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| Title: | 台灣上市櫃公司私募市場之研究
A study on the private placement in Taiwan listed and OTC companies |
| Authors: | 施欣萍
Shih,Hsin-Ping |
| Contributors: | 謝淑貞
施欣萍
Shih,Hsin-Ping |
| Keywords: | 私募
宣告效果
事件研究法
private placement
announcement effect
event study |
| Date: | 2010 |
| Issue Date: | 2011-09-29 16:37:09 (UTC+8) |
| Abstract: | 本論文以自民國九十二年一月一日至民國九十九年十一月三十日止辦理私募增資之上市櫃公司為研究對象，把應募人分為內部人與非內部人，透過事件研究法與迴歸分析法分別探討私募宣告效果與影響折溢價幅度之因子。
首先，採事件研究法，討論內部人與非內部人在私募宣告時是否有異常報酬，並從內部人之累積異常報酬評估是否有內線消息產生，結果顯示，在宣告日前，不論內部人或非內部人之累積異常報酬皆呈現不顯著負值，因結果不顯著，故沒有證據顯示有內線消息。本研究之內部人私募宣告當天效果為負，且宣告日當天並沒有顯著之累積異常報酬，探究其原因，可能是在股東會決議日當天訊息尚未完全散佈，把時間拉長到宣告日後第二十一天，標準化累積異常報酬轉為顯著正值，整體來說,宣告效果是正的,只是反映的時間較長,此可能跟投資人接收訊息的快慢有關，也表示在宣告日後，看好公司未來發展，因此，累積異常報酬為正。
實證結果顯示，內部人之折溢價幅度與每股盈餘、私募金額取對數、負債對權益比有高度相關；此外，從非內部人折溢價樣本之迴歸結果，可看出每股盈餘、總資產報酬成長率、私募金額取對數對於折溢價幅度有顯著影響。綜上所述，影響內部人與非內部人折溢價因子之不同點在於總資產報酬成長率與負債對股東權益比，而共同點影響因子為每股盈餘與私募金額取對數。
Collected from the Market Observation Post System in Taiwan Stock Exchange, the sample includes private placements of all listed and OTC firms in Taiwan stock market during January of 2002 to November of 2010. This study classifies investors into insider and non-insider, and then examines the announcement impact and the factors of price discount (premium) in private placement through the event study and the regression analysis.
By employing event study, we find that insider and non-insider have insignificant negative accumulative abnormal return before the announcement date. Therefore, there is no evidence for early information leakage. The announcement stock price effect on the shareholders’ meeting is insignificantly negative. As a result, we can’t expect the investors would instantly, correctly respond to this information on the announcement date. However, the announcement stock effect, represented by the calculated accumulative abnormal return, for the long time is positive, and it implies the investors expect the firms to have good performance after the event.
Empirical evidence in regression analysis shows that the private placements for Taiwan’s companies are selling at discounts (premiums) and it has high correlation with the company’s earning per share, the proceeds of private placement and the return on total assets growth rate for insiders. In addition, these three variables of the company are the significant explanatory variables for the magnitude of the discounts (premiums) of non-insiders. |
| Reference: | 中文:
1. 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。
2. 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。
3. 蔡明秀，2006，私募宣告會影響股東財富? ~以台灣上市上櫃公司為例，
國立台灣科技大學財務金融研究所碩士論文。
4. 吳雅妮，2008，影響我國上市櫃公司選擇公開募集或私募之因素，國立政治大學會計研究所碩士論文。
5. 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。
6. 蔡蓓華，2009，私募長短期績效探討，國立政治大學會計研究所碩士論文。
7. 陳以姍，2010，私募定價與公司價值之探討：以台灣上市上櫃公司為例，國立政治大學金融研究所碩士論文。
8. 藍亦敏，2010，公司財務特性對私募折價幅度之影響，國立政治大學會計研究所碩士論文。
9. 沈中華、李建然，2000，事件研究法，台北：華泰。
英文:
1. Anderson, H. D. and L. C. Rose. 2007. Firm quality and the placement price of private equity. Available at: http://ssrn.com/abstract=968249.
2. Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of Corporate Finance 13 (September): 461-484.
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4. Chu, S. M., G. H. Lentz, and E. Robak. 2005. Comparing the characteristics and performance of private equity offering firms with seasoned equity offering firms. Journal of Economics and Management 1 (January): 57-83.
5. Dann,L.Y., and DeAngelo H."Corporate financial policy and corporate control: A study of defensive adjustments in asset and ownership structure.", Journal of Financial Economics, 20,pp.87-127,1988.
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9. Hertzel, M. G., M. Lemmon, J. Linck, and L. Rees. 2002. Long-run performance following private placements of equity. Journal of Finance 57 (December): 2595-2617.
10. 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.
11. 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 (July): 187-221.
12. Shleifer, A. and R. W. Vishny. 1986. Large shareholders and corporate control. The Journal of Political Economy 94 (June): 461-488.
13. Silber, W. L. 1991. Discounts on restricted stock: the impact of illiquidity on stock prices. Financial Analysts Journal 47 (January): 60-64.
14. Tan, R. S. K., P. L. Chng, and Y. H. Tong. 2002. Private placements and rights issues in Singapore. Pacific-Basin Finance Journal 10 (1): 29-54.
15. Wruck, K. H. 1989. Equity ownership concentration and firm value: Evidence from private equity financings. Journal of Financial Economics 23 (June): 3-28.
16. 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
國際經營與貿易研究所
99351006
99 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0099351006 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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