關於蜜月期報酬以及長期績效低落雖然是世界各國證券市場一種普遍存在的現象，但是關於其主要原因卻仍是眾說紛紜，莫衷一是。本研究根據過去文獻，從盈餘管理、資訊不對稱、投資決策等構面，探討蜜月期以及上市後長期股價報酬間關係。盈餘管理上以可裁量性應計項目作為代理變數，資訊不對稱則是以上市櫃前董監事持股比例及已成立年數作為代理變數，投資決策則用資本支出比率做為判斷指標。本研究以2001至2002年間初次公開發行公司為對象，並運用結構方程模式驗證各項假說。實證結果發現：當公司上市櫃前有較高的董監事持股比例、資本支出率、及可裁量性應計項目時，會有相對較佳的蜜月期報酬。而上市前成立年數越長的公司，雖然統計上蜜月期報酬並不顯著，但是長期持有報酬卻相對最佳。
Researchers have unanimously agreed that there exists a honeymoon period at the initial stage and long-run underperformance when a company issues initial public offering. This research adopts three perspectives: earnings management, asymmetric information, investment decisions, to explore the phenomena of honeymoon effect and long-run underperformance. This research utilizes SEM to test the companies that were first traded on the public stock exchange market in the years of 2001 and 2002. The results indicate that the initial return is positively related to the share ratio of the board, capital expenditure, discretionary accruals. Besides, the companies with longer operation history do not exhibit a significant higher initial return, but an outstanding long-run performance.
