本研究以2007年至2014年間發行私募股權(PIPE)的363間中國上市公司為研究對象，樣本總計456筆PIPE募資交易，首先擬分析影響公司募資間隔(Duration)的因素，結果發現，重複發行私募股權的公司(Multiple PIPE)，影響第一次之私募股權募資間隔(Initial PIPE Duration)與後續募資間隔(Follower PIPE Duration)的主要因素不同，分析結果發現，公司發行第一次之私募股權募資間隔(Initial PIPE Duration)主要是受市場擇時行為影響，發行後續私募股權募資間隔(Follower PIPE Duration)則是受公司成長機會所影響。
其次，文章中亦對於私募的應募人進行探討，並依照募資後是否會進入董監事劃分成消極行與積極型兩大類，並探討兩類應募人對於PIPE Duration的影響以及經營績效的比較，研究結果發現，若消極的應募人參與募資，Duration會顯著縮短，若積極型的應募人參與募資，Duration則會顯著拉長，再者，結果亦發現，有積極型應募人參與的公司，募資前績效、資本資支出低於消極型應募人參與的公司，但募資後經營績效表現皆顯著優於消極的公司，兩類型應募人募資後公司績效皆較募資前績效差，且消極應募人參與後公司募資後績效顯著劣於募資前，兩者募資後的不動產廠房皆高於募資前。

In this study we explore the determinants of duration of issuing a PIPE using 456 PIPEs from 363 listed firms in China in the sampling period of 2007-2014.We find that for the determinants for initial PIPEs and following PIPEs are different. Specifically,we find the most critical determinant for initial PIPEs is timing,while is growth opportunity for the following PIPEs.
We further contrast active versus passive PIPE investors using the criteria of whether the PIPE investors get involved in the firm’s board.We find that as compared to passive PIPEs,active PIPEs are associated with inferior performance and lower capital expense prior to the involvement of PIPE.But,after the involvement of active PIPE .Active investor’s performance is better than passive investor’s.However,we also find that both kind of investor’s post PIPE performance are inferior than prior performance,but the passive investor involvement’s firm performance have significant inferior.By the way, both kind of investor’s property,plant,and equipment’s expense are higher than prior period. Finally,we find that the involvement of passive (active) investors is negatively (positively) correlated with the duration of launching the following PIPE.

目錄 I
圖目錄 III
表目錄 III
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究步驟 4
第四節 研究目的 6
第五節 研究流程 7
第二章 文獻探討 8
第一節 私募有價證券之優缺點 8
第二節 假說建立 10
第三節 私募股權與後續長短期績效 17
第三章 資料與研究方法 20
第一節 研究樣本與資料來源 20
第二節 變數定義 22
第三節 研究方法 23
第四章 實證結果 27
第一節 基本統計量 27
第二節 Initial PIPE & Follow PIPE之差異 28
第三節 釐清Duration長短的好壞 31
第四節 募資間隔(Duration)分析 32
第五節 應募人屬性與Duration 36
第六節 影響Duration因素小總結 38
第七節 應募人績效與資金運用 39
第五章 結論 42
參考文獻 46
附錄 50

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