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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/58790
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/58790


    Title: 比較台灣上市櫃公司發行私募股權與私募債權融資工具之宣告效果及經營績效
    The comparison of announcement effect and performance of private equity and private debt: Evidence from Taiwan
    Authors: 林牧螢
    Lin, Mu Ying
    Contributors: 屠美亞
    林牧螢
    Lin, Mu Ying
    Keywords: 私募有價證券
    宣告效果
    資訊不對稱假說
    監督效果假說
    Date: 2012
    Issue Date: 2013-07-11 16:46:51 (UTC+8)
    Abstract: 自2001年我國引進私募制度迄今,私募市場逐年蓬勃發展,提供上市櫃公司更加靈活、彈性、多元化的籌資管道,融資工具已不僅限於私募股權融資,更延伸至私募公司債,甚至是海外公司債等債權融資工具,而國內學者紛紛研究其私募股權相關的文獻及實證。
    本研究目的有別於其他學者,為探討我國上市櫃公司發行有價證券時,選擇不同的融資工具帶給外部投資人不同的宣告效果,研究樣本包括發行日介於2003年至2009年之上市櫃公司,研究方法包括事件研究法、多元迴歸模型、羅吉斯迴歸模型、公司獲利能力之衡量指標。在國外文獻探討上,分別從代理理論、資訊不對稱假說及監督效果假說來驗證宣告效果差異的原因。本研究實證結果發現,發行公司在以股東會決議日為宣告日之股權融資的宣告效果大於債權融資,根據資訊不對稱理論,因為在私募市場中,資訊不對稱程度較大的公司,因其風險也較大,故發行私募股權,即發行普通股或特別股,較能減輕資訊不對稱問題,因此,較容易傾向發行私募股權(Gomes and Phillips(2012));而私募債權發行,即發行公司債或可轉債,其資訊不對稱問題減輕的程度較低,故宣告效果不若私募股權大,但若是董監質押比及負債程度越高的公司,其監督效果較顯著,對宣告效果為正面的影響。而在私募有價證券發行後,無論使用何種融資工具的發行公司,其獲利能力皆有改善或提昇的跡象,意味著專業投資人所提供的監督效益在公司的營運上有顯著影響,而經理人能夠更有效率地分配公司資源,而發行債權融資工具的發行公司,其獲利能力的提升大於發行股權融資工具的發行公司,可能因為債權人對發行公司的監督效果較顯著所致。
    Reference: 壹、國內文獻
    呂季蓉,2005,台灣上市上櫃公司私募之研究-論私募對象之影響,國立中山大學財務管理學系碩士班碩士論文。
    許雪芳,2003,上市上櫃公司私募之研究,國立中山大學財務管理研究所碩士論 文。
    張舒雁,2010,私募可轉債與公開發行可轉債宣告效果之比較,國立政治大學財務管理研究所碩士論文。
    劉兆敏,2009,台灣私募普通公司債與可轉換公司債宣告對股價影響之研究,輔仁大學管理學研究所碩士論文。
    蘇德威,2008,私募的股東財富效果及影響公司進行財務特性分析,國立交通大學管理學院財務金融學程碩士論文。

    貳、 國外文獻
    Barclay, M.J., Holderness, C.G., Sheehan, D.P., 2007. Private placements and managerial entrenchment. Journal of Corporate Finance 13, 461-484.
    Beneish, M. and Press, E., 1993. Costs of Technical Violation ofAccounting-Based Debt Covenants, The Accounting Review 68, 233-257.
    Chu, SH., Lentz,G., and Robak, E., 2005. Comparing the Characteristics and Performance of Private Equity Offering Firms with Seasoned Equity Offering Firms. Journal of Economics and Management 1, 57-83
    Denis, D.J. and Mihov, V., 2003. The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings. Journal of Financial Economics 70, 3–28
    Fields, L.P., Mais, E.L., 1991. The valuation effects of private placements of convertible debt. Journal of Finance 46, 1925-1932.
    Fulghieri, P. and Lukin, D, 2001. Information production, dilution costs, and optimal security design. Journal of Financial Economics 61, 3–42
    Gomes, A., Phillips, G., 2012. Why do public firms issue private and public securities? Journal of Financial Intermediation, 21, 619–658
    Hertzel, M., Lemmon, M., Linck, J.S., Rees, L., 2002. Long-run performance following private placements of equity. Journal of Finance 57, 2595-2617.
    Hertzel, M., Smith, R.L., 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48, 459-485.
    Jensen, M.C. and Meckling, W.H., 1976. Theory of Firm: Managerial Behavior, Agency Cost, and Ownership Structure, Journal of Financial Economics, Vol. 3, pp. 305-360.
    Jensen, M.C. and Ruback, R.S.,1983. The market for corporate control : The scientific evidence Journal of Financial Economics 11, 5–50
    Krishnamurthy, S., Spindt, P., Subramaniam, V., Woidtke, T., 2005. Does Investor Identify Matter in Equity Issues? Evidence from Private Placements. Journal of Financial Intermediation 14, 210-238.
    Kwan, S., and W. T. Carleton, 2010. Financial Contracting and the Choice between Private Placement and Publicly Offered Bonds. Journal of Money, Credit and Banking 42, 907–929
    Marciukaityte, D., Varma, R., 2007. Institutional investors as suppliers of equity-linked capital: evidence from privately placed convertible debt. Journal of Business Research 60,357-364.
    Morck, R., A. Shleifer, and R. Vishny, 1988, Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics 20,293-315.
    Myers, S.C., Majluf, N.S., 1984. Corporate financing and investment decisions when the firm has information that investors do not have. Journal of Financial Economics 13, 187-221.
    Williams, J.L., Tang, A.P., 2009. Private placements of convertible securities: stock returns,operating performance and abnormal accruals. Accounting and Finance 49, 4, 873-899.
    Wruck, K., 1989. Equity ownership concentration and private value: evidence from private equity financings. Journal of Financial Economics 23, 3-28.
    Wruck, K. and Wu, Y.L., 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15, 30–47
    Description: 碩士
    國立政治大學
    財務管理研究所
    100357018
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100357018
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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