| dc.contributor.advisor | 屠美亞 | zh_TW |
| dc.contributor.author (Authors) | 張文魁 | zh_TW |
| dc.creator (作者) | 張文魁 | zh_TW |
| dc.date (日期) | 2005 | en_US |
| dc.date.accessioned | 17-Sep-2009 19:15:57 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 19:15:57 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 19:15:57 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0093357004 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34052 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 93357004 | zh_TW |
| dc.description (描述) | 94 | zh_TW |
| dc.description.abstract (摘要) | 自民國91年，國內法令准許私募，私募是指公司的內部人，透過協商，尋求願意投資公司的投資人，把公司的股票，售給少數的投資人，不需經過承銷商，揭露也比較少。 國外的文獻，有些學者實證的結果，私募宣告時有正的異常報酬，但有些學者實證的結果發現有負的異常報酬，本篇主要探討國內宣告私募時，對公司價值的影響，以及國內公司大多屬於家族企業，在這麼高的控制權之下，股權集中度對於私募發行公司的價值又有什麼影響？ 實證的結果發現，國內公司宣告私募時有正的異常報酬，除了資訊不對稱會影響公司價值之外，本文還發現，公司在私募時，家族集團的控股如果低於30%時，增加公司持股，可以增加公司的價值，但當家族集團的股權超過30%時，就不明顯了。 此外，當股權集中度在10%~30%時，公司價值的變化與股權集中度成反比，顯示國內股權集中度在10%~30%時，符合利益掠奪假（Entrenchment Hypothesis），增加公司的股權集中度反而會減少公司的價值。 | zh_TW |
| dc.description.tableofcontents | 第一章 緒論………………………………P1 第一節 研究動機…………………………P1 第二節 研究目的…………………………P3 第三節 研究流程與論文架構……………P4第二章 文獻回顧及私募特徵.........P6 第一節 文獻探討…………………………P6 第二節 私募特徵…………………………P12 第三章 研究設計…….………………………P19 第一節 研究說明…………………………P19 第二節 樣本選取及資料來源……………P20 第三節 變數定義…………………………P21 第四節 實證分析方法……………………P25第四章 實證結果與分析………………………P39 第一節 比較現金增資與私募的敘述統計……P39 第二節 Logit分析……………………………P44 第三節 私募宣告效果…………………………P49 第四節 股權集中度與公司價值變化…………P52 第五節 迴歸分析………………………………P56第四章 結論與建議..……………………………P60 第一節 研究結論………………………………P60 第二節 研究限制及對後續研究之建議………P61參考資料..…………………………………………P62 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0093357004 | en_US |
| dc.subject (關鍵詞) | 私募 | zh_TW |
| dc.subject (關鍵詞) | 事件研究法 | zh_TW |
| dc.subject (關鍵詞) | 股權集中度 | zh_TW |
| dc.subject (關鍵詞) | Piecewise regression | en_US |
| dc.title (題名) | 股權結構對私募發行公司價值影響之分析 | zh_TW |
| dc.type (資料類型) | thesis | en |
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