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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30261


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    题名: 私募應募人種類與經營績效之探討
    作者: 張荷君
    贡献者: 張清福
    張荷君
    关键词: 私募
    應募人
    經營績效
    Private placement
    Private placement investor
    Performance
    日期: 2008
    上传时间: 2009-09-11 17:33:17 (UTC+8)
    摘要: 本研究探討私募對企業經營績效之影響，分別檢驗五種類型應募人之私募，其企業經營績效是否因私募而獲得顯著改善。本文採用配對t檢定，檢驗當應募人分別為策略投資人、內部人、積極投資人、消極投資人及單一投資人時，公司之經營績效於私募前後一年是否有顯著差異，並以營運現金流量報酬率、資產報酬率、股東權益報酬率及公司價值作為績效指標進行迴歸分析，探討不同類型應募人之私募，對經營績效之影響有何不同。
    實證結果發現，私募會因應募人之不同，而對經營績效產生不同的影響。當應募人為策略投資人、內部人、積極投資人或單一投資人時，公司私募後一年的經營績效比私募前一年的績效好，表示當應募人為該四類投資人時，四項經營績效衡量指標皆顯示，私募會正面影響公司之經營績效；而當應募人為消極投資人時，私募對公司營運現金流量會造成負面的影響。
    This study classifies private placement investors into five types including strategic investors, insiders, active investors, passive investors, and single investors to investigate whether firm performance has been improved after issuing private placement. I use two-sample paired t-test to examine whether the performance is different between pre-placement and post-placement under each type of private placement investors, and use regression approach to analyze the impact of private placement investors on firm performance measured by operating cash flow returns, returns on assets, returns on equity, and Tobin’s Q.
    The evidence shows that the impact on performance varies with private placement investors. Firms have better performance after issuing private placement when the private placement investors are strategic investors, insiders, active investors, and single investors. On the contrary, when the private placement investors are passive investors, firms have poorer operating cash flow returns.
    參考文獻: 中文部分
    呂季蓉，2005，台灣上市上櫃公司私募之研究—論私募對象之影響，國立中山大學財務管理學系碩士班碩士論文。
    林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學商學院企業管理學系碩士在職專班碩士論文。
    張文魁，2006，股權結構對私募發行公司價值影響之分析，國立政治大學財務管理學研究所碩士論文。
    梁晏慈，2007，論私募公司之折價發行、宣告效果及長期績效表現，淡江大學財務金融學系碩士班。
    許雪芳，2003，上市上櫃公司私募之研究，國立中山大學財務管理研究所碩士論文。
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    陸瀛謙，2008，私募折價幅度及私募前後異常報酬，國立政治大學會計學系碩士論文。
    英文部分
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    Healy, P. M., K. G. Palepu, and R. S. Ruback. 1992. Does corporate performance improve after merges? Journal of Financial Economics 31 (April): 135-176.
    Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 305-360.
    Jensen, M. C. and R. S. Ruback. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics 11 (April): 5-50.
    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 14 (April): 210-238.
    Leland, H., and D. H. Pyle. 1977. Information asymmetric, financial structure and financial intermediation. Journal of Finance 32 (June): 371-388.
    Lindenberg, E. and S. Ross. 1981. Tobin`s q ratio and industrial organization. Journal of Business 54 (January): 1-32.
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    Wruck, K. H., and Y. Wu. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15 (February):30-47.
    Wruck, K. H. 1989. Equity ownership concentration and firm value: Evidence from private equity financings. Journal of Financial Economics 23 (June): 3-28.
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    Wahal, S. 1996. Pension fund activism and firm performance. Journal of Financial and Quantitative Analysis 31 (March): 1-23.
    描述: 碩士
    國立政治大學
    會計研究所
    96353046
    97
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0096353046
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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