Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18823
標題: 股權私募後續績效之實證研究
The Empirical Study of Subsequent Performance of Private Equity Offering
作者: 李荷婷
Li, Ho-Ting
關鍵字: Private Equity Offering;股權私募;Firm Performance;Strategic Investors;Insider Subscription;Entrenchment;公司績效;策略性投資人;內部人認購;利益掠奪
出版社: 會計學研究所
引用: 一、中文部分 許雪芳,民國91年。「上市上櫃私募之研究」。國立中山大學,財務管理研究所碩士論文。 羅國華、陳俊合、王馨晨,民國95年。「內部人認購、治理結構與股權私募折價」。2006會計與產業整合學術研討會。 二、西文部分 Barclay, Michael J., and Dennis P. Sheehan, 2001, “The block pricing puzzle,” Working Paper, SSRN, FEN Cap-Structure WPS. Barclay, M., C.G. Holderness, and P. Dennis, 2003, “Private Placements and Managerial Entrenchment,” Working Paper, Boston College. Brooks, L.D., and J.E. Graham, 2005, “Equity private placements, liquid assets, and firm value,” Journal of Economics and Finance, Vol.29, Iss.3, pp.321-336. Chen, S.S., K.W. Ho, C.F. Lee, and G.H.H. Yeo, 2002, “Long-run stock performance of equity-issuing firms: the case of private placements in Singapore,” Review of Pacific Basin Financial Markets & Policies, Vol.5, Iss.3, pp.417-438. Hertzel, M., and R.L. Smith, 1993, “Market discounts and shareholder gains for placing equity privately,” Journal of Finance, Vol.48, Iss.2, pp.458-485. Hertzel, M., and L. Rees, 1998, “Earnings and Risk Changes Around Private Placements of Equity,” Journal of Accounting, Auditing, and Finance, Vol.13, Iss.1, pp.21-35. Hertzel, Michael, Michael Lemmon, James S. Linck, and Lynn Rees, 2002, “Long-run performance following private placements of equity,” Journal of Finance, Vol.57, Iss.6, pp.2595-2617. Jensen, M. C., and W.H. Meckling, 1976, “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of Financial Economics, Vol.3, Iss.4, pp.305-360. Jensen, M. C., and R. S. Ruback, 1983, “The market for corporate control: The scientific evidence,” Journal of Financial Economics, Vol.11, Iss.1, pp.5-50. Kato, K., and J.S. Schallheim, 1993, “Private equity financings in Japan and corporate grouping(keiretsu),” Pacific-Basin Finance Journal, Vol.1, Iss.3, pp.287-307. Krishnamurthy, S., P. Spindt, V. Subramaniam, and T. Woidtke, 2005, “Does investor identity matter in equity issues? Evidence from private placements,” Journal of Financial Intermediation, Vol.14, Iss.2, pp.210-238. Leland, H., and D. Pyle, 1977, “Informational asymmetries, financial structure and financial intermediation,” Journal of Finance, Vol.32, Iss.2, pp.371-387. Loughran, T., and A. M. Vijh, 1997, “Do long-term shareholders benefit from corporate acquisitions?” Journal of Finance, Vol.52, Iss.5, pp.1765-1790. Lee, H .W., and K. Claudia, 2001, “Firm characteristics and seasoned equity issuance method:private placement versus public offering,” Journal of Applied Business Research, Vol.17, Iss.3, pp.23-36. Myers, Stewart C., and Nicholas S. Majluf, 1984, “Corporate financing and investment decisions when firms have information that investors do not have,” Journal of Financial Economics, Vol.13, Iss.2, pp.187-221. Morck, R., A. Shleifer, and R. Vishny, 1988, “Management ownership and market valuation,” Journal of Financial Economics, Vol.20, pp.293-315. McConnell, J., and H. Servaes, 1990, “Additional evidence on equity ownership and corporate Value,” Journal of Financial Economics, Vol.27, Iss.2, pp.595-612. Marciukaityte, D., S.H. Szewczyk, and R. Varma, 2005, “Investor overoptimism and private equity placements,” Journal of Financial Research, Vol.28, Iss.4, pp.591-608. Ruth, S. K. Tan, P. L. Chng, and Y. H. Tong, 2002, “Private placements and rights issues in Singapore,” Pacific-Basin Finance Journal, Vol.10, Iss.1, pp.29-54. Spiess, D. K., and J. Affleck-Graves, 1999, “The long-run performance of stock returns following debt offerings,” Journal of Financial Economics, Vol.54, Iss.1, pp.45-73. Tversky, A., and D. Kahneman, 1974, “Judgment under uncertainty:Heuristics and biases,” Science, Vol.185, Iss.4157, pp.1124-1131. Wruck. K. H., 1989, “Equity ownership concentration and firm value,” Journal of Financial Economics, Vol.23, Iss.1, pp.3-28.
摘要: 
本文探討自從股權私募制度引進五年以來,私募公司是否藉由資金的挹注使後續經營績效提昇,抑或如同國外的結論一般並未提昇後續績效,本文並探討哪些因素會影響私募公司後續績效。本文實證結果顯示,股權私募後續一年經營績效上昇但並不顯著,結果與國外長期績效呈現下降的實證結果不一致。再者,公司後續績效與私募目的為策略性投資人呈現正相關,惟並不顯著;此外,結果顯示內部人認購比率與私募公司後續績效呈現正相關但未達統計顯著水準。另外折價幅度與公司後續績效呈現顯著正相關,與預期方向不符,其原因可能應募人對於該企業未來營運具有信心並且該私募股價的訂定明顯偏低,而理性的應募人當然不願意放棄潛在的獲利機會。內部人認購比率與折價幅度交乘項與公司後續績效呈現顯著負相關。當內部人認購比率高且折價幅度高時,可能引發圖利內部人、財富掠奪的情況,導致私募公司後續績效較差。

This study investigates effects of private placement would boosts subsequent operating performance or decrease subsequent operating performance evidenced by foreign researches. The empirical results exhibit insignificant increase in subsequent operating performance after private placement. Existence of strategic investor and higher insider subscription rate represent positive but insignificant relation with subsequent performance. Evidence also reveals significantly positive relation between discount rate of pricing and subsequent performance, while interaction of insider subscription and discount rate of pricing has significantly negative influence on subsequent performance. This result implies that investors may perceive subscription price as undervalued and expect prosperous operating performance in subsequent periods. Nevertheless, consequence of interaction term suggests emergence of entrenchment problem as higher insider subscription simultaneously accompanied with higher discount rate of pricing.
URI: http://hdl.handle.net/11455/18823
其他識別: U0005-1406200711495500
Appears in Collections:會計學系所

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