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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
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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.
其他識別: U0005-1406200711495500
Appears in Collections:會計學系所

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