Made available in DSpace on 2016-03-15T19:26:12Z (GMT). No. of bitstreams: 1 Alexandre Rogerio da Silva.pdf: 444221 bytes, checksum: 93a299afd8c6e16987e2b9cb06ea71f0 (MD5) Previous issue date: 2014-01-28 / This study examines the involvement of funds of Venture Capital and Private Equity and the widespread use of stock options in IPOs (Initial Public Offering) in Brazil. The Agency theory, developed by Jensen and Meckling (1976), argues that the tools of controlling and incentive can behave as a complement of one another. Several studies conducted abroad and in Brazil analyzed the impact of monitoring funds of PE / VC of the performance of IPOs, however the literature is still scarce aimed at analyzing the strategies of incentives through stock options (ISOs) as a strategy of reducing the agency conflict. This study seeks to fill the gap found in Brazilian literature, analyzing the involvement of funds of VC / PE and generalization of incentive plans via stock options (ISOs) interact to predict the performance of IPOs in Brazil. The results suggest that companies backed by venture capital funds and private equity are more likely to use the widespread use of stock options for all employees. The results also suggest that companies backed by funds from Venture Capital and Private Equity have a CAR (Cumulative Abnormal Return) higher than companies that aren´t backed for this type of fund. / Este estudo analisa o envolvimento de fundos de Venture Capital e Private Equity e o uso generalizado de Stock Options nos IPOs (Oferta Publica Inicial) no Brasil. A teoria de Agência, desenvolvida por Jensen e Meckling (1976), argumenta que as ferramentas de controle e de incentivo podem comportar-se como complemento uma da outra. Diversos estudos realizados no exterior e no Brasil analisaram o impacto do monitoramento dos fundos de PE/VC no desempenho dos IPOs, porem ainda é escassa a literatura voltada a analisar as estratégias de incentivos via opções de compra de ações (ISOs) como estratégia para a redução do conflito de agência. Este estudo procura preencher a lacuna encontrada na literatura Brasileira, analisando como o envolvimento de fundos de VC/PE e a generalização de planos de incentivo via opções de compra de ações (ISOs) interage para prever o desempenho dos IPOs no Brasil. Os resultados sugerem que as empresas apoiadas por fundos de Venture Capital e Private Equity apresentam maior probabilidade de utilização de uso generalizado de Stock Options para todos os funcionários. Os resultados também sugerem que as empresas apoiadas por fundos de Venture Capital e Private Equity apresentam um CAR (Retorno Excendente Acumulado) superior do que as empresas que não possuem participação deste tipo de fundo.

Initial public offering (IPO) underpricing is a costly practice that decreases the IPO proceeds accruing to the issuing firms and can derail a firm's growth objectives. The purpose of this correlational study was to determine the relationship between share retention, underwriter reputation, and IPO underpricing among a population of IPOs issued in Jamaica. The efficient market hypothesis served as the theoretical framework for this study. Archived data for 52 IPOs issued in Jamaica from 1986 to 2018 were collected and Spearman's correlation matrix and heteroscedasticity-consistent standard errors regression analysis were applied. The outcomes of this study indicated no significant relationship between share retention and IPO underpricing, α = .1 and α = .05, r = .059, p = .35; however, there was partial acceptance of the alternative hypothesis that underwriter reputation is related to IPO underpricing at α = .1, r = .234, p = .055, but not α = .05. Additionally, underpricing was higher for IPOs supported by the high reputation underwriters, and share retention was a slightly better predictor of IPO underpricing for this group of IPOs, R2 = .02, p = .31 versus R2 = .01, p = .75. Finally, the overall model indicated that the independent variables did not jointly explain IPO underpricing, F(2, 45) = .78, p = .455, R2 = .032. The results of this study might contribute to social change because successful IPOs can increase employment opportunities as well as improve income distribution and socioeconomic indicators for the communities served by IPO firms.

In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled IPOs. The dataset, obtained from IPO prospectuses, trading data, and financial statements, was analyzed using both logistic and multiple regressions. IPO valuation methods, first-day returns (R(1st day)), absolute forecast errors (AFE), and discretionary current accruals (DCA) served as dependent variables and firm characteristics of size, age, profitability, dividends, price-to-value (P/V) ratios, owner-manager, and auditors' reputation served as independent variables. Results revealed that firm characteristics were not significant predictors of the choice of IPO valuation methods, IPOs were underpriced and their R(1st day) were significantly predicted by P/V ratios, the financial projections were over forecasted and their AFE were not predicted by the independent variables, and the pre-IPO financials experienced earnings management and their DCA were significantly explained by the owner-manager variable. This research contributes to positive social change by assisting regulators, investment bankers, corporations, and institutional investors in improving their respective roles in the valuation and pricing of IPOs on the GSE, thus reducing the observed IPO undersubscriptions in the stock market.

論文提要 本研究目的在於探討新上市公司在申請上市時所編製的強制性財務預測與上市後業績變動及盈餘管理的相關性。 本研究採實證之方式，選取民國80年6月到86年底之新上市公司曾在上市當年及上市後三年內公告或更新財務預測者。利用迴歸分析、卡方分析、T檢定及Wilcoxon Rank Sum 檢定，而研究結果如下： 1. 由於新上市申請的相關規定，若公司預期本身經營績效不佳時，會提出較為樂觀之財務預測，以利上市審查。 2. 新上市公司上市後的經營績效變異程度與財務預測的過度樂觀程度呈現正相關，但是當樂觀程度定義為來自營業活動的現金流量時，並不顯著，可能是公司僅需注意營業毛利與稅前淨利是否達成，對現金流量之預測較沒有達成的壓力所致。 3. 新上市公司提出之強制性財務預測過於樂觀者在上市前盈餘管理之現象並不顯著，其可能原因在於本研究採用之盈餘管理定義僅限於與營業有關之裁決性應計項目，而無法看出公司利用其他項目來進行盈餘管理。 4. 上市前從事盈餘管理之公司，除了現金流量之準確度不明顯外，業績衰退和業績成長公司在財務預測準確度上明顯不同，但是在財務預測更新行為上並無顯荖不同。 5. 新上市公司面臨更新財務預測時，會傾向利用應計項目操縱來規避調整。 / The Relationship among Change in Operating Perfomance, Earning Management and the Revision of Mandatory Forecasts Abstract This research aims to examine the relationship among change in initial public offering firms, earning management and the revision of mandatory forecasts. This study contends that the forecast revisions should significantly correlate with changes in IPO's performance. The samples of this study range from June 30th, 1991 to December 31st , 1997. The empirical results of this study can be summarized as follows: O Due to related regulations, if IPO firms predict its insufficient operation performance, the mandatory forecasts of IPO firms are usually optimistic, for the convenience of examination. O The IPO firms' variation degree of operation efficiency and the over-optimistic forecasts are correlated positively. O If IPO firms' mandatory forecasts are over-optimistic, the earning management is not correlated significantly. O Before public offering, among the firms which manipulate earnings, there is significant difference between firms with declining performance and firms with growing performance. O When the IPO firms face revisions of forecasts, the firms would tend to manipulate accruals to avoid revisions.

台灣在2008年二次政黨輪替後，提出若干優惠措施以及取消某些法規限制，積極推動台商回台上市，然而深圳證券交易所在2009年發展出創業板，其發展目的是為了讓新興企業有一個高效的籌資平台，深圳創業板的開板給了台商在中國大陸上市的契機與吸引力，因此台商回台上市的意願便可能會因深圳創業板的開板而降低。本研究將以台商的觀點來看，當台商面臨回台上市或在深圳創業板上市兩者之間做選擇時，對於兩者制度面、市場面及環境面來進行比較分析，並藉此來判斷深圳創業板的發展是否會影響台商回台上市的意願。 研究中發現，目前深圳創業板吸引台商之處在於其上市門檻較低，本益比及活絡性表現較好，再加上中國大陸的經濟環境較佳，因此可募集到較多的資金。雖然台灣證券市場現階段在各方面的成長幅度不如深圳創業板突飛猛進，但台灣證券市場是一個較為成熟的證券市場，其多年累積下來的國際性、穩定度及成熟度皆比深圳創業板優越許多。因此，台灣證券市場目前的整體表現仍優於深圳創業板，深圳創業板的開板尚不至於影響台商回台上市的意願。 最後建議未來台灣證券市場應積極爭取與兩岸三地證券市場更密切的接觸，以「區域整合」作為當前的發展方向，若能合作組成「大中華區域證券市場」─雙邊掛牌機制甚或多邊掛牌，以兩岸三地之間的優勢互補，更能達到競合、更甚是綜效的效果。 / After the second return of the governing party in Taiwan, the new government released some beneficial programs and deregulated some laws to attract Taiwanese enterprises to IPO in Taiwan. In the meanwhile, ChiNext opened in 2009 for the purpose of offering an efficient capital-raising platform for those newly-formed enterprises. ChiNext gives Taiwanese enterprises an attractive opportunity to IPO in China, and therefore Taiwanese enterprises may decrease their willing to IPO in Taiwan. This paper starts from the opinion of Taiwanese enterprises who make a decision to IPO in Taiwan or ChiNext, analyzing by the side of regulation, market and environment to determine whether ChiNext will affect the willing of Taiwanese enterprises to IPO in Taiwan or not. What attracts Taiwanese enterprises to IPO in ChiNext is its excellent PE ratio, high turnover rate and being easy to be qualified. In addition, owing to the rapid growth in Chinese economy, enterprises will raise much more capital in ChiNext. Contrary to ChiNext, Taiwan stock market is such a mature stock market that it could not expand rapidly as ChiNex. Also because of its maturity, Taiwan stock market is much steadier and much more international than ChiNext. To sum up, Taiwan stock market is still more outstanding than ChiNext, the appearance of ChiNext does not affect the willing of Taiwanese enterprises to IPO in Taiwan at present. Finally, this paper makes a suggestion of "region conformity" as a direction for Taiwan government. Taiwan government should connect with Chinese-area stock market more intensely. If the stock market of Taiwan, Hong Kong and China could form a "Chinese-area Stock Exchange" like NYSE Euronext or other else, it will create an effect of synergy in Chinese-area stock market.

Baltijos šalių kapitalo rinkos pripažįstamos kaip augančios ir perspektyvios, tačiau įmonės vis dar nesiryžta dėl įvairių priežasčių įtraukti savo akcijas į vertybinių popierių rinkos prekybos sąrašus. Nors užsienio autorių darbuose yra plačiai nagrinėjamos pirminio viešų akcijų platinimo prielaidos ir pasekmės bendrovėms, mokslinių tyrimų, sistemingai atliekamų Baltijos šalyse, nėra. Šio diplominio darbo tikslas yra ištirti pirminio viešo akcijų platinimo pasekmes bendrovių veiklos rezultatyvumui. Analizuojamos įmonės, OMX biržoje vykdžiusios pirminius viešus akcijų siūlymus 2004 – 2006 m.. Remiantis atliktu tyrimu, teigiama, kad po pirminio viešo akcijų platinimo įmonėse padidėja pardavimai ir pelningumas, išauga investicijos, sumažėja finansinis svertas. Taip pat patvirtinama, kad pirminio viešo akcijų siūlymo pasekmės yra skirtingos didelės, vidutinės ir mažos kapitalizacijos įmonėms. Pirminio viešo akcijų platinimo pasekmės įmonių veiklos rezultatyvumui didelės ir vidutinės kapitalizacijos įmonėms yra teigiamos, tuo tarpu mažos kapitalizacijos įmonės, bent jau nagrinėjamame trumpame laikotarpyje patvirtina užsienio autorių tyrimų rezultatus apie veiklos rezultatyvumo pablogėjimą, vertinant pelningumo rodiklius. / This diploma paper investigates the change in operating performance of firms as they make the transition from private to public ownership. The sample is based on 30 OMX firms that go public during 2004 -2006, examining their financial performance one year prior to the IPO, at the time of the IPO and following year. The firms’ pre-IPO and post-IPO financial performance is compared. Although few recent studies find a decline in operating performance among IPO firms in foreign countries, this paper documents a significant increase in selected measures of financial performance. The results of this paper suggest that IPO firms display high growth in sales, profits, assets and measures of profitability. Moreover, the IPO firms reduce their financial leverage after going public. The results also provide strong support that transition from private to public ownership has different impact on large, medium and small capitalization firms.

While the importance of venture capital (VC) can be highlighted by policy goals outlined in the 'Lisbon agenda', the European VC industry remains nascent in comparison to the more sophisticated VC market in the US. Researchers have identified key determinants that foster VC success on a broad level, and have often identified syndication as an important factor of success. This paper seeks to understand the role of syndication on the VC-backed company's success. I take a novel departure from past research in this area in three ways 1) I measure performance from the perspective of the portfolio company, rather than the VC firm which invests in the company 2) I isolate syndication in the first financing round and 3) I utilize a logistical model as well as a simultaneous equation model for which I introduce an instrumental variable. I gather VC data for both Europe and the US from the VentureXpert database to test various hypotheses regarding syndication. The results are significant and provide evidence to support that syndication in the first financing round is associated with greater success in achieving IPO exit in both regions. This should encourage VC firms, VC-backed companies, and policymakers to increase the practice of VC syndication in early financing rounds, thereby providing access to greater long-term growth opportunities. This paper adds to the existing, but limited, literature base on cross-region venture capital syndication.

There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of the IPO. Additionally, based on the market efficiency theory, a market should always be efficient. But does it play out when these characteristics are affecting each other? The purpose of this research was to investigate whether there are abnormal returns in the financial performance for publicly listed companies on the London Stock Exchange at the end of their lockup period. We sorted on venture capital backed companies and sought to explore differences between VC backed, Non-VC backed firms, and the entire market. The research question for this study is: ‘Does The theoretical aspects of this research’s ontological and epistemological views were set in positivism and objectivism with a deductive approach. The financial performance was key in this research, and it was essential to get ample and appropriate data, therefore a quantitative research method was used with an archival research strategy and explanatory research design. We explored a big research gap in this area after the financial crisis 2008, which made us look at IPOs from 2009 to 2012 with an event window as our time horizon. To answer the research question and fulfill our purpose, four hypotheses were developed with focus on VC backed firms, Non-VC backed firms, the entire market, and one shorter event window. Our results prove that the market efficiency theory does not hold. To answer the research question, we found negative abnormal returns after the lockup expiration date for both Non- VC backed firms and the entire market. However, we were unable to provide a statistically significant result for VC backed firms. There was an extra clear trend during the middle 20 days, and we suggest and encourage to further research with a longer time horizon than [- 20, +20] days.

本文嘗試以訊息理論中的代理模型來探討台灣在今年(2005,民國94年)將承銷舊制改為新制，對國內初級市場以及當中參與者(包括初次上市公司、公司原大股東、投資人以及承銷商四者)的影響。 經過本文從模型建立、推導和結果之比較分析後發現，事實上，金管會所欲解決國內初級市場的許多不合理問題，最後可以歸納成為兩大問題：一、如何讓承銷商解決公司與投資人之間資訊不對稱的問題？該問題表現在承銷價被低估，或是公司欺騙投資人其真實獲利類型來取得額外之獲利上。二、如何讓公司可以在上市時，真正拿到所募集之資金並且做妥善運用？該問題表現在承銷價被高估，或是原大股東在公司上市時賣老股所能得到之獲利上。 透過本文模型證明，藉由觀察新舊制下承銷價、原大股東以及公司獲利來源的變化可知，新制實施的各種長短期措施，例如短期下強制公司必須以新股承銷(解決問題一)、要求承銷商運用專業審核監督公司的營運概況(解決問題二)，長期下則透過承銷商分級管理制度(解決問題二)等，只要金管會確實執行，的確能讓初級市場最主要的兩大問題得到解決，最終還可達到完全資訊狀態。 但是，本文觀察發現，上半年整個初級市場的概況只能以「冷清」兩字來形容，因此繼續從新制實施的短期角度來看，考慮初級市場四種參與者所增加的各項成本，包括發行成本、資訊揭露成本等，以及其在適應新制時所造成新的衝擊與影響，包括公司額外募得之資金運用不當、每股盈餘遭稀釋之衝擊等等之後，本文發現經過初級市場四種參與者的交互影響，則最壞情況為發生「短期獲利低類型公司被逐出初級市場」的現象，並導致初級市場失靈而失去其所能帶給公司作為籌資管道之功能，這便可解釋為何初級市場近來會有如此冷清的情況。 因此本文建議，未來新制應做適度修正，例如降低公司上市時的成本、提供更大的誘因讓承銷商願意承做上市案件，避免初級市場發生失靈的可能；最後若再加上金管會確實長期下來公平客觀的執行承銷商分級管理制度，解決承銷商過度競爭之情況、讓投資人有信心願意相信承銷商會替其解決資訊不對稱的問題，則新制對整個初級市場以及參與者而言，將可帶來正面的效果與助益。 事實上，本文在研究過程中發現，國內承銷制度變革多著重於增加消極外部監督力量，並強調解決投資人與公司之間資訊不對稱的問題；但是本文以為，未來承銷制度還可走向實施能夠創造積極且為內部自發性監督力量的措施，且亦應設法解決承銷商與投資人、承銷商與公司之間資訊不對稱的問題才是，因此本文提出：一、在讓承銷商恢復專業方面，除了先前所提減少消極外部監督力量之衝擊，應設法再擴大承銷商的獲利來源和增加其本身積極內部監督之力量，例如培養出特有的服務項目尋求專業化或是選擇提供多種服務達到範疇經濟效果，以及品牌建立等；二、在解決公司與投資人之間資訊不對稱的問題方面，除了透過承銷商，本文認為還可藉由公司本身品牌之建立創造出自我監督力量，以及讓國內投資人從以散戶為主體到組成團體，形成類似法人之概念創造另一個外部監督的力量。三、在讓公司可以真正拿到上市時所募集之資金並做妥善運用方面，除了新股發行，本文建議，公司在使用新制上市時應了解到不能再沿用舊制的思考模式，須事先規劃如何降低新制帶給公司的衝擊，至於上市後，尚須透過完善的公司治理制度，來健全整個公司資金運用情形，因此金管會在對承銷制度進行改革的同時，也應考慮是否亦須適時修改出更完善的公司治理制度，藉由同時對公司上市前後之行為做完善的規範，相信能讓承銷制度的改革達成更顯著的效果。 藉由以上三方面之建議，本文希望能夠更迅速有效的解決國內當前初級市場所存在的不合理問題，並讓其在未來朝著更健全的方向發展，進而使得國內整個資本市場達成質與量皆提升的目標。

近年隨著國內外經濟發展、企業營運規模擴大下，在企業發展過程中，資金充足係其發展成敗之重要關鍵。一般而言，企業資金來源可區分為內部資金與外部資金。就外部資金部分，雖目前企業以直接金融透過發行有價證劵之方式，向一般社會大眾募集資金之風氣日增，但透過間接金融向銀行融資借貸，因較具彈性，可針對個案之不同調整融資契約之內容，仍為企業獲取外部資金之重要管道。 因科技日益創新下，許多投資案的規模及複雜性亦日漸擴大，現行傳統融資方式逐漸無法滿足企業之需求，專案融資(Project Finance)之模式逐漸受到重視。但因過去研究中多以政府BOT專案融資案件作研究，鮮少有企業個案提供參考，故本次研究目的為提供較不易得取資訊之企業專案融資個案作參照。 本次研究個案之專案融資係以客製化方式，針對個案之特殊需求(非一般營運週轉金用途)，在個案進行輔導公開發行 (Initial Public Offerings，IPO)階段中提供融資進行財務結構調整之協助。並建置監控資金用途之控管機制(Milestone)，搭配完善的還款機制以保障債權。個案藉由本專案融資之進行，財務結構調整沖銷內部股東往來、與提高流速動比及負債比，目的為讓個案財務結構更加透明，以利後續IPO階段進行。 故不論在私人企業之投資計畫或於公私部門合作(BOT)之計畫案中，專案融資皆扮演相當重要之角色。然在我國法制上，就融資案中居於關鍵地位之擔保機制，並未為特殊之規範，而僅以銀行法之擔保授信作為規範依據。然細究該規定，其僅將民法或動產擔保交易法中早已明文規範用於一般交易行為之擔保機制羅列於條文中，無法完全滿足銀行於專案融資中對擔保機制之需求。本個案企業之融資需求與金額在一般銀行往來融資條件下，並不容易成就。故本專案融資中的研究主要係在說明如何加強擔保機制並作相關之防範功能，使在債務人違約時能有效保障銀行債權。 / The scale of operations continuously extend with the development of the domestic and international economic situation in recent years, capital adequacy is no doubt a key point in the process of enterprise development . In general, the corporate-owned fund of the source can be divided into internal capital and external capital fund. The current corporation use common way raising capital fund through the issuance of Market Securities to the general public. Though indirect financial way to the bank financing is more flexible and still an important channel for gaining access to external funds, bank can customize the conditions of the financing contract case by case. The traditional financing can’t meet the needs of corporation. Project finance model has to be taken seriously during innovation in technology, scale and complexity of the many investment cases. But most researches focus on BOT project finance of government in the past years, there are few references about single company. Our research provides single company project finance that is uneasy to get to be referred. This case study of project finance based on the way of customization for the special needs of the case (a non-operating revolving function) , and bank provides financial restructuring during IPO consulting stage. The Bank structures the Milestone mechanism to monitor the use of funds, with carefully repayment mechanisms to guarantee the debt. This case can use project finance to write off the account receivable of shareholders, and to improve the financial ratio such as flow rate ratio and liabilities. It can help financial statement more clear to follow-up IPO stage. Project finance plays a very important role in any investment case whether the Public sector or private corporation. Guarantee mechanism which is key position of financing case doesn’t be special limited in our legal raw. The technical regulation just bases on the security guarantee of credit in The Banking Act of The Republic of China. The rules of Banking Act of The Republic of China record security guarantee of general trading from Civil law and Personal Property Secured Transactions Act, but it can’t meet the project financial demand. It’s not easy to meet with success under the scale of this project finance and the limitation of general finance. The most important purposes of project finance strengthen guarantee mechanism and control credit risk when debtor defaults.