臺灣博碩士論文加值系統

自91年初證券交易法通過私募規範修訂後，私募有價證券已成為企業重要的籌資管道，私募件數和金額逐年快速成長。94年企業經由私募方式自資本市場籌措資金達1,377億元，佔資本市場籌資比重達17%，可見私募已逐漸成為資本市場籌資之焦點。本研究以91年1月至95年6月間，台灣上市及上櫃公司提出私募宣告為樣本，共293筆，採用事件研究法來探討私募宣告對股東財富是否具有顯著影響，同時也探討不同資本市場、不同產業、不同融資工具及不同融資需求之私募宣告是否具有顯著差異性。
本研究歸納以下之結論：一、私募宣告的公司中，有50%以上的公司，其前一年度具備股本不大、董監持股比率低、負債比率高、及經營績效不佳等屬性。二、上市公司進行私募宣告時，訊息宣告有事先走漏的現象，以及會對股東財富造成影響。三、不同產業的私募宣告，會導致股東財富變動之差異，且傳產公司大於電子公司。電子公司在訊息宣告後的賣壓，及傳產公司在訊息宣告日，對股東財富造成影響。四、股權私募宣告，訊息有事先走漏的現象，且內部的關係人有先行賣出老股認新股的套利現象，致宣告當日產生負的平均異常報酬。五、以充實營運資金私募宣告時，訊息有事先走漏的情形，內部人有先賣出持股以認新股的套利行為，且在事件宣告後有持續為之的現象。六、私募宣告時，公司前一年度稅後股東財富率的大小，會對股東財富產生正向變動。

Using the event study methodology, this study examines investors’ reactions to firm announcements of private placement. A sample of 293 private placement announcements during January 2002 and June 2006 in Taiwan was obtained. Moreover, we also discuss whether these findings differ by capital market, financing tool and financing demand.
The findings of this research is as follows: First, over 50% of companies announcing private placement tend to have larger capital, lower percentage of shares held by directors, higher leverage ratio, and poor business performance. Second, the announcements of private placement have influence on shareholders’ wealth. However, there is information leakage before announcement dates of private placement. Third, stock market reaction to the announcements of private placement differs by industry. The average cumulative abnormal returns for firms in electronic industry are larger than those for firms in other industries. Fourth, there is information leakage before announcement dates of private equity. It seems that the internal sponsors have sold the old shares and bought the new issues in advance to realize the arbitrage profit, causing the announcement date to have the negative abnormal return. Fifth, when the financing demand is strengthening the company’s working capital, there is information leakage before announcement dates. It seems that the internal sponsors have sold the old shares and bought the new issues in advance to realize the arbitrage profit. Finally, market reactions to the announcement of private placement are positively associated with ROE one year before announcement.

中文摘要..........................................................Ⅲ
英文摘要..........................................................Ⅳ
誌謝..............................................................Ⅴ
目錄..............................................................Ⅵ
圖目錄............................................................Ⅷ
表目錄............................................................Ⅸ
第一章 緒論........................................................1
第一節 研究動機....................................................1
第二節 研究目的....................................................2
第三節 論文架構....................................................3
第二章 私募市場之描述..............................................5
第一節 影響公司融資決策的因素......................................5
第二節 我國私募制度之介紹.........................................15
第三節 我國企業私募有價證券之情形.................................22
第三章 文獻回顧...................................................30
第一節 私募權益證券文獻...........................................30
第二節 私募公司債文獻.............................................37
第三節 我國私募證券文獻...........................................42
第四章 研究設計...................................................46
第一節 建立研究假說...............................................46
第二節 研究的操作型變數定義.......................................48
第三節 研究期間、研究對象與資料來源...............................51
第四節 研究方法...................................................55
第五章 實證結果與分析.............................................63
第一節 敘述統計分析...............................................63
第二節 實證結果分析...............................................71
第三節 複迴歸分析.................................................92
第六章 研究結論與建議.............................................97
第一節 研究結論...................................................97
第二節 研究限制..................................................100
第三節 研究建議..................................................102
參考文獻 ........................................................104

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