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研究生:林志名
研究生(外文):Zhi-Ming Lin
論文名稱:探討影響私募資訊內涵之因素
論文名稱(外文):Investigating the Factors Affecting the Information Contents of Private Placement
指導教授:倪衍森倪衍森引用關係
口試委員:蕭文姃曹銳勤
口試日期:2013-06-24
學位類別:碩士
校院名稱:淡江大學
系所名稱:管理科學學系企業經營碩士在職專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:中文
論文頁數:33
中文關鍵詞:私募股權公司治理財務訊息
外文關鍵詞:Private PlacementCorporate GovernanceFinancial Statements
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本文以台灣上市公司之私募宣告資料為樣本,來探討影響私募宣告資訊內涵的可能成因。由於當公司私募來籌措資金時,有源自公司財務上的需要,然而私募之決行,其董事會應為重要之定奪機構,是以吾等認為公司財報因素與公司治理因素為影響私募的主要成因,進而吾等認為影響私募宣告的資訊內涵的可能成因,亦不脫離財報因素、公司治理因素,尤其是股權結構因素。而本實證結果顯示,私募宣告事件前,確有資訊外溢的現象,而事件宣告當日,可能由於資訊已經反應在股價上,是以並無顯著的異常報酬。此外本研究發現董監事酬勞對資訊外溢有顯著地正向影響,是以吾等應對董監事酬勞過高的企業,當其從事私募活動時,更需謹慎以對。此外,本研究亦顯示公司治理結構與財報較優的企業,其私募後之股價表現亦較優。

This paper is to investigate the possible factors affecting the information contents of declaring private placement for the firms listed in the Taiwan stock exchange. In fact, the firms raising funds from private placement might be resulted from financial concerns, but the decision of private placement should be made by the board. Therefore, we argue that the variables related to financial statements and corporate governance should have relations with private placement, and even the information contents of announcing private placements, especially for board structure variables. The results reveal that the information leakage is indeed occurred before declaring private placement; however, the abnormal return is insignificant on the date of declaring private placement, since the share price might have already reflected the information related to private placement. In addition, the result reveals that directors’ rewards positively affect the information leakage; therefore, we should be cautious for the firms with higher directors’ rewards, while these firms engage in private placement. Furthermore, the firms with better corporate governance and financial statement have better subsequent performance after declaring private placement.

目 錄
致謝 I
中文摘要 II
英文摘要 III
目 錄 IV
表目錄 VI
圖目錄 VII
第一章 緒論 1
第一節、研究背景與動機 1
第二節、研究目的 2
第三節、研究流程 4
第四節、研究架構 5
第二章 文獻探討 6
第一節、私募股權與資訊內涵之相關文獻 6
第二節、私募股權與公司治理之相關文獻 7
第三章 研究假說與模型 11
第一節、研究資料與變數 11
第二節、研究假說與模型 16
第三節 研究方法介紹 17
第四章 實證結果與分析 22
第一節、敘述統計量 22
第二節、實證結果與分析 (一) 23
第三節、實證結果與分析 (二) 24
第五章 研究結論與建議 28
第一節、研究結論 28
第二節、投資與管理意涵 29
第三節、研究限制與建議 29
參考文獻 30

表目錄
表4-1 敘述統計量及VIF值統計表 22
表4-2 私募宣告前後之AR與CAR 23
表4-3 以CAR為應變數的迴歸模型 26

圖目錄
圖1-1 研究流程圖 4
圖3-1 事件研究期間 19



中文部份

沈中華、李建然 (2000) 事件研究法:財務與會計實證研究必備,臺北:華泰文化公司。

英文部份

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Banz, R. W. (1981). The relationships between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18.

Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2007). Private placements and managerial entrenchment. Journal of Corporate Finance, 13(4), 461-484.

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Cai, K. N., Lee, H. W., & Sharma, V. (2011). Underpricing of ipos that follow private placement. Journal of Financial Research, 34(3), 441-459.

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Datta, S., Iskandar-Datta, M., & Raman, K. (2000). Debt structure adjustments and long-run stock price performance. Journal of Financial Intermediation, 9(4), 427-453.

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Doidge, C., Karolyi, G. A., Lins, K. V., Miller, D. P., & Stulz, R. M. (2009). Private benefits of control, ownership, and the cross‐listing decision. The Journal of Finance, 64(1), 425-466.

Duan, D.J.(1987), “Directors are not doing their jobs”, Fortune, pp.117-119.

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Huang, H. H., & Chan, M. L. (2013). The initial private placement of equity and changes in operating performance in Taiwan. Accounting & Finance, forthcoming.

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