臺灣博碩士論文加值系統

本研究選取亞洲市場上1999年至2021年間共3801家實施私募的公司作為樣本，旨在深入分析私募股權在不同市場和法律環境下的表現。研究分為三個主要部分：首先探討私募的折溢價現象；其次使用事件研究法（Event Study）檢驗市場對於私募的短期和長期反應；最後進一步探討國家法律品質對私募折價幅度及宣告報酬的影響。研究結果顯示，良好的法律監管品質國家相較低分的國家出現了較大的折價幅度，且私募宣告後存在短期的正向異常報酬，而長期則呈現負向異常報酬；當我們同時考慮異常報酬和三個法律品質的變數(監管品質、法治、政府腐敗控制程度)時，研究結果發現這些變數的比率越高，對折價和異常報酬的影響也越大。研究還指出，監管品質和政府腐敗控制可能對私募股權的長期績效產生正面影響，因為較好的監管品質和較低的腐敗環境可以提高投資效率並增加私募的報酬。這些發現為投資者、政策制定者和學術界提供了寶貴的見解，強調了在投資決策和政策制定中考慮法律和監管環境的重要性。

This study examines a sample of 3,801 companies that conducted private placements in Asia‐Pacific markets from 1999 to 2021. The research first explores the discount and premium associated with private placements, then employs an event study methodology to investigate the market reactions in the short and long term. Finally, it delves into the impact of national legal quality on private placement discounts and announcement returns. The results indicate that countries with higher legal regulatory quality experience larger discounts compared to those with lower scores. Additionally, there are short-term positive abnormal returns following private placement announcements, while long-term abnormal returns are negative. When considering abnormal returns along with three legal quality variables (regulatory quality, rule of law, and control of corruption), the study finds that higher ratios of these variables amplify the effects on both discounts and abnormal returns. Moreover, the study suggests that regulatory quality and corruption control may positively influence the long-term performance of private equity, as better regulatory quality and lower corruption environments enhance investment efficiency and increase returns from private placements. These findings provide valuable insights for investors, policymakers, and academics, highlighting the importance of considering legal and regulatory environments in investment decisions and policy formulation.

目錄
摘要 I
ABSTRACT II
表目錄 IV
第一章 緒論 1
1.1研究背景與動機 1
1.2研究目的 3
1.3 實證發現 4
1.4預期貢獻 5
第二章 文獻探討 6
2.1公司進行私募折溢價幅度之內涵 8
2.2公司私募對股價累積異常報酬的影響 10
2.3私募股權與投資法律監管制度 13
2.4 本章總結 15
第三章 研究假說 16
第四章 研究方法與樣本 18
4.1 資料來源與樣本分配 18
4.2 變數定義表 20
4.3 研究方法與定義 22
第五章 實證結果與分析 27
5.1敘述統計表分析 27
5.2私募折溢價分析 35
5.3私募短期宣告報酬分析 41
5.4 私募長期宣告報酬分析 46
第六章 研究結論與建議 51
參考文獻 53

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