English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 114501/145531 (79%)
Visitors : 53376345      Online Users : 1193
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/34052
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34052


    Title: 股權結構對私募發行公司價值影響之分析
    Authors: 張文魁
    Contributors: 屠美亞
    張文魁
    Keywords: 私募
    事件研究法
    股權集中度
    Piecewise regression
    Date: 2005
    Issue Date: 2009-09-17 19:15:57 (UTC+8)
    Abstract: 自民國91年,國內法令准許私募,私募是指公司的內部人,透過協商,尋求願意投資公司的投資人,把公司的股票,售給少數的投資人,不需經過承銷商,揭露也比較少。
    國外的文獻,有些學者實證的結果,私募宣告時有正的異常報酬,但有些學者實證的結果發現有負的異常報酬,本篇主要探討國內宣告私募時,對公司價值的影響,以及國內公司大多屬於家族企業,在這麼高的控制權之下,股權集中度對於私募發行公司的價值又有什麼影響?
    實證的結果發現,國內公司宣告私募時有正的異常報酬,除了資訊不對稱會影響公司價值之外,本文還發現,公司在私募時,家族集團的控股如果低於30%時,增加公司持股,可以增加公司的價值,但當家族集團的股權超過30%時,就不明顯了。
    此外,當股權集中度在10%~30%時,公司價值的變化與股權集中度成反比,顯示國內股權集中度在10%~30%時,符合利益掠奪假(Entrenchment Hypothesis),增加公司的股權集中度反而會減少公司的價值。
    Reference: 1.Arneson, G. S., 1981, Nonmarketability discounts should
    exceed fifty percent, Taxes 59, 25-31.
    2.Arneson, G. S., 1981, Minority discounts beyond fifty
    percent can be supported, Taxes 59, 97-102.
    3.Barclay, Michael J., and Dennis P. Sheehan, 2001, The
    block pricing puzzle, working paper, SSRN, FEN Cap-
    Structure WPS.
    4.Berle, A.A. Jr. and G.C. Means, 1932, The modern
    cooperation and private properry, Macmillan, New York.
    5.Daniel, Kent, David Hirshleifer, and Avanidhar
    Subrahmanyam, 1998, Investor psychology and security
    market under- and overreactions, Journal of Finance 53,
    1939-1885.
    6.Demsetz, H. and K. Lehn, 1985, the structure of corporate
    ownership: Causes and consequences, Journal of Political
    Economy 93, pp.1155-1177.
    7.Demsetz, H., 1983, The structure of ownership and the
    theory of the firm, Journal of Law and Economics 26, 375-
    390.
    8.Fields, L. P., and E. L. Mais, 1991, The valuation
    effects of private placements of convertible debt,
    Journal of Finance 46, 1925-1932.
    9.Jensen, M. and R. Ruback, 1983, The market for corporate
    control: The scientific evidence, Journal of Financial
    Economics 11, 5-50.
    10.Jensen, M.C. and W.H. Meckling, 1976, Theory of the
    firm : Managerial behavior, agency costs and ownership
    structure, Journal of Financial Economics 3, 305-360.
    11.Johnson, Richard D, and George A. Racette, 1981,
    Discounts on Letter Stock Do Not Appear to Be a Good Base
    on Which to Estimate Discounts for Lack of Marketability
    on Closely Held Stocks, Taxes 59, 574-81.
    12.Kasim L. Alli and Donald J. Thompson II, 1993, The
    Wealth Effects of Private Stock Placements under
    Regulation D, THE Financial REVIEW 28, 329-350.
    13.Leland, H., and Pyle, D. H., 1977, Information
    Asymmetric, Financial Structure and Financial
    Intermediation, Journal of Finance 32, 371-388.
    14.Leland, H., and Pyle, D., 1999, Improved methods for
    tests of long-run abnormal stock returns, Journal Finance
    32, 371-387.
    15.Loughran, Tim, and Jay R. Ritter, 1997, The operating
    performance of firms conducting seasoned equity
    offerings, Journal of Finance52, 1823-1850.
    16.Michael Hertzel, and Michael Lemmon, James S. Linck, and
    Lynn Rees, 2002, Long-run Performance following Private
    Placements of Equity, The Journal of Finance 6, 2595-2617.
    17.Michael Hertzel and Richard L. Smith, 1993, Market
    Discounts and Shareholder Gains for Placing Equity
    Privately, The Journal of Finance 48, 459-485.
    18.Michael L. Lemmon and Karl V. Lins, 2003, Ownership
    Structure, Corporate Governance, and Firm Value: Evidence
    from the East Asian Financial Crisis, The Journal of
    finance 4, 1445-1468.
    19.Morck, R.,A. Shleifer, and R. Vishny, 1988, Management
    ownership and market valuation: An empirical analysis,
    Journal of Financial Economics 20, 293-315.
    20.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, pp.187-221.
    21.Randall Morck, Andrei SHLEIFER and Robert W. VISHNY,
    1988, MANAGEMENT OWNERSHIP AND MARKET VALUATION: An
    Empirical Analysis, Journal of Financial Economics 20,
    293-315.
    22.Shleifer, A., and R. Vishiny, 1986, Large shareholders
    and corporate control, Journal of Financial Economics 95,
    461-488.
    23.Sheehan D., Swisher, J., 1998, How sophisticated
    investors? Working paper. Smeal College of Business,
    Pennsylvania State University, University Park, PA.
    24.Sheng-Syan Chen, Kim Wai Ho, Cheng-few Lee, and Gillian
    H.H. Yeo, 2002, Wealth Effects of Private Equity
    Placements: Evidence from Singapore, The Financial Review
    37, 165-184.
    25.Silber, W. L., 1991, Discounts on restricted stock : The
    impact of illiquidity on stock prices, Financial Analysts
    Journal 47, 60-64.
    26.Srinivsan Krishnamurthy, Paul Spindt, Venkat
    Subramaniam, Tracie Woidtke, 2005, Does investor identity
    matter in equity issues? Evidence from private
    placements, Journal of Financial Intermediation 14, 210-
    238.
    27.Weston, 1979, The tender takeover, Mergers and
    Acquisitions, 74-82.
    28.Wruck, 1989, EQUITY OWNERSHIP CONCENTRATION AND FIRM
    VALUE Evidence from Private Equity Financings, Journal of
    Financial 23, 3-28
    Description: 碩士
    國立政治大學
    財務管理研究所
    93357004
    94
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0093357004
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    35700401.pdf42KbAdobe PDF2812View/Open
    35700402.pdf67KbAdobe PDF2749View/Open
    35700403.pdf61KbAdobe PDF2717View/Open
    35700404.pdf55KbAdobe PDF2793View/Open
    35700405.pdf103KbAdobe PDF21551View/Open
    35700406.pdf156KbAdobe PDF23761View/Open
    35700407.pdf175KbAdobe PDF21579View/Open
    35700408.pdf169KbAdobe PDF21298View/Open
    35700409.pdf78KbAdobe PDF2787View/Open
    35700410.pdf36KbAdobe PDF2718View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback