| dc.contributor.advisor | 李桐豪 | zh_TW |
| dc.contributor.author (Authors) | 陳以姍 | zh_TW |
| dc.creator (作者) | 陳以姍 | zh_TW |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 9-Apr-2010 14:48:12 (UTC+8) | - |
| dc.date.available | 9-Apr-2010 14:48:12 (UTC+8) | - |
| dc.date.issued (上傳時間) | 9-Apr-2010 14:48:12 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0096352020 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/38417 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 金融研究所 | zh_TW |
| dc.description (描述) | 96352020 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | 民國90年代初期，我國參照美、日私募之規定，正式引進私募制度。此後，企業得以選擇公開現金增資，或透過私募發行新股，來募集所需的營運資金。根據統計，民國94年以後，台灣的私募市場日趨成熟，私募逐漸成為企業最重要的籌資管道之一，特別是讓原先不能符合公開募集資格之公司，合法迅速取得資金。雖然私募之平均發行金額仍小於公開現金增資，但近年來私募件數平均都有超越公開現金增資之表現，顯示私募在資本募集市場的重要角色，也肯定其對於企業和經濟發展之正面功效。 過去文獻指出，美國之私募平均以折價發行，且有顯著正的宣告股價效果。針對不同樣本之特性，Wruck（1989）、Hertzel and Smith（1993）和Barclay, Holderness and Sheehan（2007）分別提出監督假說（monitoring hypothesis）、資訊不對稱假說（information asymmetry hypothesis）和自利假說（entrenchment hypothesis）解釋之。雖然我國之私募制度多參照美國而訂定，但法律架構和私募流程仍有相當程度的差異。因此，本研究將以上述三大假說為基礎，藉由樣本敘述統計和線性迴歸分析，探討我國上市上櫃公司私募之定價與宣告股價效果。 我們自公開資訊觀測站收集民國91年至98年7月底之私募股權樣本，扣除變數資料不全者，最後共有398筆，包含上市公司174筆，上櫃公司224筆。研究發現，我國私募多以折價發行。其中，特別股之折價幅度低於普通股，電子科技類普通股之折價幅度又高於普通股之平均。而且，根據迴歸結果，私募金額、私募比率和公司規模三個變數最能解釋我國私募之折溢價幅度，但並沒有傾向支持任一個私募假說。 至於宣告股價效果，我國私募董事會和股東會皆不顯著為正，且宣告股價效果的迴歸解釋力也偏低，只有股價淨值較具顯著性。探究其原因，可能是因為我國私募制度不同所致。依證交法之規定，私募股權需先經由董事會和股東會同意後，始得募集。然而，最後私募成功與否常與市況和發行公司能否找到適當投資人等密切相關。既然兩事件日都不能保證私募可以如期完成，我們也就無法預期投資人會對私募有明確迅速的反應。 | zh_TW |
| dc.description.abstract (摘要) | In the beginning of 2000, Taiwan’s Securities Transaction Law was amended to introduce the new way of financing- private placements. Since then public corporations are allowed to issue new securities either by public offerings and private placements. According to statistics, after 2005 private placements have become one of the most important funding sources for corporations, especially for those who are disqualified for public offerings. Although the average proceed of private placements is still relatively small, the number of private placements has already surpassed that of public offerings in recent years. This manifests the important role of private placements in building a sound financial market. Private placements in the U.S., despite selling at discounts, are associated with significant positive abnormal returns on the announcement date. With different sample characteristics, Wruck (1989), Hertzel and Smith (1993) and Barclay, Holderness and Sheehan (2007) suggest monitoring hypothesis, information asymmetry hypothesis and entrenchment hypothesis respectively. Our study is based with these three most accepted hypotheses and aims to give an insight in Taiwan’s private placement of equities for public corporations. I search the Market Observation Post System for all private placements from 2002 to July of 2009, and obtain a sample of 398 private equities with complete data. Empirical evidence shows that Taiwan’s private equities are selling at discounts as well and “proceeds of private equity”, “placement fraction” and “corporate size” are the three significant explanatory variables for discounts. However, all the results seem not to fully support any hypothesis as mentioned above. On the other hand, the announcement stock price effects on the board and shareholders’ meeting are insignificantly positive in Taiwan. The regressions on the announcement stock price returns also indicate low explanatory power with only “Tobin’s Q” variable being significant overall. This may be attributed to the legislation differences between U.S. and Taiwan. According to Taiwan’s Securities Transaction Law, private equities should be first approved by the board and shareholders’ meeting, but might not be a successful private equity placement due to market condition, lack of proper investors and others. As a result, we can’t expect investors would instantly, correctly respond to this resolution information on those announcement dates. | en_US |
| dc.description.tableofcontents | 第壹章、 緒論 1 第一節、 研究背景與動機 1 第二節、 研究目的與架構 3 第貳章、 文獻回顧 5 第一節、 私募股權之相關文獻 5 第二節、 採用私募募集之影響因素 14 第參章、 台灣私募市場與制度 17 第一節、 台灣私募市場 17 第二節、 台灣私募制度 21 第三節、 私募之優缺點 30 第四節、 私募制度之運用 31 第五節、 我國與美國私募制度之比較 32 第肆章、 研究假說與方法 36 第一節、 研究假說 36 第二節、 研究樣本 38 第三節、 敘述統計 38 第四節、 研究方法 42 第伍章、 實證結果與分析 49 第一節、 股權折溢價之探討 49 第二節、 宣告股價效果之探討 53 第三節、 實證模型之檢驗 58 第陸章、 結論與建議 62 第一節、 研究結論 62 第二節、 對私募制度之建議 63 第三節、 後續研究之建議 64 附錄 65 參考文獻 71 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0096352020 | en_US |
| dc.subject (關鍵詞) | 私募 | zh_TW |
| dc.subject (關鍵詞) | 折價 | zh_TW |
| dc.subject (關鍵詞) | 異常報酬率 | zh_TW |
| dc.subject (關鍵詞) | 公司價值 | zh_TW |
| dc.subject (關鍵詞) | private placements | en_US |
| dc.subject (關鍵詞) | discounts | en_US |
| dc.subject (關鍵詞) | abnormal returns | en_US |
| dc.subject (關鍵詞) | firm value | en_US |
| dc.title (題名) | 私募定價與公司價值之探討-以臺灣上市上櫃公司為例 | zh_TW |
| dc.title (題名) | Pricing and frim value for private placements - evidence from Taiwan`s public corporations | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 一、中文參考資料 | zh_TW |
| dc.relation.reference (參考文獻) | 1.台灣工銀證券投顧承銷部（2005），「私募有價證券之相關規定及市場現況分析」，台灣工銀證券投顧 | zh_TW |
| dc.relation.reference (參考文獻) | 2.考掄元（2008），「企業私募衍生問題之探討－以上市上櫃公司為例」，台北大學犯罪學研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 3.吳有山（2008），「金融服務業之私募股權及其折溢價研究」，中央大學財務金融研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 4.呂季蓉（2005），「台灣上市上櫃公司私募之研究」，中山大學財務管理研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 5.沈中華、李建然（2000），事件研究法，台北：華泰 | zh_TW |
| dc.relation.reference (參考文獻) | 6.張文魁（2006），「股權結構對私募發行公司價值影響之分析」，政治大學財務管理研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 7.許雪芳（2003），「上市上櫃公司私募之研究」，中山大學財務管理研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 8.許惠雲（2006），「台灣上市上櫃私募股權中私人利益」，中山大學財務管理研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 9.郭玉貞、姜振富、徐佩鈺（2006），「私募制度之探討及私募巿場發展現況」，財團法人中華民國證券櫃檯買賣中心專題研究報告 | zh_TW |
| dc.relation.reference (參考文獻) | 10.陳朝陽（2006），「從美國法制看我國證券私募之發展」，中央大學產業經濟研究所碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 11.陸瀛謙（2008），「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系碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 12.黃台心（2005），計量經濟學，台北：雙葉書廊 | zh_TW |
| dc.relation.reference (參考文獻) | 13.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 | zh_TW |
| dc.relation.reference (參考文獻) | 14.楊紹華（2005），「私募股票成風，股東權益拉警報」，錢Money雜誌，224期 | zh_TW |
| dc.relation.reference (參考文獻) | 15.廖大穎（2007），「論私募制度」，月旦法學雜誌，149期，139-158 | zh_TW |
| dc.relation.reference (參考文獻) | 16.劉萍（2006），「企業最愛 私募資金是一劑股價神秘春藥」，理財周刊，320期 | zh_TW |
| dc.relation.reference (參考文獻) | 17.蔡蓓華（2009），「私募長短期績效探討」，國立政治大學會計學系碩士論文 | zh_TW |
| dc.relation.reference (參考文獻) | 18.蔡鐘慶（2003），「從比較觀點探討我國私募制度之法律佈局」，中原大學財經法律學系碩士學位論文 | zh_TW |
| dc.relation.reference (參考文獻) | 19.鄭國強（2007），人物專訪：「詹彩虹：私募能載舟亦能覆舟」，理財周刊，364期 | zh_TW |
| dc.relation.reference (參考文獻) | 20.謝劍平（2006），現代投資銀行（再版），台北：智勝文化 | zh_TW |
| dc.relation.reference (參考文獻) | 二、國外文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 1.Chen, S. S., K. W. Ho, C. F. Lee, G. H. H. Yeo, 2002, “Wealth Effects Of Private Equity Placements: Evidence from Singapore”, The Financial Review 37, 165-184 | zh_TW |
| dc.relation.reference (參考文獻) | 2.Cronqvist, H., M. Nilsson, 2005, “The Choice Between Rights Offerings and Private Equity Placements”, Journal of Financial Economics 78, 375-407 | zh_TW |
| dc.relation.reference (參考文獻) | 3.Dann, L., H. DeAngelo, 1988, “Corporate Financial Policy and Corporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure”, Journal of Financial Economincs 20, 87-127 | zh_TW |
| dc.relation.reference (參考文獻) | 4.Eckbo, B.E., R.W. Masulis, 1992, “Adverse Selection and The Rights Offer Paradox”, Journal of Financial Economics 32, 293-332 | zh_TW |
| dc.relation.reference (參考文獻) | 5.Gomes, A., W. Novaes, 2001, “Sharing of Control as A Corporate Governance Mechanism”, Unpublished Working Paper, The Wharton School | zh_TW |
| dc.relation.reference (參考文獻) | 6.Hertzel, M., M. Lemmon, J. S. Linck, L. Rees, 2002, “Long-Run Performance Following Private Placements of Equity”, Journal of Finance vol. 57, 2595-2617 | zh_TW |
| dc.relation.reference (參考文獻) | 7.Jensen, M. C., W. H. Meckling, 1976, “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics 3, 305-360 | zh_TW |
| dc.relation.reference (參考文獻) | 8.Kang, J.K. , R. M. Stulz, 1996, “How Different Is Japanese Corporate Finance? An Investigation of The Information Content of New Security Issues”, The Reviews of Financial Studies 9, 109-139 | zh_TW |
| dc.relation.reference (參考文獻) | 9.Kato, K., J.S. Schallheim, 1993, “Private Equity Financings in Japan and Corporate Grouping (Keiretsu)”, Pacific-Basin Finance Journal 1, 297-307 | zh_TW |
| dc.relation.reference (參考文獻) | 10.Krishnamurthy, S., P. Spindt, V. Subramaniam, T. Woidtke, 2005, “Does Investor Identity Matter in Equity Issues? Evidence from Private Placements”, Journal of Financial Intermediation 14, 210-238 | zh_TW |
| dc.relation.reference (參考文獻) | 11.Leland, H., Pyle, D., 1977, “Informational Asymmetries, Financial Structure, and Financial Intermediation”, Journal of Finance 32, 371–387 | zh_TW |
| dc.relation.reference (參考文獻) | 12.Leland, J., B. Barber, C. Tsai, 1999, “Improved Methods for Tests of Long-Run Abnormal Stock Returns”, Journal of Finance 54, 165-201 | zh_TW |
| dc.relation.reference (參考文獻) | 13.Loughran, T., J. R. Ritter, “The Operating Performance of Firms Conducting Seasoned Equity Offerings”, Journal of Finance vol. 52, 1823-1850 | zh_TW |
| dc.relation.reference (參考文獻) | 14.Morck, R., A. Shleifer, and R. Vishny, 1988, “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics 20, 293-315 | zh_TW |
| dc.relation.reference (參考文獻) | 15.Ruth, S. K. Tan, P. L. Chng, Y. H. Tong, 2002, “Private Placements and Rights Issues in Singapore”, Pacific-Basin Finance Journal 10, 29-54 | zh_TW |
| dc.relation.reference (參考文獻) | 16.Sharpe, I.G., L. E. Woo, 2005, “Corporate Control, Expected Underpricing, and The Choice of Issuance Mechanism in Unseasoned Equity Markets”, Journal of Finance 11, 716-735 | zh_TW |
| dc.relation.reference (參考文獻) | 17.Shleifer, A., R. W. Vishny, 1986, “Large Shareholders and Corporate Control”, Journal of political economy 94, 461-488 | zh_TW |
| dc.relation.reference (參考文獻) | 18.Silber, W. L., 1991, “Discounts on Restricted Stock: The Impact of Illiquidity on Stock Prices”, Financial Analysts Journal 47, 60-64 | zh_TW |
| dc.relation.reference (參考文獻) | 19.Spiess, D. K., J. Affleck-Graves, 1995, “Underperformance in Long-Run Stock Returns Following Seasoned Equity Offerings”, Journal of Financial Economics 38, 243-267 | zh_TW |
| dc.relation.reference (參考文獻) | 20.Stulz, R. M., 1988, “Managerial Control of Voting Rights: Financing Policies and The Market for Corporate Control”, Journal of Financial Economics 20, 25-54 | zh_TW |
| dc.relation.reference (參考文獻) | 21.Vara, R., Samuel H. Szewczyk, 1993, “The Private Placement of Bank Equity”, Journal of Banking and Finance 17, 1111-1131 | zh_TW |
| dc.relation.reference (參考文獻) | 22.Wruck, K. H., 1989, “Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings”, Journal of Financial Economics 23, 3-28 | zh_TW |
| dc.relation.reference (參考文獻) | 23.Wu, X. , Z. Wang, J. Yao, 2005, “Understanding The Positive Announcement Effects of Privately Equity Placements: New Insights from Hong Kong Data”, Review of Finance 9, 385-414 | zh_TW |
| dc.relation.reference (參考文獻) | 24.Wu, Y., 2004, “The Choice of Equity-Selling Mechanisms”, Journal of Financial Economics 74, 93-119 | zh_TW |
| dc.relation.reference (參考文獻) | 25.Zwiebel, J. ,1995, “Block Investment and Partial Benefits of Corporate Control”, Review of Economic Studies 62, 161-185 | zh_TW |
