政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/50795

政大典藏 > College of Commerce > Department of Accounting > Theses > Item 140.119/50795

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/50795

Title:	選擇公開募集或私募管道融資影響因素之探討 A study on the choice between public offering and private placement
Authors:	黃藍萱
Contributors:	林宛瑩黃藍萱
Keywords:	私募公開發行現金增資 private placement public offering seasoned equity offering
Date:	2010
Issue Date:	2011-09-29 16:39:14 (UTC+8)
Abstract:	本研究以羅吉斯迴歸模型探討影響上市櫃公司選擇籌資之因素，籌資工具包括股權與債務，並進一步探討若籌資工具為普通股，影響私募普通股或現金增資之因素。實證結果發現，公司選擇以私募或公開發行管道籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募籌資；(2) 風險愈高之公司，愈傾向以私募籌資；(3) 信用品質愈差之公司，愈傾向以私募籌資；(4) 成長性愈強之公司，愈不傾向以私募籌資；(5) 股票市場情況愈好，公司愈不傾向以私募籌資。公司選擇以私募普通股或現金增資籌措資金的決策，主要和下列因素有關：(1) 資訊不對稱程度愈高之公司，愈傾向以私募普通股籌資；(2) 風險愈高之公司，愈傾向以私募普通股籌資；(3) 股票市場情況愈好，公司愈不傾向以私募籌資。 This research uses Logistic Model to investigate some specific factors which may influence firms’ choices between issuing securities in private market (private placement) and in public market (public offering). As for the funding mechanism, both equity securities and debt securities are included. Then the range of funding mechanism is narrowed to common stock and this research analyzes the possible factors which influence firms’ choices between issuing private equity and seasoned equity offering follows. The empirical results on the choices between issuing in private market or public market indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private placement rather than by public offering. (2) Firms with higher operating risk tend to raise fund by private placement rather than by public offering. (3) Firms with worse credit quality tend to raise fund by private placement rather than by public offering. (4) Firms with stronger growth potential tend to raise fund by public offering rather than by private placement. (5) When the performance of the stock market is better, firms tend to raise fund by public offering rather than by private placement. The empirical results on the choices between issuing private equity or seasoned equity offerings indicate the following: (1) Firms with higher information asymmetry tend to raise fund by private equity rather than by seasoned equity offering. (2) Firms with higher operating risk tend to raise fund by private equity rather than by seasoned equity offering. (3) When the performance of the stock market is better, firms tend to raise fund by seasoned equity offering rather than by private equity.
Reference:	中文部分台灣工銀證券投顧，2005，私募有價證券之相關規定及市場現況分析。吳雅妮，2008，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。吳孟道，2010，金管會從嚴控管私募之評析，國家政策研究基金會。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。張儒欣，2006，私募股權之折價發行－公司治理機制、盈餘管理行為與無形資產之影響，國立臺灣大學會計學研究所碩士論文。郭嘉哲，2008，會計性資訊不對稱、智慧資本與私募折價幅度之關聯性，國立中正大學會計與資訊科技研究所碩士論文。黃德芬、盧素蓮，2003，企業籌資新里程碑－私募有價證券之法令與實務探討，會計研究月刊，第211期: 94-95。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。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。英文部分 Akerlof, G.A. 1970. The Market for ‘‘Lemons’’: Quality Uncertainty and the Market and Mechanism. The Quarterly Journal of Economics 84: 488–500. Asquith P., and D.W. Mullins. 1986. Equity Issues and Offering Dilution. Journal of Financial Economics 15: 61-89. Barclay, M.J., C. G. Holderness, and D. P. Sheehan. 2007. Private Placements and Managerial Entrenchment. Journal of Corporate Finance 13: 461-484. Bayless, M., and S.Chaplinsky. 1996. Is There A Window of Opportunity for Seasoned Equity Issuance? Journal of Finance 51: 253-278. Bebchuk, L.A., R.Kraakman., and G.Triantis. 2000. Stock Pyramids, Cross-ownership, and Dual-class Equity: The Creation and Agency Costs of Separating Control From Cash Flow Rights. University of Chicago Press: 295-315. Blackwell, D.W., and D.S. Kidwell. 1988. An Investigation of Cost Differences Between Public Sales and Private Placements of Debt. Journal of Financial Economics 22: 253-278. Brennan, M.J., and A. Kraus. 1987. Efficient Financing Under Asymmetric Information. Journal of Finance: 1225-1243. Brennan, M.J., and E.S. Schwartz. 1988. The Case for Convertibles. Journal of Applied Corporate Finance : 55-64. Brennan, M.J. , and A. Subrahmanyam. 1995. Investment Analysis and Price Formation in Securities Markets. Journal of Financial Economics 38: 361–381. Cantillo, M., and J. Wright. 2000. How Do Firms Choose Their Lenders? An Empirical Investigation. Review of Financial Studies 13: 155-189. Chemmanur, T.J. 1993. The Pricing of Initial Public Offerings: A Dynamic Model with Information Production. Journal of Finance 48: 285-304. Chemmanur, T.J., and P. Fulghieri. 1999. A Theory of the Going-Public Decision. Review of Financial Studies 12: 249-279. Choe, H., R.W Masulis., and V.Nanda.1993. Common Stock Offerings Across the Business Cycle. Journal of Empirical Finance 1: 3-31. Claessens, S., S.Djankov., and L.H.P.Lang. 2000. The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics 58: 81–112. Cronqvist, H., and M. Nilsson. 2004. The Choice Between Rights Offerings and Private Equity Placements. Journal of Financial Economics 78: 375-407. Denis, D. J., and V.T. Mihov. 2003. The Choice Between Bank Debt, Non-Bank Private Debt and Public Debt: Evidence from New Corporate Borrowings. Journal of Financial Economics 70: 3-28. Diamond, D.W.1984. Financial Intermediation and Delegated Monitoring. Review of Economic Studies 51: 393-414. Diamond, D.W. 1991. Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt. Journal of Political Economy 99: 689-621. Eckbo, B.E., and R.W.Masulis.1992. Adverse Selection and the Rights Offer Paradox. Journal of Financial Economics 32: 293–332. Fulghieri, P., and D. Lukin. 2001. Information Production, Dilution Costs, and Optimal Security Design. Journal of Financial Economics 61: 3-42. Glosten, L.R., and L.E. Harris. 1988. Estimating the Components of the Bid/Ask Spread. Journal of Financial Economics 21: 123-142. Gomes, A.R., and G.M.Phillips. 2004. Why Do Public Firms Issue Private and Public Equity, Convertibles, and Debt? Unpublished working paper. University of Pennsylvania. Green, R.C. 1984. Investment Incentives, Debt, andWarrants. Journal of Financial Economics 13: 115-136. Grossman, S.J., and O.D.Hart. 1982. Corporate Financial Structure and Managerial Incentives. University of Chicago Press: 107-137. Hansen, R.S., and P.Torregrosa. 1992. Underwriter Compensation and Corporate Monitoring. Journal of Finance 47: 1537-1555. Hart, O.D. 1995. Firms, Contracts, and Financial Structure. Oxford University Press. Helwege, J., and N. Liang. 1996. Is There a Pecking Order? Evidence from a Panel of IPO Firms. Journal of Financial Economics 40: 429-458. Hertzel, M., and R.H. Smith. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48: 459-485. Houston, J., and C.James. 1996. Bank Information Monopolies and the Mix of Private and Public Debt Claims. Journal of Finance 51: 1863-1889. Hovakimian, A., T. Opler., and S. Titman. 2001. The Debt-Equity Choice. Journal of Financial and Quantitative Analysis 36: 1-24. Jensen, M. C., and R. S. Ruback. 1983. The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50. Jensen, M. C., and W. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Capital Structure. Journal of Financial Economics: 11-25. Kahn, C., and A.Winton. 1998. Ownership Structure, Speculation, and Shareholder Intervention. Journal of Finance 53: 99-129. Klein, B., R.G.Crawford and A.A.Alchian. 1978. Vertical Integration, Appropriable Rents, and the Competitive Contracting Process. Journal of Law and Economics 21: 297-326. Korajczyk, R., D. Lucas., and R. McDonald. 1990. The Effect of Information Releases on the Pricing and Timing of Equity Issues. Review of Financial Studies : 685-708. Korajczyk, R., and A. Levy. 2003. Capital Structure Choice: Macroeconomic Conditions and Finanancial Constraints. Journal of Financial Economics 68: 75-109. Kothare, M. 1997. The Effects of Equity Issues on Ownership Structure and Stock Liquidity: A Comparison of Rights and Public Offerings. Journal of Financial Economics : 131-148. Kovenock, D., and G.M.Phillips. 1995. Capital Structure and Product Market Rivalry: How Do We Reconcile Theory and Evidence? American Economic Review : 403-408. La Porta, R., F.Lopez-de-Silanes., and A.Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517. Levy, A. 2001. Why Does Capital Structure Choice Vary With Macroeconomic Conditions? Unpublished working paper. Haas School of Business, U.C. Berkeley. Maksimovic, V., and S.D.Titman. 1991. Financial Policy and Reputation for Product Quality. Review of Financial Studie: 175-200. Marsh, P. R. 1982. The Choice Between Equity and Debt: An Empirical Study. Journal of Finance 37: 121-144. Megginson, L.W., and K.A. Weiss. 1991. Venture Capitalist Certiﬁcation in Initial Public Offerings. Journal of Finance 46: 879-903. Myers, S.C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5 : 147-175. Myers, S.C., and N.S.Majluf . 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics 13: 187-221. Petersen, M., and R.G. Rajan. 1994. The Benefits of Lender Relationships: Evidence from Small Business Data. Journal of Finance 49: 3-37. Rajan, R.G. 1992. Insiders and Outsiders: The Choice between Informed and Arm`s Length Debt. Journal of Finanee 47: 1367-1400. Shleifer, A., and R. Vishny. 1986. Large Shareholders and Corporate Control. Journal of Political Economy 94: 461-488. Smith, C.W., and R. L.Watts. 1992. The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. Journal of Financial Economics 32: 263-292. Stein J. C. 1992. Convertible Bonds as Back Door Equity Financing. Journal of Financial Economics 32: 3-21. Stoll, H.R. 1989. Inferringthe Components of the Bid-Ask Spread: Theory and Empirical Tests. Journal of Finance 44: 115-134. Stoughton, N.M., and J. Zechner. 1998. IPO-Mechanisms, Monitoring and Ownership Structure. Journal of Financial economics 49: 45-77. Stulz, R.M. 1988. Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control. Journal of Financial Economics 20: 25-54. Wang, K-C A., and Lin, C-H A. 2010. Pecking-Order Theory Revisited: The Role of Agency Cost. The Manchester School 78: 395-411. Wruck, K. H. 1989. Equity Ownership Concentration and Firm Value : Evidence from Private Equity Financings. Journal of Financial Economics 23: 3-28 Wu, Y. 2004. The Choice of Equity Selling Mechanisms. Journal of Financial Economics 74: 93-119.
Description:	碩士國立政治大學會計研究所 98353007 99
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0983530071
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

Files in This Item:

There are no files associated with this item.

社群 sharing

Loading...