本研究旨在探討自2006 年至 2008，台灣上市櫃公司進行私募股權的特性。從公開資訊觀測站查詢私募股權案，共有157個樣本數。本研究以8個獲利指標分別為負債比率、營業淨利未扣除折舊費用前之資產報酬率、資產報酬率、營業淨利率、股東權益報酬率、淨利率、每股盈餘及市值與帳面價值比，來衡量私募後的經營績效是否獲得改善，衡量方式係以私募前及後一年度，一共有三年度的財務比率。研究方法是以無母數統計進行各項假說的實證探討。實證結果如下：

1 公司在長期償債能力、現金流量方面、最終獲利及利用資產來創造利潤之績效都較私募前明顯獲得改善。表示假說 1：發行公司於私募後其經營績效較好，此假說成立。
2 在檢驗溢、折價發行公司在私募後績效表現方面，私募後一年，在營業淨利率、股東權益報酬率及每股盈餘等變數達到顯著水準，顯示溢價發行在本業獲利及利用資產來創造利潤的改善程度優於折價發行。表示假說 2：溢價發行公司經過私募後，其經營績效改善程度較以折價發行公司為良好，此假說成立。
3 在私募股權比率對績效改善方面，私募後一年在每股盈餘達5%顯著水準，顯示市場對改善幅度評價，低股權比率較高股權比率大。表示假說 3：高私募股權比率的公司，私募後績效改善較低私募股權比率者為佳，此假說並不成立。

The purpose of this study is to explore characteristics of private placement of shares by listed and OTC companies in Taiwan from 2006 to 2008. As inquired for private placement cases from Market Observation Post System, there are 157 samples. Eight profitability indices including debt ratio, return on assets to net operating incomes before deducting depreciation expenses, return on assets, net operating income rate, return on equity of stockholders, net income rate, earnings per share, and mart-to-book value ratio, are used to measure whether operating performances are improved after private placement. The measurement method is to compare financial ratios of three years, including the year before and the year after private placement. The study method adopts non-parametric statistics to make empirical exploration of various hypotheses. Empirical results are as follows:




1 Long-term debt paying ability, cash flow, final profitability, and the performance of utilizing assets to create profit are significantly improved than those before private placement, suggesting that hypothesis 1 – operating performance after private placement of issuing company is better – is valid.

2 Regarding the performance of issuing company after private placement by testing issue at premium or discount, variables of net operating income rate, return on stockholders'' equity, and earnings per share one year after private placement have reached a significant degree, indicating the degree of improvement of operating profitability and profit generated from utilization of assets of the company issuing shares at premium is better than issuing shares at discount, suggesting that hypothesis 2 – the degree of improvement of operating performance after private placement of a company issuing shares at premium is better than the company issuing shares at discount – is valid.

3 Regarding the improvement of private placement share ratio to performance, earnings per share have reached a significant level of 50% one year after private placement, indicating the market valuation toward degree of improvement is that lower share ratio is greater than higher share ration, suggesting hypothesis 3 – the operating performance after private placement of a company with higher private placement share ratio is better than a company with lower private placement share ratio, is not valid.
Key words: Listed company, private placement of shares, profitability indices, characteristics

中文摘要　 -------------------------------------------------------------------- i
英文摘要 -------------------------------------------------------------------- ii
誌謝 -------------------------------------------------------------------- iv
目錄こ -------------------------------------------------------------------- v
表目錄 -------------------------------------------------------------------- vii　
第一章 緒論 -------------------------------------------------------------- 1
第一節 研究動機與目的------------------------------------------------- 1
第二節 研究架構---------------------------------------------------------- 4
第二章 理論與文獻探討---------------------------------------------------- 5
第一節 台灣私募制度規範介紹---------------------------------------- 5
第二節 私募制度之優點及缺點---------------------------------------- 11
第三節 私募制度之運用------------------------------------------------- 13
第四節 私募股權文獻---------------------------------------------------- 15
第三章 研究方法------------------------------------------------------------- 20
第一節 研究期間與資料蒐集------------------------------------------- 20
第二節 研究假說---------------------------------------------------------- 21
第三節 研究變數操作性定義------------------------------------------- 23
第四節 統計方法---------------------------------------------------------- 26
第四章 實證結果------------------------------------------------------------- 27　
第一節 私募股權現況之分析------------------------------------------- 27
第二節 企業私募後經營績效之檢定---------------------------------- 38
第三節 溢價或折價發行企業在私募後之
經營績效改善程度差異檢定----------------------------------- 41
第四節 私募股權比率與績效改善之檢定----------------------------- 46
第五章 結論與建議----------------------------------------------------------- 51
第一節 研究結論----------------------------------------------------------- 51
第二節 研究建議----------------------------------------------------------- 54
第三節 後續研究建議----------------------------------------------------- 55
參考文獻 ------------------------------------------------------------------------- 56











表目錄
表 4-1 私募時間與樣本數統計表------------------------------------------------------ 27
表 4-2　 私募定價日至完成私募股款繳納日之天數--------------------------------- 28
表 4-3　 樣本資料之產業別分佈---------------------------------------------------------　 29
表 4-4 私募價格敘述統計表------------------------------------------------------------ 30
表 4-5　 私募發行價格比例--------------------------------------------------------------- 　30
表 4-6　 私募資金用途---------------------------------------------------------------------　 32
表 4-7　 私募對象關係分類--------------------------------------------------------------- 33
表 4-8　 私募目金額------------------------------------------------------------------------ 　34
表 4-9 私募金額佔實收資本額百分比------------------------------------------------　 34
表 4-10　私募折、溢價金額---------------------------------------------------------------- 35
表 4-11 私募折、溢價幅度--------------------------------------------------------------- 36
表 4-12 產業別折、溢價比例------------------------------------------------------------ 36
表 4-13 資金用途之折價幅度------------------------------------------------------------　 37
表 4-14 私募前、後一年之各項變數---------------------------------------------------　 39
表 4-15 折價組之私募前、後一年的各項變數--------------------------------------- 42
表 4-16 溢價組之私募前、後一年的各項變數--------------------------------------- 44
表 4-17 低私募股權比率組之私募前、後一年的各項變數------------------------ 47
表 4-18 高私募股權比率組之私募前、後一年的各項變數------------------------ 49

一、中文部分
1梁薺方(2002)，「私募權益之研究」，國立台灣大學財務金融研究所碩士論文。
2張以燐(1995)，「我國新上市公司及現金增資股價長期績效之研究」，國立成功大學會計學研究所未出版碩士論文。
3楊光文(2005)，「台灣私募股權現況研究」，國立台北大學企業管理學系碩士在職專班碩士論文。
4謝易宏(2003)，「從比較法觀點探討我國私募制度之法律佈局」，私立中原大學財經法律學系碩士論文。

二、英文部分
1Barclay, Michael J., and Dennis P. Sheehan (2001), The block pricing puzzle, working paper, SSRN, FEN Cap-Structure WPS.
2Bernstein, Leopold A., (1988) “Financial Statement Analysis, theory, application and interpretation” 4th.
3Chu,Shin-Herng Michelle, Lentz,George H. and Robak Espen (2005) , “Comparing the Characteristics and Performance of Private Equity Offering Frims with Seasoned Equity Offering Firms”, Journal of Economics and Management No.1, pp.57–83。
4Cronqvist, Henrik, and Mattias Nilsson (2003), “The choice between rights offerings and private equity placements”, working paper SSRN, FEN Cap-Structure WPS.
5Hertzel, M. and R.L.Smith (1993), “Market Discounts and Shareholder Gains for Placing Equity Privately”, Journal of Financial 48, No.2, pp.459-485.
6Jensen, M. and W. Meckling (1976), “Theory of the firm: Managerial behavior, agency costs, and ownership structure”, Journal of Financial Economics, Vol. 3, pp.305-360.
7Patel, A., D. R. Emery and Y. W. Lee, (1993), “Firm Performance and Security Type in Seasoned Offerings： An Empirical Examination of Alternative Signaling Models.” Journal of Financial Research 16, pp.181-192.
8Ruth, S.K.Tan, P.L.Chng,and Y.H.Tong (2002), “Private placements and rights issues in Singapore”, Pacific-Basin Finance Journal 10, pp.29-54.
9Venkatraman, N. and Ramanujam, V. (1986) “Measurement of Business Performance in Strategy Reasearch：A comparison of approaches,” Academy of Management Review, 11(4), pp.801-815.
10Wruck, K.H., (1989) , “Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings”, Journal of Financial Economics 23, pp.3-28.





三、網頁部分
1臺灣證券交易所
http：//www.twse.com.tw/ch/index.php
2證券櫃檯買賣中心
http：//www.otc.org.tw/ch/index.php
3行政院金融監督管理委員會全球資訊網
http://www.fscey.gov.tw/
4公開資訊觀測站
http：//newmops.tse.com.tw/
5台灣經濟新報
http：//www.tej.com.tw/twsite
6中華民國證券商業同業公會
http：//www.csa.org.tw/