Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/55398
標題: 私募股權之營運績效與股票報酬-策略性投資人與治理結構之影響
Operating Performance and Stock Return Following Private Equity Placement-The Effect of Strategic Investors and Governance Structure
作者: 陳俊合
關鍵字: 基礎研究;private equity placement;經濟學;私募股權;營運績效;股票報酬;公司治理;策略投資人;operating performance;stock return;corporategovernance;strategic investors
摘要: 
本研究旨在探討國內私募股權公司是否藉由引進私募資金使其後續營運績效提升,抑或如同先前國外研究的結論一般並未提升其後續營運績效,本文並探討哪些因素會影響國內私募股權公司之後續營運績效。本研究亦檢視國內私募股權公司之長短期股票報酬,是否短期呈現正向宣告效果,長期呈現負向異常報酬,即是否支持過度樂觀假說。此外,本研究亦檢視財富掠奪假說,即是否當內部人認購比率與私募折價幅度較高時,由於可能圖利內部人產生財富掠奪的情況,導致私募股權公司後續股價績效較差。本研究預期對私募股權研究具有兩個主要貢獻,第一、本研究首次檢視國內私募股權公司之長期營運績效與股票報酬,而先前國內文獻尚未發現針對國內私募股權公司之長期績效進行探討,本研究進而探討其長期營運績效與股票報酬之影響因素,本文之研究結果可提供管理當局與主管機關之參考。第二、相對於先前研究,本研究首次考慮許多特殊變數對私募股權公司長期績效之影響,如引進策略投資人、私募股權之折價幅度、內部人認購比例與應募人取得董監事席次比例等。

This study investigates whether long-run operating performance is improving followingprivate equity placement, or the same results as prior foreign studies of long-rununderperformance following private equity placement existed. Furthermore, this studyexamines the factors influencing long-run operating performance of private equity offeringfirms. In addition, this research examines short-run and long-run stock performance followingprivate equity placement. Whether there exists positive announcement effect in short-runwindow and negative abnormal return in long-run period. In other words, this argument isover-optimism hypothesis. Besides, this study test wealth expropriation hypothesis. Whetherthere is poor stock performance after private equity placement when the proportion ofinsiders' subscriptionand the discount of private equity are greater.This study has two main contribution of private equity placement research. First, thisstudy examines long-run operating performance and stock return of private equity offeringfirms. In addition, this study examines the factors influencing long-run operating performanceand stock return of private equity offering firms. Second, in contrast with previous studies,this study considers the effect of strategic investors on long-run firm performance. Besides,this study examine whether long-run firm performance is affected by the discount of privateequity offering, the proportion of insiders'subscription and the percentage of directorsoccupied by referee
URI: http://hdl.handle.net/11455/55398
其他識別: NSC97-2410-H005-005
Appears in Collections:會計學系所

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