本研究探討台灣企業完成初次公開發行（Initial Public Offering, IPO）後，是否影響其經營績效與營運規模。由於企業是否成功掛牌並非隨機事件，若僅比較上市企業前後績效，可能無法區分 IPO 本身效果與企業原有體質、上市意圖及市場時機因素。因此，本文以 2005 年至 2022 年間曾實際提出 IPO 申請之企業為樣本，並依最終結果區分為成功掛牌企業與撤件企業，以提高處理組與對照組在上市意圖上的可比性。
本文以營業資產報酬率（OROA）衡量企業經營績效，並以營收規模（Log Sales）衡量企業營運規模。實證方法上，本文參考 Larrain et al. (2025) 之研究設計，以企業上市或撤件前之市場累積報酬率與事件後期間虛擬變數之交互項作為工具變數，透過兩階段最小平方法（2SLS）處理 IPO 完成決策之內生性問題。本文並比較不同固定效果設定，且以同產業同年度研發費用率中位數重新定義高研發企業，以檢視模型設定與企業研發特徵對估計結果之影響。
實證結果顯示，成功掛牌企業與撤件企業在 IPO 申請前即存在事前差異，表示 IPO 完成決策具有選擇性。不同固定效果規格下，2SLS 估計方向大致為正，但係數大小與統計顯著性對模型設定具有一定敏感性；在完整固定效果設定下，IPO 對 OROA 與 Log Sales 之估計均未達統計顯著水準。改以產業年度中位數定義高研發企業後，高研發企業與事件後期間之交互項亦未達顯著。整體而言，本文結果提供 IPO 完成可能影響企業後續發展之方向性證據，但仍應依市場制度與模型設定審慎解讀。

This study examines whether the completion of an initial public offering (IPO) affects firms’ operating performance and operating scale in Taiwan. Because IPO completion is not a random event, simple before-and-after comparisons may confound the effect of going public with firms’ pre-existing characteristics, listing intentions, and market timing. To mitigate this concern, this study focuses on firms that applied for IPOs between 2005 and 2022 and compares successfully listed firms with withdrawn applicants.
Operating return on assets (OROA) and Log Sales are used to measure firms’ operating performance and operating scale. To address endogeneity concerns, this study follows the identification strategy of Larrain et al. (2025) and employs cumulative market returns prior to listing or withdrawal, interacted with the post-event period indicator, as an instrumental variable in a two-stage least squares (2SLS) framework. The analysis compares alternative fixed-effect specifications and redefines high-R&D firms using the industry-year median of pre-application R&D intensity.
The results show that successfully listed firms differ from withdrawn applicants before the IPO application stage, indicating the presence of selection effects. Across alternative fixed-effect specifications, the 2SLS estimates are generally positive, although their magnitude and statistical significance are sensitive to model specification. Under the full fixed-effect specification, the estimated effects on OROA and Log Sales are not statistically significant. The interaction between the industry-year high-R&D indicator and the post-event period is also insignificant. Overall, the findings provide suggestive rather than conclusive evidence and highlight the importance of institutional context and empirical specification.

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