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研究生:李欣諭
研究生(外文):Sin-yu Li
論文名稱:反向槓桿收購折價現象與長期績效表現之研究
論文名稱(外文):Study on the Underpricing and Long-Run Performance of Reverse Leveraged-Buyouts
指導教授:徐政義徐政義引用關係
指導教授(外文):Cheng-yi Shiu
學位類別:碩士
校院名稱:國立中央大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:48
中文關鍵詞:私募股權基金長期績效價格低估反向槓桿收購
外文關鍵詞:Reverse Leveraged-BuyoutsLong-Run PerformancePrivate Equity FundUnderpricing
相關次數:
  • 被引用被引用:1
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
有關初次公開發行股票上市後價格被低估且長期績效不佳的現象已被學者廣泛地討論,雖然反向槓桿收購亦屬於初次公開發行股票的一種,但由於先前曾在市場上交易,預期市場參與者對其資訊取得較為容易,加上私募股權基金特殊的經營管理模式注入,使得反向槓桿收購上市後表現是否不同於傳統初次公開發行股票成為大眾關心的焦點。本研究透過美國1990年至2010年間666個反向槓桿收購的樣本,探討上市之折價現象以及三年股票表現。研究結果顯示反向槓桿收購在重新上市時,仍有價格被低估的情形,但幅度遠低於傳統IPOs。另外,上市後三年的表現並沒有顯著低於市場報酬,並於2003年後有上升的趨勢,與一般傳統IPOs長期績效不佳之現象並不一致。
The underpricing and long-run underperformance of initial public offerings have been widely documented by scholars. Although reverse leveraged-buyouts are also one kind of initial public offerings, there are still some differences between them. Reverse leveraged-buyouts had public traded in the market before, so market participants would be easier to get the information of the companies. They were also bought by private equity fund and had been put the special mode of operation and management into the company, so everyone concerned about the performance when they reversed to the market. This article uses 666 RLBOs samples in the US between 1990 and 2010 and examines the underpricing and three-year stock performance after offerings. The result shows RLBOs are still undervalued when they are relisted to the market, but they have much lower degree than traditional IPOs. After the listing of three years, the stock performances do not significantly lower than market returns and have an upward trend after 2003 which is inconsistent with the phenomenon traditional IPOs have poor long-term performance.
摘要 i
Abstract ii
致謝辭 iii
目錄 iv
表目錄 vi
圖目錄 vii
第一章 緒論 1
1-1研究背景與動機 1
1-2研究目的 2
1-3研究架構 3
第二章 文獻回顧 4
2-1初次公開發行(IPOs)績效表現 4
2-1-1短期績效表現 4
2-1-2長期績效表現 5
2-2反向槓桿收購(RLBOs)績效表現 6
2-2-1 RLBOs績效表現概況 6
2-2-2公司治理對財務經營績效的影響 8
第三章 研究方法 11
3-1短期折價現象的衡量方法 11
3-2長期績效的衡量方法 11
3-3 資料來源 17
第四章 實證結果 19
4-1樣本敘述 19
4-2短期績效表現 23
4-3長期績效表現 26
第五章 結論 35
參考文獻 36
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