English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 111283/142199 (78%)
Visitors : 48177515      Online Users : 971
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/76589
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/76589


    Title: 台灣上市櫃公司私募引進策略性投資人對公司長短期營運績效之影響
    The Effect of Strategic Private Placement on Performance of Taiwan Lists and OTC Companies
    Authors: 邱珮瑜
    Contributors: 吳啟銘
    邱珮瑜
    Keywords: 宣告效果
    事件研究法
    私募
    減資
    策略性投資人
    Announcement Effect
    Event Study
    Strategic private Placement
    Capital Reduction
    Date: 2015
    Issue Date: 2015-07-14 10:37:59 (UTC+8)
    Abstract: 我國政府於2002年引進私募制度後,為台灣企業開拓了一個新融資管道。隨著國際間競爭越來越激烈,企業對於私募需求日益漸增,至今私募的運用也越來越多元化。除了一般企業的融資需求外,私募更成為企業引進策略夥伴的一個重要方式。雖然私募給予我國企業許多好處,然而也產生了許多弊端,故2010年政府針對私募相關規範做大幅度修正,不僅對於資訊揭露進行了更加嚴格的把關,更對於私募的資格作更進一步規範。本研究希望能藉由觀察市場上對於減資之企業辦理私募引進策略性投資人之宣告效果及財務績效進一步探究減資引進策略性投資人之私募宣告效果及長期營運績效與私募價差比率及策略性投資人持股比率是否具有相關性,最後並透過實證研究說明在法規更改後資訊相對透明下,是否有助於投資人對於減資引進策略性投資人之企業的評價更樂觀並改善公司營運績效。
    本研究以2008年至2013年於證交所公開資訊觀測站之私募專區宣告私募引進策略性投資人之台灣上市櫃公司為研究樣本,首先探討私募總體市場的輪廓及法規發展,再進一步引進策略性投資人之產業特性,並利用模型建立來檢定公司減資引進策略性投資人之樣本、在私募價差、法規修正及策略性投資人持股比率大小變數下對於企業私募宣告效果及長期營運績效的好壞是否具有影響力。
    將較為重要之實證結果陳列如下:(一) 未減資引進策略性投資人之企業在私募宣告日前三天具有顯著累積正異常報酬,而減資引進策略性投資人之企業在後三天具有顯著負累積異常報酬;而減資引進策略性投資人之企業的ROA與ROE在引進策略性投資人之後都顯著往上提升。(二) 私募減資公司引進策略性投資人之持股比重對企業私募宣告效果及長期營運績效皆不具顯著效果,而減資對累積異常報酬及ROA具有正向效果但並不顯著。(三) 私募價差受減資事件負向顯著影響,表示減資公司具有顯著較低的私募參考價格;而私募價差比率受到過去一年的ROE極大影響,但未來經營績效的好壞和私募價差並沒有太大的關聯。 (四) 法規修正對於減資引進策略性投資人之企業來說能增強投資人信心,卻不能顯著促進企業之長期經營績效。顯示出法規改變有助於增進資訊透明,進而達到增強投資人信心的效果。
    Reference: Abe, Y. (1996). Chief executive turnover and firm performance in Japan. Journal of The Japanese and International Economies, 11, 2–26.
    Anderson, H. D., & Rose, L. C. (2007). Firm quality and the placement price of private equity. Working paper, Massey University, Albany, New Zealand.
    Bajaj, M., Denis, D. J., Ferris, S. P., & Sarin, A. (2001). Firm value and marketability discounts. Working paper, University of California, Berkeley, CA
    Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2001). The block pricing puzzle. Working paper, University of Rochester, New York
    Barclay, M., C. G. Holderness, and D. P. Sheehan. (2007). Private placements and  
      managerial entrenchment. Journal of Corporate Finance 13 (September): 461-484.
    Chang, R. D., Shen, W. H., & Huang, Y. H. (2011). Declaration effect, stock returns and earnings management: A study of private placement in Taiwan. Taiwan Accounting Review, 7: 21-62
    Cronqvist, H., and M. Nilsson. (2005). The choice between rights offerings and private equity placements. Journal of Financial Economics 78 (November): 375-407.
    Ferreira, E. J., & Brooks, L. D. 2007. Evidence on private equity offering announcements:
    Strong and weak firms’ pooling versus separation. Journal of Economics and
    Business, 59: 89-110.
    Hertzel, M. G., & Smith, R. L. (1993). Market discounts and shareholder gains for placing equity privately, Journal of Finance 48(June), 458-489.
    Hertzel, M. G., & Rees, L. L. (1998). Earnings and risk changes around private placements of equity, Journal of Accounting, Auditing and Finance, 13(January) , 21-35.
    Hertzel, M. G., Lemmon, M., Linck, J. S., & Rees, L. (2002). , Long-run performance following private placements of equity, Journal of Finance 57(June), 2595-2617.
    Janney, J. J., & Folta, T. B. (2003). Signaling through private equity placements and its impact on the valuation of biotechnology firms. Journal of Business Venturing, 18: 361-380.
    Jensen, M. C. and W. H. Meckling (1976), Theory of the Firm: Managerial Behavior-Agency Cost and Ownership Structure. Journal of Financial and Economics 3: 305-360.
    Krishnamurthy, S., P. Spindt, et al. (2005). "Does investor identity matter in equity issues? Evidence from private placements." Journal of Financial Intermediation 14(April): 210-238.
    Myers, S. C. and N. S. Majluf (1984). "Corporate financing and investment decisions when firms have information that investors do not have." Journal of Financial Economics 13(June): 187-221.
    Wruck, K. H. (1989). Equity ownership concentration and firm value: Evidence from private equity financings, Journal of Financial Economics, 23(June), 3-28.
    Wruck, K. H., and Y. L.,Wu. (2009). Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15 (February): 30-47
    Wu, Y. L. (2000). The choice between public and private equity offerings. Working paper, SSRN.
    Sharpe, I. G., and L. E. Woo. 2002. Expected underpricing, corporate control and the choice of issuance mechanism in unseasoned equity markets. Working paper SSRN.
    Spiess, D. K., and J. Affleck-Grave, 1999, “The long-run performance of stock returns following debt offering”, Journal of financial economics, Vol.54, Iss.1:45-73.
    Stein, J., 1992, “Convertible bonds as backdoor equity financing.” Journal of Financial Economics 32 , 3-21.
    Tan, R. S. K., P. L. Chng and Y. H. Tong (2002), “Private Placements and Rights Issues in Singapore,” Pacific_Basin Finance Journal, Vol. 10 :29-54.
    魏竹君,2004,「內部關係人交易與私募的長期績效表現」成功大學國際企業研究所碩士論文。
    林育安,2005 年,「私募股權之資訊內涵:上市(櫃)公司之實證研究」,國立台灣大學,國際企業學研究所,碩士論文。
    蔡琇如,2008 年,「台灣上市櫃公司私募股權宣告股價超額報酬之研究」,國立台北大學國際財務金融碩士在職專班,碩士論文。
    沈中華、李建然,事件研究法:財務與會計實證研究必備。台北市:華泰文化 事業股份有限公司,民國 89 年。
    朱德芳,2008,論公開發行公司之資本結構重組與公司治理:以形式減資與私募增資為核心,臺大法學論叢,第37卷:81-150。
    Description: 碩士
    國立政治大學
    財務管理研究所
    102357028
    103
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G1023570282
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2264View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback