探討公司私募於閉鎖期前後對其經營績效的影響

How the private placement of one corporate affects its business performance before and after lock-up period

Employee attitudes, performance and behavior are particularly important in the tourism industry, because most of the related services are based on staff performance and face-to-face interactions with customers. This study thus examines whether paying bonuses can provide an incentive to motivate employees to make extra efforts that will then improve company performance. In view of the inconsistent empirical findings in the literature and the limitations of least squares regressions, this study adopts a quantile regression method that combines fixed effects models to address this gap in the literature and provide a different perspective with regard to the relationship between employee bonuses and financial performance. According to the empirical results, quantile regression can indeed overcome the problems of over- or underestimating that arise from least squares regression. For all quantiles this paper finds a uniformly significant positive relationship between employee bonuses and accounting measures of financial performance in the tourism industry.

Because of regulations to the private system, applicants should adhere to the rules for lock-up period , which means that securities can be freely traded and transferred since the delivery date of the private placement for three years. As all applicants should be corporate bodies or professional investors when a corporate raises funds through the private placement, the introduced funding could play a supervisory role. Due to fewer domestic researches that study how the lock-up period affects the corporate performance for private placement and if the external supervisory roles work. This study has access to the data for private placement and financial intelligence from TEJ to evaluate the management performance via ROA, ROE, EPS, ROS and ROI, this study also measures the returns on stock value by stock excess returns, the sum is nine years include two-year-ago to six-year-later from private placement year, which assess performance and changes of stock prices around the private placement and lock-up period.