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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/54992


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    題名: 私募之宣告、執行與私募後經營績效關聯性之探討
    The association between the announcement, execution of private placement and its subsequent firm performance
    作者: 陳雅晴
    Chen, Ya Ching
    貢獻者: 林宛瑩
    陳雅晴
    Chen, Ya Ching
    關鍵詞: 私募
    私募應募人
    經營績效
    private placement
    private investors
    performance
    日期: 2011
    上傳時間: 2012-10-30 14:35:28 (UTC+8)
    摘要: 本研究探討企業宣告私募股權之動機對宣告時之折價幅度、異常報酬，以及其後續的執行率與經營績效之影響。並將私募案依投資人加以分類，區分為積極性私募、管理階層私募與消極性私募，各類私募分開探討其動機、執行率與經營績效。
    實證結果發現，企業選擇私募股權融資的動機如下：(1) 進行積極性私募之動機，並無法以監督需求假說解釋之；(2)自利交易為進行管理階層私募之動機；(3) 進行消極性私募之動機，並無法以控制權鞏假說解釋之。
    私募實際執行與否的影響因素方面，實證結果如下：(1) 積極性私募因為研究樣本過少，無法進行實證分析；(2) 管理階層私募方面，當預計發行股數佔流通在外股數比例較高時，實際執行的可能性較高；(3) 消極性私募方面，投資機會於宣告後增加，實際執行的可能性較高，然而當內部人持股比例低於5%或高於25%時，實際執行的可能性較低。
    至於私募之執行與後續經營績效之關聯性，實證結果發現：(1) 積極性私募由於研究樣本過少，無法進行實證分析；(2) 執行管理階層私募之公司，其經營績效於執行後確實獲得提升；(3) 執行消極性私募之公司，其經營績效於執行後確實獲得提升，然而此發現並不支持控制權鞏固假說之預期。
    This research mainly discusses the motivations of firms which announce issuing private equity. The announcement motivations will influence the price discount and abnormal returns in the period of announcement, wills to execute the private placement, and the subsequent performance of those announcing firms. This study classifies private placements into three groups, including active placements, managerial placements, and passive placements. There are different motivations, situations of executions, and subsequent performances in different types of private placements.
    The empirical results on the motivations of firms that announce issuing equity privately indicate the following: (1) Monitoring hypothesis can’t explain why firms issue private equity to active investors. (2) Managerial self-dealing is the purpose of firms issuing private equity to insiders. (3) Managerial entrenchment hypothesis can’t explain why firms issue private equity to passive investors.
    The empirical results on the factors that influence firms execute the private placement or not indicate the followings: (1) Because of the sample constraints, this study can’t analyze in what situation firms will execute active private placements. (2) For managerial placements, those with higher percentage of the firm’s outstanding common stock represented by the placement tend to be executed. (3) For passive placements, when the investment opportunities increased after announcements, firms tend to execute the placement. However, when the ownership concentration is less than 5% or higher than 25%, firms’ wills to execute the placement are weaker.
    The empirical results on the association between the execution of private placements and its subsequent performance indicate the following: (1) Because of the sample constraints, this study can’t analyze the impacts of the execution of the active placement on the subsequent performance of the announcing fitm. (2) Firms executing managerial placements tend to have better subsequent performance. (3) Firms executing passive placements tend to have better subsequent performance. However, managerial entrenchment hypothesis can’t explain this result.
    參考文獻: 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學系研究所。
    林宛塋與陳宜伶，2012，獨立董監之設置決策與績效，管理與系統(forthcoming)。
    林淑玲與莊小君，2010，私募宣告對股東財富及溢(折)價幅度之影響，交大管理學報，第30卷第1期，頁1-45。
    林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學企業管理學系碩士論文。
    喻美馨，2011，上市公司私募股價異常報酬與經營績效探討，東吳大學會計學系碩士論文。
    黃藍萱，2011，選擇公開募集或私募管道融資影響因素之探討，國立政治大學會計研究所。
    謝宛庭與吳清在，2010，公開募集或私募有價證券之決定因素及其市場反應，會計評論，第51期(7月)：頁73-106。


    英文部分
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    Schnaiberg, A., N. Watts, and K. Zimmerman. 1986. Distributional conflicts in environmental-resource policy.
    Sharpe, I. G. and L.-A. E.Woo. 2005. Corporate Control, Expected Underpricing, and the Choice of Issuance Mechanism in Unseasoned Equity Markets. Journal of Corporate Finance, 11(4): 716-735.
    Tobin, J. and W. C. Brainard. 1977. Asset markets and the cost of capital. Economic progress: Private values and public policy, 235-262. Amsterdam, North-Holland.
    Wruck, K. H. 1989. Equity ownership concentration and firm value : Evidence from private equity financings. Journal of Financial Economics, 23(1): 3-28.
    Wruck, K. H. and Y. Wu. 2005. The Value of Relationship Investing: Evidence from Private Placement of Equity by U.S. Public Firms. working paper.
    Wruck, K. H. and Y.Wu. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance, 15(1): 30-47.
    Wu, Y. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics, 74(1): 93-119.
    描述: 碩士
    國立政治大學
    會計研究所
    99353014
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099353014
    資料類型: thesis
    顯示於類別:[會計學系] 學位論文

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