臺灣博碩士論文加值系統

本研究主要研究企業在進行私募的這一行為上，是否會以全體股東的利益為優先考量而不是以控制股東的利益為主。研究發現當控制股東以個人利益為考量時，符合個人利益假說，市場投資者不會因為企業宣告私募增資而有異常報酬產生，不具任何宣告效果。當控制股東不以個人利益為考量時符合市場訊息釋放假說，市場投資者會因為企業宣告私募增資而有異常報酬產生，具宣告效果。
進一步研究私募增資短期間內異常報酬率與財務比率之關係，發現股票淨值比、財務幹桿比率、預期報酬率、控制股東質押比、現金流量請求權與累積異常報酬率有顯著相關。當私募增資宣告下，若股票淨值比越高累積異常報酬越低，財務幹桿比率越高累積異常報酬越高，預期報酬率越高累積異常報酬越高，控制股東質押比越大累積異常報酬越低，現金流量請求權越多累積異常報酬越高。

The purpose of this study is that the enterprise’s private placement announcement is under way, whether it takes whole shareholders' benefits into consideration first not the benefits of controlling shareholders.
In this research, it is found that as Controlling shareholders take personal benefits into consideration first, and it meets personal interest hypothesis. Marketing investors don't have abnormal return when the private placement announcements are declared. It doesn't possess any announcement effect.
But oppositely, as Controlling shareholders don't take personal benefits into consideration first, and it meets signaling hypothesis. Marketing investors could have abnormal return because enterprises claim private placement. It possesses announcement effect.
For further research, the relationship between abnormal return and financial ratio in the short term of the announcement of private placement is found that Price-Book Ratio、financial leverage ratio 、Prior Return、stock pledge ratio of controlling shareholder、 and Free Cash Flow right is relevant obviously to cumulative abnormal return.
As the announcement of private placement is declared, the results below are as follows.
1. While Price-Book Ratio is increasing, cumulative abnormal return is decreasing.
2. While financial leverage ratio is increasing, cumulative abnormal return is increasing as well.
3.While Prior Return is increasing,cumulative abnormal return is increasing as well.
4. While stock pledge ratio of controlling shareholder is increasing, cumulative abnormal return is decreasing.
5. While Free Cash Flow right is increasing, cumulative abnormal return is increasing as well.

目錄 ii
圖目錄 iii
表目錄 iii
中文摘要 iv
Abstract v
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 4
第三節 研究流程 6
第二章 文獻探討 8
第一節 我國私募現況 8
第二節 控制股東相關文獻 13
第三節 私募增資與異常報酬相關文獻 19
第三章 研究方法 26
第一節 研究架構 26
第二節 研究方法 28
第三節 研究假設與變數操作性定義 34
第四章 實證結果分係 41
第一節 敘述性統計分析 41
第二節 單因子分係 43
第三節 共線性分係 45
第四節 迴歸分析 46
第五章 結論與建議 53
第一節 研究結論 53
第二節 研究限制與建議 55
參考文獻 56

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