政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/76159

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/76159

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題名:	景氣循環對私募行為及盈餘持續性之影響 Effects of Business Cycle on Private Placement and Earnings Persistence
作者:	陳怡霖
貢獻者:	張清福陳怡霖
關鍵詞:	私募景氣循環信用擴張時期信用緊縮時期內部人折價幅度盈餘持續性 private placement business cycle expansion credit crunch insider discount earnings persistence
日期:	2014
上傳時間:	2015-07-01 14:43:21 (UTC+8)
摘要:	本研究以我國辦理私募發行之上市上櫃公司為樣本，於研究期間2003-2013年間，探討景氣循環如何影響其私募行為及其後續盈餘反應。　　研究結果發現，當景氣處於擴張階段，企業私募發行公司債之總額佔當期所有私募有價證券總額合計數比例較高；而景氣在收縮階段，企業傾向私募發行有價證券之種類為普通股。　　而私募之內部人佔比及折價幅度，信用緊縮時期辦理私募公司之內部人佔比較高，折價幅度亦較大。研究顯示信用緊縮期間因募資較不易，企業在缺乏資金又亟需資金之情況下，較仰賴內部人之資金挹注；另外，在信用緊縮期間，企業通常處較為弱勢一方，在私募價格上會作更多的讓步，故折價幅度亦較大。　　最後，景氣擴張期間辦理私募之公司，其盈餘持續性高於在景氣收縮期間辦理私募之公司。因景氣擴張期間容易發生企業策略性投資或擴張業務，企業因私募資金挹注後而進行的新方案，產生較辦理私募前更多之利潤，進而使公司盈餘增加；然而景氣收縮期間，相較擴張期間，於此階段進行企業擴張計畫的情況較少，而目的為金援之私募交易則增加，私募資金注入公司之用途為負荷企業一般性支出或債務，難以使盈餘增加。故於景氣擴張期間辦理私募之公司，將較於景氣收縮期間辦理私募者，有較高之盈餘持續性。綜上所述，可知處於信用緊縮期間辦理私募普通股，內部人佔比較高，且折價幅度亦較大；而處於景氣擴張期間辦理私募有價證券，私募公司之盈餘持續性較高。本研究實證結果顯示，景氣循環對私募行為及後續盈餘確有顯著影響。 This research uses Taiwanese TSE and OTC listed companies which offer private placements as samples with sampling period between 2003 and 2013. The purpose of this research is to study how business cycle affects private placement and earnings effect. The result shows during the expansion, private placement bonds would take greater ratios in the total private placement securities than in recession. During the recession, more common stocks tend to be offered for private placement securities than in expansion. As for insider ratio and discount rate for private placements, during the credit crunch period, both the insider ratio and discount rate would increase. This is because funding is more difficult during credit crunch period. To take care of the urgent needs, companies may depend more on inside funding. Also the side in need would offer bigger discount rates to seek funding help. Last, private placements during the expansion create more stable earnings persistence than during the depression. During the expansion, companies are more likely to invest strategically or to expand business. It is because more private placement funds can be used on new business plans, resulting higher profit and higher earnings. During the recession, companies are less likely to expand business. Private placements during the recession are mostly used for the funding needs. Because most of these funds are used for operation expenses and paying debts, it is more difficult to create earnings. This is why comparing to during the recession, private placements during the expansion result higher earning persistence. From the above, insider ratio and discount rate would be greater for private placement during credit crunch period. Earning persistence would be more stable for private placement during expansion. The result of this research shows that private placements and earnings persistence are indeed affected by the business cycle.
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