(3.227.208.0) 您好!臺灣時間:2021/04/18 12:49
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:廖述嘉
研究生(外文):LIAO,SHU-CHIA
論文名稱:私募股權募資間距分析-中國實證研究
論文名稱(外文):The Duration of PIPEs-Evidence from China
指導教授:許培基許培基引用關係
指導教授(外文):SHU,PEI-GI
口試委員:楊雅薇孫梅瑞
口試委員(外文):YANG,YA-WEISUN,MEI-JUI
口試日期:2016-06-17
學位類別:碩士
校院名稱:輔仁大學
系所名稱:金融與國際企業學系金融碩士班
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:2016
畢業學年度:104
語文別:中文
論文頁數:53
中文關鍵詞:中國私募股權應募人身分募資間距分析
外文關鍵詞:chinaprivate equityinvestor’s identityduration analysis
相關次數:
  • 被引用被引用:1
  • 點閱點閱:104
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:3
  • 收藏至我的研究室書目清單書目收藏:0
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

壹、中文部分
1.欧阳良宜,2008,「私募股权研究及对中国监管的启示」,国家发展改革委员会财政金融司,研究报告。
2.欧阳良宜,2013,「私募股权投资管理」,北京大学出版社。
貳、英文部分
1. A Chari,(2009),“Foreign Capital and Local Firms: The Effect of Foreign Ownership and Management on Corporate Performance”.
2.Barclay,Michael J,and Dennis P. Sheehan,(2001),“The block pricing puzzle” ,working paper, SSRN, FEN Cap-Structure WPS.
3.Cheng,L.Y.,Wang,M.C.,and Chen,K.C.,(2014). “Institutional Investment Horizons and the Stock Performance of Private Equity Placements:Evidence from the Taiwanese Listed Firms”,Review of Pacific Basin Financial Market and Policies, 17(2).
4.Chen,H.C.,Dai,N.,and Schatzberg,J.D.,(2010).“The choice of equity selling
Mechanisms:PIPEs versus SEOs”,journal of corporate finance,16,104-119.
5.Choe,H.,Masulis,R.W.and Nanda,V.(1993). “Common stock offerings across the business cycle: Theory and evidence”,Journal of Empirical Finance, 1, pp. 3-31.
6.Cronqvist,H.and M.Nilsson (2004),“The Choice between Rights Offerings and Private Equity Placements.”,Forthcoming Journal of Financial Economics.
7.Hertzel,M.,Smith,R.L.,(1993).“Market discounts and shareholder gains for placing equity privately”,Journal of Finance 48, 459–486.
8.Hong Qian,(2014), “Timing of Seasoned Equity Offerings: A Duration Analysis”,Department of Accounting and Finance School of Business Administration
Oakland University.
9.Hovakimian,(2006),“Are Observed Capital Structures Determined by Equity Market Timing? ”,The Journal of Finance,vol. 41, pp. 221-43.
10.Hertzel,M.and R.L.Smith,(1993),“Market discounts and shareholder gains for placing equity privately”,Journal of Finance 48, 458-485.
11.Hertzel,M.and Rees L.,(1998),“Earnings and risk changes around private placements of equity”,Journal of Accounting, Auditing, and Finance,13(1),21-35.
12.Hertzel,M.,Lemmon,M.,Linck,J.S.,Rees,L.,(2002).“Long-run performance following private placements of equity.”,Journal of Finance 57, 2595–2617.
13.Ioannis V.Floros,Travis R.A.Sapp,(2012),“Why Do Firms Issue Private Equity Repeatedly? On the Motives and Information Content of Multiple PIPE Offerings.”,
Journal of Banking and Finance, Forthcoming.
14.Jacqueline L.Garner,Won Yong Kim(2013),“Are foreign investors really beneficial? Evidence from South Korea”,Pacific-Basin Finance Journal,25,62–84.
15.Jensen,M.(1986),“Agency cost of free cash flow,corporate finance and takeovers.”, American Economic Review Papers and Proceedings,76,pp.323-329.
16.John R Graham,Campbell R Harvey,(2001),“The theory and practice of corporate finance: evidence from the field”,Journal of Financial Economics,60, 187–243.
17.Krishnamurthy,S.,Spindt,P.,Subramaniam,V,and Woidtke,T.,(2005).“Does investor identity matter in equity issues? Evidence form private placements”,Journal of Financial Intermediation,14, 210–238.
18.Miller,M.H.and Modigliani,F.(1961).“Dividend Policy, Growth and the Valuation of Shares.”J.Business,34(34): 411-433.
19.Michael C.Jensen,William H.Meckling(1976)“Theory of the firm: Managerial behavior,agency costs and ownership structure”,Journal of Financial EconomicsVolume 3, Issue 4, 305-360
20.Michelle Lowry (2003),“Why does IPO Volume Fluctuate so Much?”,Journal of Financial Economics (JFE),Vol.67,pp.3-40,2003.
21.Maug,E.,(1998).“Large shareholders as monitors:is there a trade-off between liquidity and control? ”,Journal of Finance 53,65-98.
22.Michael J.Barclay,Clifford G.Holderness,Dennis P.Sheehan,(2007),“Private placements and managerial entrenchment”,Journal of Corporate Finance 13,461–484.
23.Morck,R.,A.Shleifer and R.Vishny,(1988),“Management ownership and market valuation”,Journal of Financial Economics 20,293-315.
24.McConnell,J.and H.Servaes,(1990),“Additional evidence on equity ownership and corporate value”,Journal of Financial Economics 27,595-612.
25.Ola Bengtsson,Na Dai,and Clifford Henson,(2012),“SEC Enforcement in the PIPE Market: Actions and Consequences”,university of illinois college of law, Behavior and Social Science Research Papers Series Research Paper No. LBSS12-17.
26.Su,D.(2005).“Corporate finance and state enterprise reform in China.”,China Economic Review 16(2):118-148.
27.Smith,C.W.and R.L.Watts (1992),“The Investment Opportunity Set and Corporate Financing,Dividend and Compensation Policies Choice.”Journal of Financial Economics,32,No.3,pp.263-292.
28.Stein,Jeremy C.(1996).“Rational capital budgeting in an irrational world.”, Journal of Business 69(4).
28.Steven A.Dennis,Weili Liu,(2008),“New considerations in the announcement effects of privately placed debt”,International Review of Financial Analysis 17, 507-522.
29.Wruck, K.H.,(1989).“Equity ownership concentration and firm value: evidence from private equity financings.”,Journal of Financial Economics 23, 3–27.
31.Wruck, K.H., and Wu, Y.L.,(2009).“Relationships, corporate governance, and performance: Evidence from private placements of common stock”,Journal of
Corporate Finance,15,30-47.
32.Yeh,Y.H.,Shu,P.G.,and Kao, M.S.,(2014).“Corporate Governance and Private Equity Placements”,Review of Pacific Basin Financial Market and Policies, accepted..

QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔