| dc.contributor.advisor | 張清福 | zh_TW |
| dc.contributor.author (Authors) | 王光世 | zh_TW |
| dc.creator (作者) | 王光世 | zh_TW |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 8-Dec-2010 01:53:07 (UTC+8) | - |
| dc.date.available | 8-Dec-2010 01:53:07 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Dec-2010 01:53:07 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0097353038 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/48915 | - |
| 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) | 97353038 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | 本研究以民國91年至民國96年期間辦理私募案之上(市)櫃公司為研究對象，探究私募折溢價與私募後經營績效及市場反應之關聯性。本研究將私募樣本區分為溢價組與折價組，溢價組於私募前後之營運績效均如預期般表現比折價組好，且溢價組與折價組於私募後之營運績效表現有更顯著的差異。同時，溢價組於私募後展現正向的市場反應，折價組於私募後則呈現負向的市場反應。企業價值與成長機會高度相關，而溢價發行企業之成長機會對企業價值之影響程度較折價發行企業高。折(溢)價幅度與私募後營運績效、累計異常報酬間呈負(正)相關，顯示折溢價幅度可能反映出私募企業未來成長與風險之訊息。 | zh_TW |
| dc.description.abstract (摘要) | This study examines the effects of price discount (premium) on performance and market reaction in private placement. Three main findings are as follows. After classifying the sample into two categories, premium and discount, this study finds that the operating performance of the premium group is better than that of the discount group both before and after the private placement. The difference isespecially significant after the private placement. Furthermore, the premium group shows positive market reaction after private placement while the discount group negative.Firm value is highly related to growth opportunity, and the influence of growth opportunity on firm value of premium group is significantly higher than that of discount group. The results also show that the magnitude of price discount (premium) is negatively (positively) related to operating performance and cumulative abnormal return after private placement. This may indicate that the price discount (premium) reflects the signal of future growth and risk of the firm in private placement. | 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 4第三節 研究流程 5第貳章 文獻探討 6第一節 我國私募制度相關規範 6第二節 私募制度之優缺點 11第三節 文獻回顧 13第參章 研究方法 17第一節 研究假說 17第二節 資料來源與處理 20第三節 變數設計方式 23第四節 統計方法 29第肆章 實證結果與分析 34第一節 敘述性統計 34第二節 比較折、溢價群組之營運績效、累計異常報酬 40第三節 私募折溢價、成長機會與企業價值 45第四節 折溢價幅度與私募後營運績效 48第五節 折溢價幅度與私募後累計異常報酬 50第伍章 研究結論與建議 52第一節 研究結論 52第二節 研究限制 56第三節 後續研究建議 57參考文獻 58圖目錄圖1-1 研究流程說明圖 5圖4-1 溢價組私募宣告日前50日至該日後120日間累計異常報酬 44圖4-2 折價組私募宣告日前50日至該日後120日間累計異常報酬 44圖4-3 私募宣告日至該日後120日之累計異常報酬 50表目錄表3-1 樣本量統計表 21表3-2 變數定義 23表4-1 樣本公司辦理私募年度與家數統計表 35表4-2 樣本公司所屬產業統計表 35表4-3 樣本企業私募普通股程序期間 36表4-4 樣本公司迴歸式相關變數之敘述性統計 37表4-5 相關係數矩陣 39表4-6 企業財務特性數據之差異 40表4-7 營運績效比率、市值對帳面價值比及負債比率 43表4-8 迴歸模型(1)實證結果 47表4-9 迴歸模型(2)實證結果 49表4-10 迴歸模型(3)實證結果 51 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0097353038 | en_US |
| dc.subject (關鍵詞) | 私募 | zh_TW |
| dc.subject (關鍵詞) | 折(溢)價 | 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) | Price Discount | en_US |
| dc.subject (關鍵詞) | Price Premium | en_US |
| dc.subject (關鍵詞) | Performance | en_US |
| dc.title (題名) | 私募折溢價與私募後經營績效及市場反應之關聯性 | zh_TW |
| dc.title (題名) | Price discount (premium), performance and market reaction in private placement | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 王盈涵，2008，企業私募之傾向、折價與宣告效果，國立中興大學財務金融系所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 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，台灣工銀證券投顧研究報告。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳炘昌、葉穎如，2009，從私募有價證券特性談我國監理之因應對策，證券暨期貨月刊，第二十七卷，第11期(11月)：22-35。 | zh_TW |
| dc.relation.reference (參考文獻) | 吳儀玲，2007，關係投資人之價值－公開發行股票公司之私募股票實證研究，國立清華大學計量財務金融學系。 | zh_TW |
| dc.relation.reference (參考文獻) | 李素雲，2007，股權私募前後經營績效差異之實證研究-以台灣上市櫃公司為例，中原大學企業管理研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 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。 | zh_TW |
| dc.relation.reference (參考文獻) | 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。 | zh_TW |
| dc.relation.reference (參考文獻) | 陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 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，國立政治大學會計研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 蔡蓓華，2008，私募長短期績效探討，國立政治大學會計研究所碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 蕭巧玲，2009，證券交易法有價證券私募制度簡介，證券暨期貨月刊，第二十七卷，第11期(11月)：5-21。 | zh_TW |
| dc.relation.reference (參考文獻) | Anderson, H. D., and L. C. Rose. 2007. Firm Quality and the Placement Price of Private Equity. Working paper, Massey University. | zh_TW |
| dc.relation.reference (參考文獻) | Barclay, M. J., and C. G. Holderness, and D. P. Sheehan. 2003. Private Placements | zh_TW |
| dc.relation.reference (參考文獻) | and Managerial Entrenchment. Working paper, Pennsylvania State University. | zh_TW |
| dc.relation.reference (參考文獻) | Christie, A. 1989. Equity risk, the opportunity set, production cost and debt. Working paper, University of Rochester. | zh_TW |
| dc.relation.reference (參考文獻) | Chung, K. H., and C. Charoenwong. 1991. Investment Options, Assets in Place, and the Risk of Stocks. Financial Management 20(3): 21-33. | zh_TW |
| dc.relation.reference (參考文獻) | Cho, M. H. 1998. Ownership structure, investment, and the corporate | zh_TW |
| dc.relation.reference (參考文獻) | value: an empirical analysis. Journal of Financial Economics 47(1): 103-121. | zh_TW |
| dc.relation.reference (參考文獻) | Chu, S. H. M., and G. H. Lentz, and E. Robak. 2005. Comparing the Characteristics and Performance of private equity offering frims with seasoned equity offering firms. Journal of Economics and Management 1: 57-83. | zh_TW |
| dc.relation.reference (參考文獻) | Chou, D. W., and M. Gomba, and F. Y. Liu. 2009. Long-run underperformance following private equity-The Role of Growth Opportunities. The Quarterly Review of Economics and Finance 49: 1113-1128 | zh_TW |
| dc.relation.reference (參考文獻) | Denis, D. J. 1994. Investment Opportunities and the Market Reaction to Equity Offerings. Journal of Financial and Quantitative Analysis 29: 159-175. | zh_TW |
| dc.relation.reference (參考文獻) | Heinkel, R., and E. Schwartz. 1986. Rights versus underwritten offerings: an | zh_TW |
| dc.relation.reference (參考文獻) | asymmetric information approach. The Journal of Finance 41: 1-18. | zh_TW |
| dc.relation.reference (參考文獻) | Hertzel, M., and R. L. Smith. 1993. Market Discounts and Shareholder Gains for Placing Equity Privately. Journal of Finance 48(2): 459-485. | zh_TW |
| dc.relation.reference (參考文獻) | Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 305-360. | zh_TW |
| dc.relation.reference (參考文獻) | Lang, L. H. P. and R. H. Litzenberger. 1989. Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis. Journal of Financial Economics 24(1) : 181-192. | zh_TW |
| dc.relation.reference (參考文獻) | Myers, S. C. 1977. Determinants of Corporate Borrowing. Journal of Financial Economics5: 147-145. | zh_TW |
| dc.relation.reference (參考文獻) | 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 Economics13: 187-221. | zh_TW |
| dc.relation.reference (參考文獻) | Morck, R., and A. Shleifer ,and R. W. 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) | McConnell, J. J. and H. Servaes. 1990. Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics 27(2): 595-612. | zh_TW |
| dc.relation.reference (參考文獻) | Pilotte, E. 1992. Growth Opportunities and the Stock Price Response to New Financing. Journal of Business 65: 371-394. | zh_TW |
| dc.relation.reference (參考文獻) | 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) | Wruck. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics 74: 93-119. | zh_TW |
| dc.relation.reference (參考文獻) | 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: 30-47. | zh_TW |
