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題名 私募普通股之折價幅度與私募時效性、自我利益及公司治理之關聯
作者 劉家琳
貢獻者 張清福
劉家琳
關鍵詞 私募
折價幅度
公司治理
Private placement
Discount
Corporate governance
日期 2009
上傳時間 9-May-2016 15:07:16 (UTC+8)
摘要 本研究以民國91年至97年私募增資之上市(櫃)公司為研究對象，探討私募折價幅度與自我利益及公司治理之關連。
研究結果發現，私募期間過長或私募比例越高，則折價幅度越大，此外當應募人為公司內部人，且私募期間過長，其折價幅度越嚴重。顯示若私募期間過於冗長，則有心人士從中操控股價，套利的空間及能力越大，特別是公司內部人基於資訊的優勢，圖利自我的能力會較其他類型之應募人強。若再輔以大量的私募股份，即可從其他股東竊取大量的資產，對小股東傷害甚深。
有關公司治理方面，董(監)持股比例越高，則折價幅度越大；設有獨立外部董(監)事之公司，其折價幅度較小；而控制股東擔任董(監)事席次的比例與折價幅度則呈反向關係。顯示相較之下，外部獨立董(監)事是較佳的公司治理機制，能夠有效保障小股東之權益。
This study examines the effects of self-dealing and corporate governance on price discount in private placement. Three main findings are as follows. The volume of private equity offering and the offering duration are both positively associated with price discount. When private equity is offered to insiders with long duration, it creates a compound effect, thus making price even lower. However, the existence of independent directors or supervisors is negatively associated with price discount.
The evidence shows that regulations on corporate governance could lessen self-dealing and board with independent directors or supervisors provides a better corporate governance mechanism on pricing in private placement to protect shareholders’ interest.
參考文獻 呂季蓉，2004，台灣上市上櫃公司私募之研究—論私募對象之影響，中山大學財務管理研究所碩士論文。
林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學商學院企業管理學系碩士在職專班碩士論文。
吳雅妮，2007，影響我國上市櫃公司選擇公開募集或私募之因素，國立政治大學會計學研究所碩士論文。
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。
許惠雲，2005，台灣上市上櫃公司私募股權中之私人利益，國立中山大學財務管理研究所碩士論文。
張文魁，2005，股權結構對私募發行公司價值影響之分析，國立政治大學財務管理研究所。
翁淑育，2000，台灣上市公司股權結構、核心代理問題與公司價值之研究，私立輔仁大學金融所碩士論文。
陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計學研究所碩士論文。
陸瀛謙，2007，私募折價幅度及私募前後異常報酬與應募人之關聯，國立政治大學會計學研究所碩士論文。
黃佩鈴，2001，商業銀行股權結構、核心代理問題與盈餘傳遞效果，國立中央大學財管所碩士論文。
黃超邦，2008，從實證觀點檢討我國證券私募法制，證交資料551期：29-48。
彭宗建、李宛珊，2008，私募有價證券之策略性運用，證券公會季刊，第四季，第6卷第4期(1月)：84-92。
Alkhafaji, A. F. 1990. Effective boards of directors：an overview. Industrial Management & Data Systems 90 (May): 18-26.
Barclay, M. J., and C. G. Holderness. 1989. Private benefits from control of public corporation. Journal of Financial 25 (December): 271-395.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment . Working paper, Penn State University.
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (October): 443-465.
Berle, A., and G. Means. 1932. The modern corporation and private property. New York, NY: MacMillan.
Cadbury, A. 1999. What are the trends in corporate governance? How will they impact your company? Long Range Planning 32 (March): 12-19.
DeAngelo, H., and L. DeAngelo. 1985. Managerial ownership of voting rights. Journal of Financial Economics 14 (March): 36-39.
Dechow, P., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 (Spring): 1-36.
Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 1999. Expropriation on minority shareholders: evidence from east Asia. Working paper, The World Bank.
Dyck, A., and L. Zingales. 2004. Private benefits: an international comparison. Journal of Finance 59 (April): 537-600.
Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (April): 288-307.
Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (June): 301-325.
Fan, P. H. Joseph, and T. J. Wong. 2000. Corporate ownership structure and the informativeness of accounting earnings in east Asian. Working paper, Hong Kong University.
Hertzel, M., and R. L. Smith. 1993. Market discounts and shareholder gains for 　　placing equity privately. Journal of Finance 48 (June): 459-485.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-term performance following private placements of equity. Journal of Finance 57 (December): 2595-2617.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R.W. Vishny. 1998. Law and finance. Journal of Political Economy 106 (December): 1113-1155.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (June): 471-517.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 2000. Investor protection and corporate governance. Journal of Financial Economics 59 (January): 3-27.
Lease, R. C., J. J. McConnell, and W. H. Mikkelson. 1983. The market value of control in publicly-traded corporations. Journal of Financial Economics 11 (April): 439-471.
Lease, R. C., J. J. McConnell, and W. H. Mikkelson. 1984. The market value of differential voting rights in closely held corporations. Journal of Business 57 (October): 443-467.
Leland, H. E., and D. H. Pyle. 1977. Informational asymmetries, financial structure and financial intermediation. Journal of Finance 32 (May): 371-387.
Jensen, M., and R. Ruback. 1983. The market for corporate control: the scientific evidence. Journal of Financial Economics 11 (January): 5-50.
Jensen, M., and W. Meckling. 1976. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (May): 323-329.
Morck, R., A. Shleifer, and R. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20 (July): 293-315.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when the firm has information that investors do not have. Journal of Financial Economics 13 (July): 187-221.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. The Journal of Political Economy 94 (June): 461-488.
Shleifer, A., and R. Vishny. 1997. A survey of corporate governance. Journal of Finane 52 (June): 737-783.
Silber, W. L. 1991. Discounts on restricted stock: the impact of illiquidity on 　　stock prices. Financial Analysts Journal 47 (January): 60–64.
Stulz, R. M. 1988. Managerial control of voting rights: financing policies and the market for corporate control. Journal of Financial Economics 20 (January): 25-54.
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. Wu. 2009. Relationships, corporate governance, and performance: evidence from private placements of common stock. Journal of Corporate Finance 15 (February): 30-47.
Wu, Y. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics. 74 (October): 93-119.
Zahra, S. A., and J. A. Pearce. 1989. Boards of directors and corporate financial performance: a review and integrated model. Journal of Management 15 (June): 291- 334.
描述 碩士
國立政治大學
會計學系
96353023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096353023
資料類型 thesis
dc.contributor.advisor 張清福zh_TW
dc.contributor.author (Authors) 劉家琳zh_TW
dc.creator (作者) 劉家琳zh_TW
dc.date (日期) 2009en_US
dc.date.accessioned 9-May-2016 15:07:16 (UTC+8)-
dc.date.available 9-May-2016 15:07:16 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 15:07:16 (UTC+8)-
dc.identifier (Other Identifiers) G0096353023en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95093-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 96353023zh_TW
dc.description.abstract (摘要) 本研究以民國91年至97年私募增資之上市(櫃)公司為研究對象，探討私募折價幅度與自我利益及公司治理之關連。
研究結果發現，私募期間過長或私募比例越高，則折價幅度越大，此外當應募人為公司內部人，且私募期間過長，其折價幅度越嚴重。顯示若私募期間過於冗長，則有心人士從中操控股價，套利的空間及能力越大，特別是公司內部人基於資訊的優勢，圖利自我的能力會較其他類型之應募人強。若再輔以大量的私募股份，即可從其他股東竊取大量的資產，對小股東傷害甚深。
有關公司治理方面，董(監)持股比例越高，則折價幅度越大；設有獨立外部董(監)事之公司，其折價幅度較小；而控制股東擔任董(監)事席次的比例與折價幅度則呈反向關係。顯示相較之下，外部獨立董(監)事是較佳的公司治理機制，能夠有效保障小股東之權益。		zh_TW
dc.description.abstract (摘要) This study examines the effects of self-dealing and corporate governance on price discount in private placement. Three main findings are as follows. The volume of private equity offering and the offering duration are both positively associated with price discount. When private equity is offered to insiders with long duration, it creates a compound effect, thus making price even lower. However, the existence of independent directors or supervisors is negatively associated with price discount.
The evidence shows that regulations on corporate governance could lessen self-dealing and board with independent directors or supervisors provides a better corporate governance mechanism on pricing in private placement to protect shareholders’ interest.		en_US
dc.description.tableofcontents 壹、緒論 1
一、 研究動機與目的 1
二、 研究問題 5
三、 研究流程及研究架構 6
貮、文獻探討 7
一、 我國私募制度之相關規範 7
二、 私募制度之優、缺點 12
三、 私募股權相關文獻 15
四、 公司治理相關文獻 20
參、研究方法 24
一、 研究假說 24
二、 資料來源與處理 31
三、 研究變數之設計 33
四、 研究方法與實證模型 36
肆、實證結果與分析 37
一、 敘述性統計 37
二、 相關性分析 49
三、 迴歸分析 51
四、 敏感性分析 55
伍、結論與建議 58
一、 研究結論 58
二、 研究限制 62
三、 後續研究建議 63
參考文獻 64

圖目錄
圖1-1 上市（櫃）公司私募普通股案件年度統計圖 2
圖1-2 研究流程圖 6
圖4-1 折價幅度統計圖 47
圖4-2 折價金額統計圖 48
圖4-3 折價金額取自然對數統計圖 55

表目錄
表4-1 上市(櫃)公司私募普通股年度統計表 37
表4-2 上市(櫃)公司私募普通股折價與內部人件數年度統計表 38
表4-3 上市(櫃)公司私募普通股產業別統計表 39
表4-4 上市(櫃)公司私募普通股私募期間統計表 40
表4-5 上市(櫃)公司私募普通股份比例統計表 41
表4-6 樣本之敘述性統計 43
表4-7 迴歸樣本之選樣過程 46
表4-8 折價幅度統計表 46
表4-9 折價金額統計表 47
表4-10 相關係數矩陣 50
表4-11 迴歸結果 54
表4-12 敏感性分析結果 56
表4-13 研究結果彙整 57		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096353023en_US
dc.subject (關鍵詞) 私募zh_TW
dc.subject (關鍵詞) 折價幅度zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Private placementen_US
dc.subject (關鍵詞) Discounten_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.title (題名) 私募普通股之折價幅度與私募時效性、自我利益及公司治理之關聯zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 呂季蓉，2004，台灣上市上櫃公司私募之研究—論私募對象之影響，中山大學財務管理研究所碩士論文。
林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學商學院企業管理學系碩士在職專班碩士論文。
吳雅妮，2007，影響我國上市櫃公司選擇公開募集或私募之因素，國立政治大學會計學研究所碩士論文。
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。
許惠雲，2005，台灣上市上櫃公司私募股權中之私人利益，國立中山大學財務管理研究所碩士論文。
張文魁，2005，股權結構對私募發行公司價值影響之分析，國立政治大學財務管理研究所。
翁淑育，2000，台灣上市公司股權結構、核心代理問題與公司價值之研究，私立輔仁大學金融所碩士論文。
陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計學研究所碩士論文。
陸瀛謙，2007，私募折價幅度及私募前後異常報酬與應募人之關聯，國立政治大學會計學研究所碩士論文。
黃佩鈴，2001，商業銀行股權結構、核心代理問題與盈餘傳遞效果，國立中央大學財管所碩士論文。
黃超邦，2008，從實證觀點檢討我國證券私募法制，證交資料551期：29-48。
彭宗建、李宛珊，2008，私募有價證券之策略性運用，證券公會季刊，第四季，第6卷第4期(1月)：84-92。
Alkhafaji, A. F. 1990. Effective boards of directors：an overview. Industrial Management & Data Systems 90 (May): 18-26.
Barclay, M. J., and C. G. Holderness. 1989. Private benefits from control of public corporation. Journal of Financial 25 (December): 271-395.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment . Working paper, Penn State University.
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (October): 443-465.
Berle, A., and G. Means. 1932. The modern corporation and private property. New York, NY: MacMillan.
Cadbury, A. 1999. What are the trends in corporate governance? How will they impact your company? Long Range Planning 32 (March): 12-19.
DeAngelo, H., and L. DeAngelo. 1985. Managerial ownership of voting rights. Journal of Financial Economics 14 (March): 36-39.
Dechow, P., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 (Spring): 1-36.
Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 1999. Expropriation on minority shareholders: evidence from east Asia. Working paper, The World Bank.
Dyck, A., and L. Zingales. 2004. Private benefits: an international comparison. Journal of Finance 59 (April): 537-600.
Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (April): 288-307.
Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (June): 301-325.
Fan, P. H. Joseph, and T. J. Wong. 2000. Corporate ownership structure and the informativeness of accounting earnings in east Asian. Working paper, Hong Kong University.
Hertzel, M., and R. L. Smith. 1993. Market discounts and shareholder gains for 　　placing equity privately. Journal of Finance 48 (June): 459-485.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-term performance following private placements of equity. Journal of Finance 57 (December): 2595-2617.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R.W. Vishny. 1998. Law and finance. Journal of Political Economy 106 (December): 1113-1155.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (June): 471-517.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 2000. Investor protection and corporate governance. Journal of Financial Economics 59 (January): 3-27.
Lease, R. C., J. J. McConnell, and W. H. Mikkelson. 1983. The market value of control in publicly-traded corporations. Journal of Financial Economics 11 (April): 439-471.
Lease, R. C., J. J. McConnell, and W. H. Mikkelson. 1984. The market value of differential voting rights in closely held corporations. Journal of Business 57 (October): 443-467.
Leland, H. E., and D. H. Pyle. 1977. Informational asymmetries, financial structure and financial intermediation. Journal of Finance 32 (May): 371-387.
Jensen, M., and R. Ruback. 1983. The market for corporate control: the scientific evidence. Journal of Financial Economics 11 (January): 5-50.
Jensen, M., and W. Meckling. 1976. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (May): 323-329.
Morck, R., A. Shleifer, and R. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20 (July): 293-315.
Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when the firm has information that investors do not have. Journal of Financial Economics 13 (July): 187-221.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. The Journal of Political Economy 94 (June): 461-488.
Shleifer, A., and R. Vishny. 1997. A survey of corporate governance. Journal of Finane 52 (June): 737-783.
Silber, W. L. 1991. Discounts on restricted stock: the impact of illiquidity on 　　stock prices. Financial Analysts Journal 47 (January): 60–64.
Stulz, R. M. 1988. Managerial control of voting rights: financing policies and the market for corporate control. Journal of Financial Economics 20 (January): 25-54.
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. Wu. 2009. Relationships, corporate governance, and performance: evidence from private placements of common stock. Journal of Corporate Finance 15 (February): 30-47.
Wu, Y. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics. 74 (October): 93-119.
Zahra, S. A., and J. A. Pearce. 1989. Boards of directors and corporate financial performance: a review and integrated model. Journal of Management 15 (June): 291- 334.		zh_TW