我國於九十一年通過私募制度法案後，為企業帶來另一項新的集資管道，企業透過私募集資對財務報表盈餘品質的影響也備受投資大眾高度關注。本研究利用我國2006年1月至2008年6月間上市上櫃資訊電子業股權私募公司為樣本，延用Basu (1997)報酬迴歸模型之基本概念加入總私募持股率、法人持股率、內部人持股率以及是否私募發行及私募後是否擔任董事兩虛擬變數，探討私募發行股權公司其盈餘品質的變化？以及公司在揭露好消息及壞消息時，在盈餘品質方面是否有顯著之差異。

研究結果顯示：(1) 相較於沒有股權私募之公司，有私募發行的公司確實會有較高的盈餘品質；當總私募股數佔公司流通在外股數比例較高時，會有較好的盈餘品質。(2) 將私募總股數細分為法人持股以及內部人持股，發現外部機構法人持股數的增加確實提升整體公司之盈餘品質；內部管理階層持股比例愈高時，符合利益收斂假說，存在正面且顯著之影響亦會有較好之盈餘品質。(3) 若區分正報酬(好消息)及負報酬(壞消息)進行檢定，結果發現公司在面臨壞消息時，公司在損失認列方面會較具及時性，會有較佳之盈餘品質；反之，公司在宣告好消息時，對於利益之認列會有分期認列之現象，盈餘及股價報酬之關聯性會比公司在發佈壞消息時來的低。

Passage of the Private Placement Act during 2002 has brought new way of raising capital for enterprises. Therefore, investors pay closer attention to the earnings qualities of enterprises generated through private placement. This study using samples from electronic sectors which are listed in stock market in Taiwan during January, 2006 and June, 2008 to investigate whether earning qualities are influenced by private placement.

Our findings show: (1) The company with private placement will have the high earnings quality. Companies with higher private shares will have better earnings quality. (2) Institutional ownership improves earnings of quality. (3) Loss recognitions are timely and earnings quality are better when companies are facing bad news.

目錄
中文摘要　 ------------------------------------------------------------------------------- i
Abstract ------------------------------------------------------------------------------ ii
誌謝 ------------------------------------------------------------------------------------ iii
目錄 ---------------------------------------------------------------------------------- iv
圖表目錄 ----------------------------------------------------------------------------- vi
第一章 緒論 ------------------------------------------------------------------------- 01
第一節 研究背景 ---------------------------------------------------------- 01
第二節 動機與目的 ------------------------------------------------------- 03
第三節 研究架構 ---------------------------------------------------------- 04
第二章 台灣私募市場之描述 ---------------------------------------------------- 06
第一節 股權私募之介紹 ------------------------------------------------- 06
第二節 股權私募之優缺點 ------------------------------------------------- 13
第三節 股權私募之運用 ------------------------------------------------- 16
第三章 文獻回顧 ------------------------------------------------------------------- 19
第一節 股權私募對公司價值影響之相關文獻 ---------------------- 19
第二節 盈餘品質之相關文獻 ------------------------------------------- 23
第三節 股權結構之相關文獻 ------------------------------------------- 25
第四章 研究假說與研究設計 ---------------------------------------------------- 27
第一節 研究假說 ---------------------------------------------------------- 27
第二節 研究設計 ---------------------------------------------------------- 31
第五章 實證結果 ------------------------------------------------------------------- 38
第一節 敘述性統計分析 ------------------------------------------------- 38
第二節 相關性分析 ------------------------------------------------------- 40
第三節 實證結果分析 ---------------------------------------------------- 42
第六章 結論與建議 ---------------------------------------------------------------- 55
第一節 研究結論 ---------------------------------------------------------- 55
第二節 研究限制 ---------------------------------------------------------- 56
第三節 研究建議 ---------------------------------------------------------- 56
參考文獻 ------------------------------------------------------------------------------- 57
中文部分 ---------------------------------------------------------------------- 57
英文部分 ---------------------------------------------------------------------- 59

中文部份：

1.李永然，李宗憲，2005，“淺析「私募基金」與節稅運用”，實用稅務，369卷，頁42~48，9月。
2.林佩蓉，2005，“私募型證券投資信託基金制度介紹”，證券暨期貨月刊，23卷，3期，頁42~47，3月。
3.林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學，碩士論文。
4.張文瀞，黃惠專，2005，“處分投資、盈餘平穩化與市場評價”，當代會計，6卷，2期，頁29~62，11月。
5.張書瑋，2007，“當私募基金來敲門--一種顛覆觀念的新財務工具 一種企業不得不思索的選擇”，會計研究月刊，260卷，頁27~40，7月。
6.戚務君，陳宜伶，2008，“資本市場對盈餘品質的影響：來自台灣的證據”，管理評論，27卷，2期，頁53~69，4月。
7.許純琪，2005，“我國私募基金的介紹與討論”，萬國法律，139卷，頁16~21，2月。
8.許惠雲，2006，台灣上市上櫃公司私募股權中之私人利益，國立中山大學，碩士論文。
9.郭恆慶，2007，“認識私募基金”，信用合作，94卷，頁68~77，10月。
10.陳津美，施淑惠，2007，“私募基金所衍生金融及課稅問題之探討”，北商學報，12卷，頁1~15，7月。
11.陳真珍，2007，“股票上市公司終結者--私募基金”，會計研究月刊，260卷，頁46~51，7月。
12.葉銀華，2002，“台灣公司治理的問題與改革之道”，證券暨期貨管理，20期，頁1~16，11月。
13.葉銀華，2007，“公司治理與私募基金的併購--強化執行揭露規範 有助保障股東權益”，會計研究月刊，260卷，頁52~63，7月。
14.廖麗娟，2007，“私募基金投資策略與監理--兼論美國及英國之監理政策”，證券櫃檯，130卷，頁111~125，8月。
15.蔡鐘慶，2002，從比較法觀點探討我國私募制度之法律佈局，中原大學，碩士論文。
16.蘇秀玲，2007，“私募股權基金與融資收購問題初探”，證券暨期貨月刊，25卷，3期，頁37~52，3月。
17.蘇啟文，2007，公司治理與盈餘保守性，輔仁大學，碩士論文。
英文部份：

1.Aharony, J., C. Lin , and M. P. Loeb, 1993, “Initial public offerings, accounting choices, and earnings management.” Contemporary Accounting Research, vol. 10 , pp.61-81.
2.Ang, J. S., and J. C. Brau, 2002, “Firm transparency and the costs of going public.” The Journal of Financial Research 1 (Spring), pp.1-17.
3.Armstrong, C., A. Davila and G. Foster, 2006, "Venture-backed private equity valuation and financial statement information" Review of Accounting Studies, vol.11, pp. 119-154.
4.Ball, R. and L. Shivakumar, 2005, "Earnings quality in UK private firms" Journal of Accounting and Economics, vol. 39, pp. 83-128.
5.Basu, S. 1997, "The conservatism principle and the asymmetric timeliness of earnings" Journal of Accounting and Economics, vol. 24, pp. 3-37.
6.Beaver, W. and S. Ryan, 2005, "Biases and lags in book value and their effects on the ability of th book-to-market ratio to predict book return on equity." Journal of Accounting Research, vol. 38, pp. 127-148.
7.Beaver, W. and S. Ryan, 2005, "Conditional and unconditional conservatism: concepts and modelling" Review of Accounting Studies, vol. 10, pp. 269-309.
8.Bernard, V., and J. Thomas, 1990, “Evidence that stock process do not fully reflect the implications of current earnings for future earnings.” Journal of Accounting and Economics, vol.13, no.4,pp.305-340.
9.Burgstahler, D., L. Hail and C. Leuz, 2006, "The importance of reporting incentives: Earnings management in European private and public firms" The Accounting Review, vol.81 no. 5, pp.983-1016.
10.Bushman, R., Q. Chen, E. Engel and A. Smith, 2004, "Financial accounting information, organizational complexity and corporate governance systems" Journal of Accounting and Economics, Vol. 37 no. 2, pp. 167-201.
11.Cao, J., and J. Lerner, 2006, The performance of reverse leveraged buyouts. Working Paper, Boston College and Harvard University.
12.Chou D. W., M. Gombola, and F. Y. Liu, 2006, “Earnings management and stock performance of reverse leveraged buyouts.” Journal of Financial and Quantitative Analysis, vol. 41, pp.407-437.
13.Christof, B., D. Marc and M. Sophie, 2007, “Private equity involvement and earnings quality” Working Paper.
14.Chung, R., M. Firth and, J. B. Kim, 2002, "Institutional monitoring and opportunistic earnings management" Journal of Corporate Finance, vol. 8 no. 1, pp. 29-48.
15.Cornelli, F. and O. Yosha, 2003, "Stage financing and the role of convertible debt" Review of Economic Studies, vol. 70, no. 1, pp. 1-32.
16.Cotter, J. F., and S. W. Peck, 2001, “The structure of debt and active equity investors: The case of the buyout specialist.” Journal of Financial Economics, vol.59, pp.101-147.
17.Cronqvist, H., and M. Nilsson, 2005, “The choice between rights offerings and private equity placements”, working paper SSRN,FEN Cap-Structure WPS.
18.Davilla, A. and G. Foster, 2005, "Management accounting systems adoption decisions: evidence and performance implications from early-stage/startup companies" Accounting Review, vol. 80, no. 4, pp. 1039-1068.
19.Degeorge, F., and R. Zeckhauser, 1993, The reverse LBO decision and firm performance: Theory and evidence. Journal of Finance, vol. 48, pp.1323-1348.
20.Demsetz, H., and K. Lehn, 1985, “The structure of corporate ownerships: Causes and consequences”, Journal of Political Economy, vol.93, pp.1155-77.
21.Feltham, G. and J. Olhslon, 1995, "Valuation and clean surplus accounting for operating and financial activities." Contemporary Accounting Research, vol. 2, pp. 689-781.
22.Fields, T., T. Lys and L. Vincent, 2001, "Empirical research on accounting choice" Journal of Accounting and Economics, vol.31, pp.255-307.
23.Givoly, D., C. Hayn, and A. Natarajan, 2007a, “Measuring reporting conservatism.” The Accounting Review, vol.82, pp.65-106.
24.Gompers P. and J. Lerner, 1999, "The venture capital cycle" The MIT Press – Cambridge Massachusetts.
25.Gompers, P. A., 1995, "Optimal investment, monitoring, and the staging of venture capital" Journal of Finance, vol. 50, no. 5, pp. 1461-1489.
26.Hand, J.R.M., 2005, "The value relevance of financial statements in the venture capital market" Accounting Review, vol. 80, no. 2, pp. 613-648.
27.Haw, I., B. Hu, L. Hwang, and W. Wu, 2004, “Ultimate ownership, income management, and legal and extra-legal institutions.” Journal of Accounting Research, vol. 42, pp.423-462.
28.Hellmann, T., and M. Puri, 2002, "Venture capital and the professionalization of start-up firms: empirical evidence" Journal of Finance, vol. 57, pp. 169-197.
29.Hertzel, M., and R.L. Smith, 1993, “Market Discounts and Shareholder Gains for Placing Equity Privately”, Journal of Finance, Vol.48, No.2, Jun.,459-485.
30.Hochberg Y., 2006, Venture capital and corporate governance in the newly public firm. Working Paper, Northwestern University.
31.Ivanov, V. I., C. N. V. Krishnan, R. W. Masulis, and A. K. Singh, 2008, “Does venture capital reputation matter?” Evidence from subsequent IPOs. Working Paper, University of Kansas, Case Western Reserve University, and Vanderbilt University.
32.Jensen, M. and W. Meckling, 1976, “Theory of the firm: Managerial behavior, agency costs, and capital structure”, Journal of Financial Economics, vol.14, pp.555-579.
33.Kaplan, S. N. and P. Strömberg, 2002, "Financial contracting meets the real world: an empirical analysis of venture capital contracts" Review of Economic Studies, pp. 1-35.
34.Kaplan, S.N. and P. Strömberg, 2004, "Characteristics, contracts, and actions: evidence from venture capitalist analyses" Journal of Finance, Vol. 59, no. 5, pp. 2177-2209.
35.Kim, W.S., and E.H. Sorensen, 1986, “Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy”, Journal of Financial and Quantitative Analysis, vol.21, pp.131-144.
36.Lerner, J., 1995, "Venture capitalists and the oversight of private firms" Journal of Finance, vol. 50, no. 1, pp. 301-318.
37.Leuz, C., 2006, "Cross listing, bonding and firms’ reporting incentives: A discussion of Lang, Raedy and Wilson" Journal of Accounting and Economics, vol. 42, no. 1-2, pp. 285-299.

38.Long T., V. Dulewicz and G. Kay, 2005, "The role of the non-executive director: findings of an empirical investigation into the differences between listed and unlisted UK boards" Corporate Governance: An International Review, Vol. 13, No. 5, pp. 667-679.
39.Mason, S.P., and R.C. Merton, 1985, “ The Role of Contingent Claims Analysis in Corporate Finance”,Recents Advances in Corporate Finance, pp.7-54.
40.Miller, M., and F. Modigliani, 1961, “Dividend Policy,Growth and the valuation of Shares”,Journal of Business, vol.34, pp.411-433.
41.Mitchell, F., G.C. Reid, and N.G. Terry, 1995, "Post investment demand for accounting information by venture capitalists" Accounting and Business Research, vol. 25, no. 99, pp.186-196.
42.Morsfield, G. S., and C. Tan, 2006, “Do venture capitalists influence the decision to manage earnings in initial public offerings?” The Accounting Review, vol. 81, pp.1119-1150.
43.Myers, S.C. and N.S. Majluf, 1984, “Corporate financing and investment decisions when the firm has information that investors do not have”, Journal of Financial Economics, vol.13, pp.187-221.
44.Ou, J., and S. Penman, 1989, “Financial statement analysis and the prediction of stock returns .” Journal of Accounting and Economics, vol.11, no.4,pp.295-330.
45.Pound, J., 1988,“ Proxy contests and the efficiency of shareholder oversight. ” Journal of Financial Economics, Vol.20(1-2), pp.237-265.
46.Renneboog, L., and T. Simons, 2005, “Public-to-private transactions: LBOs, MBOs, MBIs, and IBOs.” Working Paper, Tilburg University and McKinsey & Co., Inc. (Amsterdam office).
47.Sahlman, W., 1990, "Structure and governance of venture capital organizations" Journal of Financial Economics, vol. 27, pp. 473-521.
48.Salancik, G.R., and J. Pfeffer, 1980, “The Effects of Ownership and Performance on Executive in U.S. Corporations”, Academy of Management Journal, vol.23, pp.653-664.
49.Sharon, K., 2008, “Earnings quality and qwnership structure：the role of private equity sponsors” Working Paper.
50.Shleifer, A. and R. Vishny , 1986 “Large Shareholders and Coporrate Control,”Journal of Political Economy, Vol.94, pp.461-488.
51.Sloan, R. G., 1996,“Do stock prices fully reflect information in accruals and cash flows about future eanings？” The Accounting Review, vol.71, no3, pp.289-315.
52.Teoh, S. H., I. Welch, and T. J. Wong, 1998, "Earnings management and the long-run market performance of initial public offerings" Journal of Finance, vol. 53, no. 6, pp. 1935-1974.
53.Vander Bauwhede, H., M. Willekens and A. Gaeremynck, 2003, "Audit firms size, public ownership, and firm’s discretionary accruals management" International Journal of Accounting, vol.38, pp.1-22.
54.Velury, U. and D. Jenkins, 2006, "Institutional ownership and the quality of earnings" Journal of Business Research (forth coming).
55.Warfield, T., J. Wild and K. Wild, 1995, "Managerial ownership, accounting choices, and informativeness of earnings" Journal of Accounting and Economics,vol.20, pp.61-91.
56.Wongsunwai, W., 2007, “Does venture quality affect corporate governance?” Working Paper, Northwestern University.
57.Wright, M., and K. Robbie, 1999, “Venture capital and private equity: A review and synthesis.” Journal of Business Finance and Accounting, vol.25, pp.521-570.
58.Wruck, K.H., 1989, “Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings”, Journal of Financial Economics, vol.23, pp.3-28.
59.Wruck, K.H., and Y. Wu, 2005, “The Value of Relationship Investing: Evidence from Private Placements of equity by U.S Public Firms”, working paper.