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The Empirical Study of Subsequent Performance of Private Equity Offering
|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:||
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.
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