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| Title: | 私募折價幅度及私募前後異常報酬與應募人之關聯 |
| Authors: | 陸瀛謙
LOKE, YIN CHEEN |
| Contributors: | 張清福
陸瀛謙
LOKE, YIN CHEEN |
| Keywords: | 私募
應募人
內部人
積極投資人
消極投資人
Private placements
Private buyer
Insider
Active investor
Passive investor |
| Date: | 2007 |
| Issue Date: | 2009-09-11 17:29:38 (UTC+8) |
| Abstract: | 本研究探討私募折價幅度及私募前後績效之影響因素，並將應募人分為內部人、積極投資人以及消極投資人三種，觀察不同應募人下的私募，其私募前及私募後是否有累計異常報酬。
實證結果發現，在私募前股價表現與私募對象之關係方面，當私募對象為內部人時，在私募前45日股價即開始下挫，之後的累計異常報酬皆為負值，其原因可能為內部人藉由套利交易，先行在集中市場上賣出手中原有持股，再用較低價格認購私募新股，此舉不但能使手中持股的成本降低同時也能維持既有股權。關於私募半年後的股價表現，內部人及積極投資人私募後的累計異常報酬顯著為正，代表內部人在投資私募新股時，可能隱含著未來公司有較好的投資機會；至於積極投資人後續績效為正，可能代表積極投資人未來將會扮演監督者的角色，有助於提高公司的價值。迴歸分析也顯示，當公司私募的價格相對於公司在私募定價日當時的股價折價越多時，私募之後的累計異常報酬越低，代表私募折價會降低公司價值，傷害現有股東的權益。
This study investigates the effect of private placements on stockholder wealth before/after the events based on cumulative abnormal return for three categories of investors, namely, the insiders, active investors and passive investors.
For private placements with insider investors, significant negative abnormal return prior to private placements may reveal sell arbitrage taken by insiders while significant positive abnormal return subsequent to private placements supports signaling theory.
Evidence showing significant negative relation between price discount on private placements and subsequent business performance implies the price discount reduces market value and hence harmful to existing shareholders’ wealth. |
| Reference: | 中文部份
李協昌，2005，上市公司私募股權之資訊內涵及折價因素之探討，臺灣大學會計學系研究所碩士論文
呂季蓉，2004，台灣上市上櫃公司私募之研究—論私募對象之影響，中山大學財務管理研究所碩士論文。
黃怡翔，2005，企業私募後股價表現之研究，國立中山大學企業管理學系研究所碩士論文。
張恩成，2008，我國證券私募法制之研究－比較美國立法，國立高雄大學法律學系研究所碩士論文。
許雪芳，2003，上市上櫃公司私募之研究，中山大學財務管理研究所碩士論文。
許惠雲，2006，台灣上市上櫃公司私募股權中之私人利益，中山大學財務管理研究所碩士論文。
英文部分
Barclay, M. J., and C. G. Holderness. 1989. Private Benefits from Control of Public Corporation. Journal of Financial 25: 271-395.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2001. The Block Pricing
Puzzle. working paper, Penn State University.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2003. Private Placements and
Managerial Entrenchment . working paper, Penn State University.
Cronqvist, H., and M. Nilsson. 2004. The choice between rights offerings and
private equity placements. Journal of Financial Economics, forthcoming.
Hertzel, M., and R. L. Smith. 1993. Market Discounts and Shareholder Gains for
Placing Equity Privately. Journal of Finance, 48 (2): 459-485.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-term Performance
Following Private Placements of Equity. Journal of Finance 57: 2595-2617.
Myers, S. C. and N. S. Majluf. 1984. Corporate financing and investment decisions
when the firm has information that investors do not have. Journal of Financial
Economics 13, 187-221.
Silber, W. L. 1991. Discounts on Restricted Stock: The Impact of Illiquidity on
Stock Prices. Financial Analysts Journal 47: 60–64.
Wruck, K. H. 1989. Equity Ownership Concentration and Firm Value: Evidence
from Private Equity Financings. Journal of Financial Economics 23: 3-28.
Wruck, K. H., and Y. Wu. 2005. The Value of Relationship Investing: Evidence from
Private Placements of equity by U.S Public Firms. working paper. |
| Description: | 碩士
國立政治大學
會計研究所
95353032
96 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0095353032 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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