| dc.contributor.advisor | 張清福 | zh_TW |
| dc.contributor.author (Authors) | 張荷君 | zh_TW |
| dc.creator (作者) | 張荷君 | zh_TW |
| dc.date (日期) | 2008 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:33:17 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:33:17 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:33:17 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0096353046 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30261 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 96353046 | zh_TW |
| dc.description (描述) | 97 | zh_TW |
| dc.description.abstract (摘要) | 本研究探討私募對企業經營績效之影響，分別檢驗五種類型應募人之私募，其企業經營績效是否因私募而獲得顯著改善。本文採用配對t檢定，檢驗當應募人分別為策略投資人、內部人、積極投資人、消極投資人及單一投資人時，公司之經營績效於私募前後一年是否有顯著差異，並以營運現金流量報酬率、資產報酬率、股東權益報酬率及公司價值作為績效指標進行迴歸分析，探討不同類型應募人之私募，對經營績效之影響有何不同。 實證結果發現，私募會因應募人之不同，而對經營績效產生不同的影響。當應募人為策略投資人、內部人、積極投資人或單一投資人時，公司私募後一年的經營績效比私募前一年的績效好，表示當應募人為該四類投資人時，四項經營績效衡量指標皆顯示，私募會正面影響公司之經營績效；而當應募人為消極投資人時，私募對公司營運現金流量會造成負面的影響。 | zh_TW |
| dc.description.abstract (摘要) | This study classifies private placement investors into five types including strategic investors, insiders, active investors, passive investors, and single investors to investigate whether firm performance has been improved after issuing private placement. I use two-sample paired t-test to examine whether the performance is different between pre-placement and post-placement under each type of private placement investors, and use regression approach to analyze the impact of private placement investors on firm performance measured by operating cash flow returns, returns on assets, returns on equity, and Tobin’s Q. The evidence shows that the impact on performance varies with private placement investors. Firms have better performance after issuing private placement when the private placement investors are strategic investors, insiders, active investors, and single investors. On the contrary, when the private placement investors are passive investors, firms have poorer operating cash flow returns. | en_US |
| dc.description.tableofcontents | 第壹章 緒論................................................1 第一節 研究動機與目的.......................................1 第二節 研究問題............................................5 第三節 研究流程............................................7 第四節 研究架構............................................8 第貳章 私募制度與文獻探討...................................9 第一節 我國私募制度相關規範.................................9 第二節 私募制度之優缺點....................................14 第三節 私募制度之運用......................................17 第四節 文獻探討...........................................20 第參章 研究方法...........................................34 第一節 研究假說...........................................34 第二節 研究對象與期間、資料來源及樣本選取....................40 第三節 實證模型與變數衡量..................................42 第肆章 實證結果...........................................48 第一節 敘述性統計.........................................48 第二節 策略投資人.........................................54 第三節 內部人............................................59 第四節 積極投資人.........................................64 第五節 消極投資人.........................................69 第六節 單一投資人.........................................74 第七節 小樣本檢定.........................................80 第伍章 結論與建議.........................................82 第一節 結論..............................................82 第二節 研究限制..........................................84 第三節 後續研究建議.......................................85 參考文獻.................................................86 圖目錄 圖1-3-1 研究流程之說明.....................................7 表目錄 表3-3-1 變數定義表.......................................47 表4-1-1 上市(櫃)公司私募樣本之年度分配表....................48 表4-1-2 上市(櫃)公司私募樣本之產業分配表....................49 表4-1-3 私募應募人樣本統計量..............................50 表4-1-4 策略投資人與單一投資人樣本重複情形分配表.............50 表4-1-5 策略投資人樣本產業分配表...........................51 表4-1-6 內部人樣本產業分配表...............................51 表4-1-7 積極投資人樣本產業分配表...........................51 表4-1-8 消極投資人樣本產業分配表...........................51 表4-1-9 單一投資人樣本產業分配表...........................52 表4-1-10 全體樣本變數之敘述性統計...........................52 表4-2-1 配對t檢定－策略投資...............................54 表4-2-2 以資產市值平減之營運現金流量報酬率迴歸式－策略投資人..55 表4-2-3 以資產帳面值平減之營運現金流量報酬率迴歸式－策略投資人55 表4-2-4 資產報酬率迴歸式－策略投資人.......................56 表4-2-5 股東權益報酬率迴歸式－策略投資人....................56 表4-2-6 公司價值迴歸式－策略投資人.........................57 表4-2-7 實證結果彙總表－策略投資人.........................58 表4-3-1 配對t檢定－內部人.................................59 表4-3-2 以資產市值平減之營運現金流量報酬率迴歸式－內部人......60 表4-3-3 以資產帳面值平減之營運現金流量報酬率迴歸式－內部人....60 表4-3-4 資產報酬率迴歸式－內部人...........................61 表4-3-5 股東權益報酬率迴歸式－內部人........................61 表4-3-6 公司價值迴歸式－內部人.............................62 表4-3-7 實證結果彙總表－內部人.............................63 表4-4-1 配對t檢定－積極投資人..............................64 表4-4-2 以資產市值平減之營運現金流量報酬率迴歸式－積極投資人...65 表4-4-3 以資產帳面值平減之營運現金流量報酬率迴歸式－積極投資人.65 表4-4-4 資產報酬率迴歸式－積極投資人........................66 表4-4-5 股東權益報酬率迴歸式－積極投資人....................66 表4-4-6 公司價值迴歸式－積極投資人..........................67 表4-4-7 實證結果彙總表－積極投資人..........................68 表4-5-1 配對t檢定－消極投資人..............................69 表4-5-2 以資產市值平減之營運現金流量報酬率迴歸式－消極投資人...70 表4-5-3 以資產帳面值平減之營運現金流量報酬率迴歸式－消極投資人.70 表4-5-4 資產報酬率迴歸式－消極投資人........................71 表4-5-5 股東權益報酬率迴歸式－消極投資人.....................71 表4-5-6 公司價值迴歸式－消極投資人..........................72 表4-5-7 實證結果彙總表－消極投資人..........................73 表4-6-1 配對t檢定－單一投資人..............................74 表4-6-2 以資產市值平減之營運現金流量報酬率迴歸式－單一投資人...75 表4-6-3 以資產帳面值平減之營運現金流量報酬率迴歸式－單一投資人.75 表4-6-4 資產報酬率迴歸式－單一投資人........................76 表4-6-5 股東權益報酬率迴歸式－單一投資人....................76 表4-6-6 公司價值迴歸式－單一投資人..........................77 表4-6-7 實證結果彙總表－單一投資人..........................78 表4-6-8 各假說研究結果彙總表...............................79 表4-7-1 拔靴法實證結果....................................81 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0096353046 | en_US |
| dc.subject (關鍵詞) | 私募 | zh_TW |
| dc.subject (關鍵詞) | 應募人 | zh_TW |
| dc.subject (關鍵詞) | 經營績效 | zh_TW |
| dc.subject (關鍵詞) | Private placement | en_US |
| dc.subject (關鍵詞) | Private placement investor | en_US |
| dc.subject (關鍵詞) | Performance | en_US |
| dc.title (題名) | 私募應募人種類與經營績效之探討 | zh_TW |
| dc.type (資料類型) | thesis | en |
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