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Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/55105
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| Title: | 探討私募應募人行為 對經營績效與異常報酬之影響
The effect of insider activities on performance and abnormal return in private placement |
| Authors: | 李玟錡 |
| Contributors: | 張清福
李玟錡 |
| Keywords: | 私募
經營績效
累積異常報酬
應募人行為
private placement
accounting performance
abnormal return
insider |
| Date: | 2012 |
| Issue Date: | 2012-11-01 13:47:46 (UTC+8) |
| Abstract: | 本研究以適用於民國九十九年九月修法前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司，並有內部人參與之私募案為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討私募應募人行為對經營績效與異常報酬之影響。
實證結果發現，當辦理私募公司前一年度為稅後淨損，並有內部人參與之私募案，若內部應募人於私募前後三個月內有老股出售之情事者，其私募後之會計經營績效較私募前差，但私募後之公司價值卻較佳。再將這類公司與其他私募案相比，其會計經營績效較差，公司價值仍較佳，皆顯示這類公司會計經營績效與公司股價於私募後未呈同向變化。另外，以事件研究法測試有內部人參與之私募案，發現其在董事會決議日前後確實有異常報酬，顯示私募訊息在董事會決議日前已走漏，陸續反映於股價。
Based on firms’ net profit/loss before private placement and inside investors stock selling, this study classifies private placements with inside investors into four types to examine the effect of insiders’ activities and the operating condition on firm performance after private placement and the abnormal returns around private placement events.
It’s shown that for firms with net loss before private placement while the insiders selling stocks around the event, the accounting performance worsens but Tobin’s Q gets better after the event. In addition, inside investors gain abnormal return around the board meeting. It implies that information leakage before board meeting is severe and the investors even gain abnormal return after the meeting. |
| Reference: | 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研究所碩士論文。
徐翊中，2011，內部人行為對私募折價幅度之影響，國立政治大學會計學研究所碩士論文。
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。
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研究所碩士論文
陸瀛謙，2007，私募折價幅度及私募前後異常報酬與應募人之關聯，國立政治大學會計學研究所碩士論文。
張荷君，2009，私募應募人種類與經營績效之探討，國立政治大學會計研究所碩士論文。
黃超邦，2008，從實證觀點檢討我國證券私募法制，證交資料551期，頁29-48。
英文部分
Barclay, M., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of Corporate Finance 13 (April): 461-484
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 (6): 2595-2617.
Krishnamurthy. S., P. Spindt, V. Subramaniam and T. Woidtke. 2005. Does investor identity matter in equity issues? Evidence from private placement. Journal of Financial Intermediation 14 (2): 210-238.
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. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15 (February): 30-47. |
| Description: | 碩士
國立政治大學
會計研究所
99353007
101 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0099353007 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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