ความสัมพันธ์ระหว่างวัตถุประสงค์การนำเงินระดมทุนไปใช้จากการเสนอขายหลักทรัพย์ต่อสาธารณชนคร้ังแรกและผลการดำเนินงานของบริษัทหลังเข้าตลาดหลักทรัพย์ในประเทศไทย

Abstract

A study of the relationship between the purposes of the use of capital funds from the initial public offering and the results of the Company’s post-issue performance explored net income per total asset, total profit per asset, sales per total asset, profit per sales, and net income per sales of the company issuing the initial public offering listed on The Stock Exchange of Thailand between 2004 and 2018. The sample studied in the research was 184 companies. It was found that the purpose of using capital raising funds in IPO shares to be used as working capital, company size, and company's age showed a positive correlation with the company's total profit per asset and gross profit per asset after entering the stock exchange. In addition, the company's total profit per asset and gross profit per asset had a negative correlation if the company set the purposes of using the capital for organization development and other investments. Moreover, the study yielded that Total proceed, company size, and company's age positively correlated with sales per total asset of the company after being listed in the stock exchange. However, the use of capital raising money from the IPO for debt payment resulted in the firm’s negative sales per total asset. Therefore, the IPO issuer may consider using the factors that led to positive correlations in advising and convincing investors. This would reinforce the communication of company’s credibility and reliability for the future operation.