Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/92409
標題: 私募公司的績效與機構投資人-新舊機構投資人的角色
Private-placement Firms' Performance and Institutional Investors: The Roles of New and Old Institutional Investors
作者: Yi-Hsien Chang
張逸嫻
關鍵字: 私募;機構投資人;監督效果;Private placements of equity;Institutional investors;Monitoring
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摘要: 
本研究探討私募公司績效與機構投資人持股的關係,有三個主要的議題,第一,機構投資人持股比例會對私募公司的績效的影響。第二,公司進行私募時,公司特質會如何影響不同機構投資人的持股。第三,引進新的機構投資人會不會有比較好的公司長期績效,新股東的加入對公司長期股價表現影響是否會比起舊股東的影響顯著。實證結果顯示,(1)公司規模大小與機構投資人的持股和公司長期績效有正向關係;(2)新舊機構投資人於私募時皆傾向對大公司、股價低於淨值時增加持股,此外,在私募發行新股越多時,新機構投資人增加其持股;(3)舊機構投資人私募時如果增加持股,對公司長期股價並沒有明顯的影響,但是引進新的機構投資人,對公司長期股價表現越好。

This paper investigates the relationship between private-placement firms' long-run performance and institutional investors by examining three issues: (1) the impact of institutional holdings on private-placement firms' performance, (2) the firms' characteristics that affect the institutional holding around private-placement and (3) how the participation of the new institutional investors in private-placements would affect the long-run performance. The results show that the change of the institutional holding and firms' size are positively and significantly related to the long-run stock performance. The new and old institutional investors are likely to increase their ownership around the private-placements for big firms, and the institutional investors tend to increase their ownership when the firms' stock price is lower than book value. In addition, the new institutional investors will increase their ownership when firms issue more shares. When firms have private-placements: the increase of the old institutional investors ownership does not affect the firms' long-run performance, but the new institutional investors improves the firms' long-run performance.
URI: http://hdl.handle.net/11455/92409
其他識別: U0005-1007201417561700
Rights: 同意授權瀏覽/列印電子全文服務,2017-07-18起公開。
Appears in Collections:財務金融學系所

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