臺灣博碩士論文加值系統

「私募」意指企業對特定法人機構或符合一定資格的自然人，發行有價證券之籌資行為。其迅速且彈性的發行過程及節約成本之優勢使私募在過去幾年於世界蓬勃發展。然而在台灣，私募卻存在某些道德危機問題。為避免這些負面效果，金管會亦持續修改相關法規以提升監督。本論文因此研究幾個私募的重要議題，並探索影響這些現象之因素。
第一篇論文系統性地檢視2002至2008年台灣上市、櫃進行權益私募的公司其折價及宣告效果之決定因素。不同於過去私募文獻將所有觀察值視為一群樣本，本研究將資料劃分為上市、櫃公司兩組子樣本進行比較。結果顯示：資訊不對稱假說可用以解釋上櫃公司的折價及異常現象；即折價代表彌補投資人評價公司之成本，而異常報酬則反映公司品質之資訊。影響上市公司的因素則較複雜，無論資訊假說或監督假說皆有之。可知上市、櫃公司私募的動機並不相同。
第二篇論文調查台灣企業在私募宣告前後之新聞管理現象。結果顯示發行者確實可能進行新聞管理，此一發現不但拓展私募研究領域、亦證實經理人操弄媒體以利私募進行。本研究從不同角度檢定發行者新聞管理之可能性，並提供證據支持經理人在私募宣告時有獨特之誘因去影響投資人對公司遠景之認知。最後，本文提供證據支持：透過媒體力量，私募確有助於解決逆選擇及道德危機問題。基於策略性目的進行之私募，提供給發行者釋出好新聞之絕佳機會。

“Private placement” is the sale of securities to a limited number of qualified specific institutions or high wealth investors. The advantages of speedy and flexible issue process and cost savings in private placements have made the private placement market escalate rapidly worldwide during the past few years. However, in Taiwan, there were some moral hazard problems in private placements. In order to prevent these negative side effects of private placements, the Financial Supervisory Commission keeps on seeking to enhance the supervision of the private placement system by amending and promulgating the relevant regulations. This dissertation thus studies several important issues on private placements and examines the factors behind these phenomena.
The first essay systematically examines the factors that determine price discounts and announcement effects of equity private placements conducted by firms in Taiwan from 2002 to 2008. Different with most studies of private placements using available observations as a whole sample, this study separates the whole sample into subsamples by exchange-listed firms and OTC firms. The results for OTC firms corroborate the information hypothesis; that is the discounts serve as compensation for investor's costs of assessing firms, while abnormal returns reflect the information about firm quality. Moreover, some of the findings support an information explanation and some support a monitoring explanation in the case of exchange-listed firms. It seems that the motives behind equity private placements between exchange-listed and OTC firms are different.
The second essay investigates the news management phenomenon around the private placement announcements in Taiwan. The results show that the issuers truly could engage in news management. The essay contributes the private placement literature on news management, which expands the research domain of private placements and investigates if managers manipulate the media to facilitate private placements. This study also provides evidence supporting the view that managers may have unique incentives to affect investors’ perceptions of firm value around the private placement announcements. Finally, the evidence supports the notion that private placements are useful for resolving adverse selection and moral hazard problems through the media. Private placements with a strategic purpose provide great opportunities for issuers to release good news.

Chinese Abstract Ⅰ
English Abstract Ⅱ
Acknowledgements Ⅲ
Table of Contents Ⅳ
List of Tables Ⅶ

Chapter 1 Introduction 1
Chapter 2 Information Asymmetry and Monitoring in Equity Private Placements 8
2.1 Introduction 8
2.2 Regulation environment and market characteristics in Taiwan 11
2.2.1 The regulatory environment for private placements 11
2.2.2 Market characteristics in Taiwan 12
2.3 Literature review 14
2.3.1 Private placement discounts 14
2.3.2 Private placement announcement effect 15
2.3.2.1 The information effect 15
2.3.3.2 Monitoring, convergence-of-interest and entrenchment 17
2.4 Methodology 18
2.4.1 Dependent variable 18
2.4.1.1 Private placement discounts 18
2.4.1.2 Discount-adjusted abnormal returns 18
2.4.2 Independent variables 19
2.4.2.1 Fraction 19
2.4.2.2 LnProceeds 19
2.4.2.3 LnMV 19
2.4.2.4 BM 20
2.4.2.5 CAR (-59,-2) 20
2.4.2.6 Purpose 21
2.4.2.7 Distress 22
2.4.2.8 Year 22
2.4.2.9 Exchange 23
2.4.2.10 Managers 23
2.4.2.11 Non-manager affiliated 23
2.4.2.12 Single 24
2.4.2.13 Ownership and ?槄wnership 24
2.5 Empirical analysis 25
2.5.1 Sample construction 25
2.5.2 Descriptive statistics 26
2.5.3 Price discounts and announcement period returns in private placements 28
2.5.4 The pricing of private placements 29
2.5.4.1 Regression analysis of private placement discounts 29
2.5.4.2 Managerial self-dealing 35
2.5.5 Regression analysis of discount-adjusted abnormal returns 38
2.6 Conclusions 42
Chapter 3 News Management around Equity Private Placements 45
3.1 Introduction 45
3.2 Literature review 48
3.2.1 Information asymmetry and private placement 48
3.2.2 Information asymmetry and media 50
3.2.3 Private placement and media 50
3.3 Sample selection and research methodology 51
3.3.1 Sample selection 50
3.3.2 Research methodology 52
3.3.2.1 Dependent variables 52
3.3.2.2 Independent variables 53
3.3.2.3 Models of analysis 56
3.4 Empirical analysis 56
3.4.1 Descriptive statistics 56
3.4.2 Further analysis of the tenor of media coverage 61
3.4.3 Analysis of news categories around private placement Announcements 63
3.4.3.1 Techniques of news management 63
3.4.3.2 Another technique of news management 65
3.4.4 Discretionary news releasing 66
3.4.5 Regression analysis 67
3.4.5.1 SRET as dependent variable 68
3.4.5.2 GN as dependent variable 71
3.4.5.3 TENOR as dependent variable 71
3.5 Discussion 72
3.5.1 The tenor of media coverage during the pre- and post-announcement periods 72
3.5.2 Is good news supported by operating performance? 75
3.5.3 Does it matter whether insiders participate in private placements? 75
3.5.4 Influences of firm characteristics on the valence and tenor of media coverage 76
3.5.5 Influences of private placement characteristics on the valence and tenor of media coverage 76
3.6 Conclusions 77
Chapter 4 Conclusions 79
References 81

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