本研究之目的為探討集團企業在IPO後的長期經營績效表現，以及影響其表現之因素。本研究蒐集台灣2005~2009年IPO之樣本，採用T檢定及多元迴歸分析，實證結果發現，集團企業的股東權益報酬率在IPO後第三年較非集團企業差。接著，進一步針對集團企業樣本做迴歸分析之實證結果，其結果如下：若為電子產業者，其長期績效越佳；若為熱市中所發行的IPO，其長期績效越差；公司規模越大，其長期績效越佳。

The aim of this study is to analyse the performance of Taiwan initial public offering (IPO) during the period from 2005 until 2009, differentiating the analysis by business groups and non-business groups. We consider ROE as the performance dimension and apply both T-test and multiple regression analysis in the research, the results are as follows:
(1)There is a negative impact on business groups on ROE performance than non-business groups 3 year after IPO.
(2)If the business group is belonged to electronic industry, there is a positive performance in the long run.
(3)If the business group is IPO in a hot issue markets, there is a negative performance in the long run.
(4)There is a positive correlation between the firm size of a business group and the IPO performance in the long run.

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