臺灣博碩士論文加值系統

本研究探討私募公司績效與機構投資人持股的關係，有三個主要的議題，第一，機構投資人持股比例會對私募公司的績效的影響。第二，公司進行私募時，公司特質會如何影響不同機構投資人的持股。第三，引進新的機構投資人會不會有比較好的公司長期績效，新股東的加入對公司長期股價表現影響是否會比起舊股東的影響顯著。實證結果顯示，(1)公司規模大小與機構投資人的持股和公司長期績效有正向關係；(2)新舊機構投資人於私募時皆傾向對大公司、股價低於淨值時增加持股，此外，在私募發行新股越多時，新機構投資人增加其持股；(3)舊機構投資人私募時如果增加持股，對公司長期股價並沒有明顯的影響，但是引進新的機構投資人，對公司長期股價表現越好。

This paper investigates the relationship between private-placement firms' long-run performance and institutional investors by examining three issues: (1) the impact of institutional holdings on private-placement firms' performance, (2) the firms' characteristics that affect the institutional holding around private-placement and (3) how the participation of the new institutional investors in private-placements would affect the long-run performance. The results show that the change of the institutional holding and firms' size are positively and significantly related to the long-run stock performance. The new and old institutional investors are likely to increase their ownership around the private-placements for big firms, and the institutional investors tend to increase their ownership when the firms' stock price is lower than book value. In addition, the new institutional investors will increase their ownership when firms issue more shares. When firms have private-placements: the increase of the old institutional investors ownership does not affect the firms' long-run performance, but the new institutional investors improves the firms' long-run performance.

第壹章 緒論 .................................1
第一節 研究動機與背景..........................1
第二節 研究目的...............................2
第三節 研究架構...............................2
第貳章 文獻回顧...............................3
第一節 私募文獻...............................3
第二節 私募的長期績效..........................4
第三節 機構投資人的角色.........................4
第参章 資料研究方法............................6
第一節 基本假說...............................6
第二節 變數定義...............................7
第三節 資料來源及樣本選取.......................9
第四節 變數基本特性............................9
第肆章 實證分析...............................11
第一節 機構投資人與私募長期股價表現..............11
第二節 新舊機構投資人持股特性...................15
第三節 長期股價表現...........................16
第伍章 結論..................................19
參考文獻....................................20

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