臺灣博碩士論文加值系統

自從我國於九十年與九十一年修正公司法與證券交易法後，我國企業的籌資管道又新增一項，此即為私募制度。私募是指發行股票之公司對特定人招募有價證券之行為。私募的主要好處有三，第一是縮短資金取得時間。第二是私募價格制定更有彈性。第三是公司對私募對象的選擇有更大的空間與主導權。
近年來，私募案件在國內日益蓬勃，且私募是否圖定特定人士也引發爭議，本研究認為私募對象將成為眾人的關注焦點，故嘗試探討私募對象在私募案中扮演的角色，本研究和先前文獻的不同之處在於，更進一步觀察公司內部人的行為，探討當大多數私募股數由公司內部人認購的情形下，私募股的訂價是否較低、股價表現又是如何；並研究公司內部人在私募前後申報轉讓持股情形是否暗藏玄機；融資融券情形是否也隱含有內線交易存在。
研究結果發現：
(一) 私募訂價方面：
實證發現，整體私募股權樣本多為折價發行。由敘述統計與迴歸結果來看，公司內部人皆不因己身具有內線消息優勢，擁有操控私募價格的能力，而以較低價將私募股賣給自己，反而還以較高價認購為公司增資，因此在股票訂價方面，似乎沒有圖利自己之嫌，打破媒體或投資大眾對公司內部人私相授受的質疑。
(二) 市場對私募案是否給予適當的反應
市場對於私募的宣告期股價反應皆為正，表示看好私募案的未來發展，然而，從依私募對象分類所繪製的股價走勢圖卻發現，私募給公司內部人的股價走勢，在私募後即一路往下，即使私募給公司內部人與私募後60 天的股價累積報酬之間的迴歸係數不顯著為負，但觀其股價趨勢圖，本研究仍認為，市場對於私募給公司內部人的案件過於樂觀，未能察覺之後滑落的公司價值。
(三) 公司內部人是否從私募中憑藉內線消息而得利
本研究特別針對私募股權樣本進行公司內部人申讓持股與融資融券情形的研究。發現在私募宣佈前後80 天內申讓情形有較密集的現象，表示握有公司私募消息的公司內部人可能仗著資訊優勢而有所動作，意圖從中得利，雖然密集度並非相當異常的高，申讓比率也未衝太高，但仍有立場質疑公司內部人此時申讓持股的動機與目的。而本研究的確也指出有幾家公司的有參與私募之內部人其申讓現象非常可疑，幾乎在私募同時中進行申讓的動作，且申讓價格高出私募價格許多，有明顯低價買新股、高價賣老股的套利現象。此印證了公司內部人有利用私募管道圖利自己的情形存在。更進一步，我們觀察融資融券情形，發現在私募宣布前多方與空方的確有異常的提前佈局現象，表示有內線交易之可能。上述之發現代表大
多數公司內部人即使在訂價時無明顯圖利自己的情形發生，但仍有部份公司內部人利用內線消息，意圖從中獲利。

第一章 緒論……………………………………………………………1
第一節 研究動機與目的………………………………………………1
第二節 研究貢獻………………………………………………………5
第三節 研究範圍與限制………………………………………………6
第四節 論文架構………………………………………………………7

第二章 文獻回顧………………………………………………………8
第一節 私募股權之文獻………………………………………………8
第二節 私募公司債之文獻……………………………………………17

第三章 台灣私募市場之描述…………………………………………19
第一節 私募制度之介紹………………………………………………19
第二節 私募之優缺點…………………………………………………28
第三節 私募之運用……………………………………………………30

第四章 實證研究方法與結果…………………………………………33
第一節 樣本描述………………………………………………………34
第二節 私募理由之檢驗………………………………………………42
第三節 私募對象對股權發行折(溢)價幅度與股價報酬率之影響…44
第四節 公司內部人之持股申讓情形…………………………………62
第五節 私募前後融資融券之情形……………………………………69

第五章 結論與建議……………………………………………………72
第一節 研究結論………………………………………………………72
第二節 對私募制度之建議……………………………………………75
第三節 後續研究建議…………………………………………………75

參考文獻………………………………………………………………77

中文文獻
洪培睿，論公司債私募－以證券交易法與公司法之比較為中心，國立臺北大學法學系學期報告，2002 年
張明輝，公開發行公司私募有價證券之策略性運用，資誠企業智識園地，2003 年3 月4 日
李啟賢，證券交易法下之私募有價證券制度簡介，集保月刊第120 期，2003年11 月，頁3-11
黃德芬、盧素蓮，企業籌資新里程碑—私募有價證券之法令暨實務探討，會計研究月刊第211 期，2003 年，頁93-194
蔡鐘慶，從比較法觀點探討我國私募制度之法律佈局，中原大學財經法律學系碩士學位論文，2003 年
許雪芳，上市上櫃公司私募之研究，中山大學財務管理研究所碩士論文，2003 年
楊紹華，私募股票成風，股東權益拉警報，錢雜誌第224 期，2005 年6 月，頁64-69
胡釗雄，私募是市場肥肉還是腐肉─花小錢買下公司的行家手法，商業週刊，2005 年7 月4 日，頁64-65

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