings Per Share, EPSTable）。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」。 On January 2, 2002, the Emerging Stock began trading, which providing a new platform fortrading and information disclosure for many growth companies. The growth track of eachcompany's Earnings Per Share (EPS) is one of the most concerned indexes among many publicinformation.The research data includes all electronic companies in the TEJ database that were transferredfrom 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 Leastsquares method) of 442 companies before and after the listing, which were divided into 5 groups forPivot analysis.The empirical findings of this study are as follows: (1) According to the annual average EPSanalysis, among the companies with the highest annual average EPS before listing, the number ofcompanies in the highest EPS group is still the highest after listing; among the companies with thelowest annual average EPS before listing, the number of companies in the lowest EPS group is alsostill the highest after listing (2) In the analysis of the trend of EPS change, only 23.08% company'sEPS declined before the IPO, while the companies that declined in EPS in the short term after thelisting had 52.94%. It shows that the number of companies with EPS decline after the listingincrease, indicating that 'After the listing, it is the beginning of the knockout.'