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本研究嘗試檢視 IPO 股票於 2009-2014 年期間上市後，投信法人對於 IPO 股票的投資行為，並進一步檢視投信法人對於 IPO 股票的投資行為，與 IPO 發行事件、公司治理及公司特性等三類變數的關聯性。實證結果顯示，IPO 股票上市當季投信持股比率變動，似與 IPO 價格低估呈現顯著的正向關係，而 IPO 股票上市當季投信買賣超，似與 IPO 價格低估和 IPO 價值呈現顯著的正向關係。自IPO 股票上市後開始投資的第 1 年，似仍可獲取顯著為正的超常報酬，惟自 IPO 股票上市後開始投資的 2 年或 3 年後，似已無法獲取顯著為正的超常報酬。此與過去國內外文獻有關 IPO 股票發行後績效每況愈下的發現相當類似。
The study tries to examine the investment behavior of securities investment trust
companies after IPO stocks listing during 2009 to 2014 and to observe how different
factors impact their investment behavior. The factors are related to the variables of IPO event, corporate governance, and firm characteristics. The empirical results show that the change of IPO stocks holdings in the listing quarter for securities investment trust companies has significantly positive relation with IPO underpricing. And, the IPO stocks net overbought position in the listing quarter by securities investment trust companies has significantly positive relation with IPO underpricing and IPO value. When investing in IPO stocks from their start listing month, we can still gain significantly positive abnormal returns one year later. But after IPO stocks listing for two or three years, it appears to not get significantly positive abnormal returns. The above situation is quite similar to the finding about post-IPO performance deterioration in past literature.