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標題: 私募股權公司之經營績效-以引進策略性投資人與否探討
Operating Performance following Private Equity Offering: The Impact of Introducing Strategic Investors
作者: 黃世傑
Huang, Shyh-Jye
關鍵字: Private equity
Business performance
Strategic investors
出版社: 高階經理人碩士在職專班
引用: 一、中文部分: 呂季蓉 (2005),「台灣上市上櫃公司私募之研究」,國立中山大學 財務管理研究所。 吳雅妮 (2007),「影響我國上市櫃公司選擇公開募集或私募之因素」,國立政治大學 會計學研究所碩士論文。 杜夏蘭 (2008),「私募應募人、股權結構與私募績效之關聯性研究」,國立中興大學 財務金融研究所碩士論文。 林嘉慧 (2007),「台灣上市公司私募股權現況與績效之探討」,東吳大學 企業管理學系研究所碩士論文。 施美夆 (2010),「私募股權對長期經營績效之影響」,國立中興大學 會計學研究所碩士論文。 陳俊合、羅國華、王馨晨(2009),「內部人認購、公司治理結構與私募股權折價」,證券市場發展季刊 第21卷 第2期 P119-P150。 陳香吟 (2005)「私募有價證券之施行情形及未來修正方向」,證券暨期貨月刊,第23卷第10期,頁19-25。 許雪芳 (2003) ,「上市上櫃公司私募之研究」中山大學財務管理研究所碩士論文。 梁薺方 (2002),私募權益之研究,國立台灣大學財務金融研究所碩士論文。 楊雅惠、龍嘯天 (2004),「資本市場發展與台灣公司籌資之分析」,中華經濟研究院。 賴宜鴻 (2002),「公司策略聯盟長期績效表現之研究」,國立成功大學 國際公司研究所碩士論文。 羅淑君 (2003),「股權參與對策略聯盟價值的影響」,國立成功大學 國際公司研究所碩士論文。 二、西文部分: Allen, J. W. and G. M., Phillips,( 2000), “Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships, ” The Journal of Finance, 6, 2791-2814. Chang, S. C. and N. L. Kuo, (2001), “Equity Participation and the Wealth Effect of Strategic Alliances : Evidence from Taiwan”, Proceedings of the Seventh Asia Pacific Management Conference, 1, 263-278. Chan, S. H., J. W. Kensiner, A. J. Keown, and J. D. Martin, (1997), “Do Strategic Alliances Create Value?” Journal of Financial Economics, 46, 199-221. Chu,Shin-Herng Michelle ,Lentz,George H. and Robak Espen, (2005) , “Comparing the Characteristics and Performance of Private Equity Offering Frims with Seasoned Equity Offering Firms”, Journal of Economics and Management No.1, 57–83。 Cronqvist, Henrik, and Mattias Nilsson,(2003), “The choice between rights offerings and private equity placements”, working paper SSRN,FEN Cap-Structure WPS. Contractor, F. and P. Lorange, 1988, “Cooperative Strategies In International Business,” Lexingtion, MA: Lexington Books. Das, S., P. K. Sen, and S. Sengupta, (1998), “Impact of Strategic Alliances on Firm Valuation,” Academy of Management Journal, 41, No.1, 27-41. Gulati, R., (1995), “Does Familiarity Breed Trust? The Implications of Repeated Ties for Contractual Choice in Alliances,” Academy of Management Journal, 38, No 1, 85-112. Gulati, R., (1998), “Alliances and Networks,” Strategic Management Journal, 19, 293-317. Grossman, S. and O. Hart, 1986, “The Costs And Benefits Ownership: A Theory of Verticaland Lateral Integration,” Journal of Political Economy, 94, 691-719. Jensen, M. and B. Meckling, 1976, “Theory of The Firm: Managerial Behavior, AgencyCosts and Ownership Structure,” Journal of Financial Economics, 3, 305-360. Mason, S. P., and R. Merton. 1985 . The role of contingent claims analysis in corporate finance. Recent Advance in Corporate Finance . 7-54. Miller,M. and F.Modigliani,(1961), “Dividend Policy,Growth and the valuation of Shares”, Journal of Business,34,October,411-433。 Mody, A., 1993, “ Learning Through Alliances, ” Journal of Economic Behavior and Organization, 20, 151-170. Osborn, R. N., and C. C. Baughn, 1990, “Forms of Interorganizational Governance forMultinational Alliances,” Academy of Management Journal, 33,503-519 Pisano, G.P. (1989), “Using Equity Participation to Support Exchange: Evidence from the Biotechnology Industry,” Journal of Law, Economics, and Organization, 5, No.1,109126. Porter, M. E. and M. B. Fuller, 1986, “Coalitions and Global Strategy, Competition in Global Industries, ” Harvard Business School Boston, MA. Robinson, D. T. and T. Stuart, 2000, ” Network Effects in the Governance of StrategicAlliances in Biotechnology,” Working paper. Williamson, O. and W. G.. Ouchi, 1981, “The Markets and Hierarchies and the VisibleHand Perspectives,” Perspectives on Organization Design and Behavior, 347-370. Wruck, K.H.,(1989) , “Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings”, Journal of Financial Economics 23,3-28.
摘要: 本研究旨在檢視辦理私募股權公司,是否會因為策略性投資人的參股而對經營績效有所影響。本研究利用營業利潤率、資產報酬率與股東權益報酬率等三個不同經營績效指標作為衡量公司私募後續經營績效之指標。並以迴歸分析測試,引進策略性投資人的虛擬變數、藉由私募股權以引進策略性投資人且溢價幅度高低及藉由私募股權以引進策略性投資人且私募投資人持股比率高低等變數,是否會影響三個不同經營績效水準指標及經營績效變動率。 實證結果發現,引進策略性投資人參股之私募股權對經營績效未有顯著之影響。其次,藉由私募股權以引進策略性投資人且溢價幅度較高者,並未有一致之結果顯示公司後續經營有較佳的績效。此外,藉由私募股權以引進策略性投資人且私募投資人持股比率高者對經營績效亦未有顯著之影響。可能由於樣本觀察值觀察期間過短,導致無法長期檢視影響引進策略性人之私募後續營運績效之因素,亦無法觀察影響私募營運績效水準與變動之因素,進而影響本研究實證分析結果。
The aim of this study is to review if there is an impact on business performance because of strategic investors' equity participation in a company with private equity. In this study, three different business performance indicators, operating performance ratio, ROA and ROE, are indicators to measure follow-up operating performance of a company with private equity. Study results show, private equity which introduced strategic investors' equity participation has no significant impact on business performance. Secondly, no consistent results indicate introducing strategic investors by private equity with higher premium levels are better for business performance of follow-up operating. In addition, introducing strategic investors by private equity and private equity investors with higher shareholding ratio have also no significant impact on business operating performance. However, because of a short observation period of samples, this study cannot have long-term inspection on influences of business follow-up operating performance of private equity which introduced strategic investors, and cannot reflect factors of business performance and variance of private equity.
其他識別: U0005-0907201110395700
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