政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/60359

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/60359

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题名:	內部人行為對私募折價幅度之影響 The effects of insider activities on price discounts in private placement
作者:	徐翊中 Hsu, Yi Chung
贡献者:	張清福徐翊中 Hsu, Yi Chung
关键词:	私募折價內部人利益掠奪假說老股出售資訊隱瞞 private placement price discount insider entrenchment hypothesis
日期:	2010
上传时间:	2013-09-05 14:28:50 (UTC+8)
摘要:	本研究以適用於民國九十九年九月一日修正前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討內部人行為對私募折價幅度之影響。　　研究結果發現，公司內部人若有參與私募者，則折價幅度會較純粹為外部人應募之私募案為大，顯示內部人可能藉由其職權，壓低私募價格以自肥，符合利益掠奪假說。此外，若內部人於應募前後，尚還有出售老股套利或隱瞞應募人與公司關係之情事者，其折價幅度越大。顯示內部人若意圖假私募手法圖利自身時，其確會運用其對公司之影響力，蓄意壓低私募價格以賺取折價之價差，或刻意隱瞞資訊以規避小股東之監督。因此，私募折價幅度與內部人是否參與應募以及續後之作為，確有密切關聯。 This study examines the effect of insiders’ activities on the price discount of private placement. The sample period starts from October 11th, 2005 and ends August 31th, 2010, one day before the last revision on the regulation, Directions for Public Companies Conducting Private Placements of Securities. The empirical result shows that the price discount under private placement with insiders involved is more than that with outsiders only. The insiders, in accordance with entrenchment hypothesis, may benefit by discounting the price in the private placement. In addition, more price discount may also be taken by the insiders who intend to benefit from selling stocks while purchasing stocks from the private placement or intentionally concealing information about their relationship with the company. It’s evident that the price discount under private placement has something to do with whether the insiders are involved and how they behave in response.
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描述:	碩士國立政治大學會計研究所 98353042 99
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0098353042
数据类型:	thesis
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