| dc.contributor.advisor | 張清福 | zh_TW |
| dc.contributor.author (Authors) | 藍亦敏 | zh_TW |
| dc.creator (作者) | 藍亦敏 | zh_TW |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 8-Dec-2010 01:53:08 (UTC+8) | - |
| dc.date.available | 8-Dec-2010 01:53:08 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Dec-2010 01:53:08 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0097353041 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/48917 | - |
| 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) | 97353041 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | 本研究以2002年至2010年4底前辦理私募增資之上市（櫃）公司為研究對象，探討公司財務特性對私募折價幅度之影響。研究結果顯示， 私募金額占公司市值比例與無形資產價值愈高，象徵公司價值的衡量愈複雜，私募應募人在衡量私募公司價值時需付出的較高成本，折價幅度將較高。再者，當私募目的指出私募公司有新的投資機會時，私募之折價幅度將較小；另外，私募公司股東權益報酬率愈高，代表私募公司利用現有資源效率較高，折價幅度愈低；而私募公司負債對股東權益比愈大，其長期償債能力較差，營運風險也會提升，所以應募人會要求較高折價幅度以補償此風險；當私募公司有發生財務危機可能時，應募人也會要求較高折價補償其所承受之風險。因此，私募折價幅度與公司資訊成本、投資機會及營運風險程度有密切關聯。 | zh_TW |
| dc.description.abstract (摘要) | This study examines the effects of financial characteristics on price discounts in private placement. Based on the Market Observation Post System, the sample includes private placements of all listed and OTC firms in Taiwan during 2002 to April of 2010. The empirical evidence shows that discounts will be larger when private placement size is large relative to firm size. Intangible assets are difficult to value and therefore private placement investors will require larger discounts as compensation. If the issuer’s purposes of private placement indicate the availability of positive NPV investment opportunity to the firm then the discount will be smaller. In addition, the ROE variable has significant and negative association with discounts. This is consistent with the expectation that investors will assess the quality of the firm’s existing assets to form an opinion on risk and expected return of their private equity investment. On the other hand, high debt levels as measured by debt to equity result in higher discounts. Moreover, the existence of financial crisis is positively associated with discounts. In a word, the size of the discount to current market price is strongly related to proxies for the quality of the firm’s financial characteristics, future prospects and risk. | 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 6第三節 研究流程 7第四節 研究架構 8第貳章 文獻探討 9第一節 我國私募制度之相關規範 9第二節 私募制度之優缺點 14第三節 私募制度之運用 16第四節 國內外私募股權之相關文獻 19第參章 研究方法 31第一節 研究假說 31第二節 研究對象與期間、資料來源 34第三節 研究變數之設計 36第四節 研究方法與實證模型 39第肆章 實證結果與分析 40第一節 敘述性統計 40第二節 相關性分析 47第三節 迴歸分析 49第四節 敏感性分析 55第伍章 結論與建議 58第一節 研究結論 58第二節 研究限制 59第三節 對私募制度之建議 60第四節 後續研究建議 62參考文獻 63圖目錄圖1-1 2003年至2009年上市（櫃）公司私募與現金增資趨勢比較 2圖1-2 研究流程之說明 7表目錄表4-1 上市（櫃）公司私募普通股成功樣本之年度分配 40表4-2 上市（櫃）公司私募普通股成功樣本之產業分配 41表4-3 上市（櫃）公司各產業私募股權平均折價幅度 42表4-4 上市（櫃）公司各年度私募股權概況 43表4-5 樣本篩選過程 45表4-6 樣本敘述性統計 46表4-7 相關係數矩陣 48表4-8 模型一迴歸結果 49表4-9 獨立樣本T檢定 52表4-10 模型二迴歸結果 53表4-11 電子業與傳統產業回歸結果 54表4-12 全部樣本迴歸結果 55表4-13 以定價日前五日股價為折價幅度計算之迴歸結果 56表4-14 研究結果彙整 57 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0097353041 | en_US |
| dc.subject (關鍵詞) | 私募 | zh_TW |
| dc.subject (關鍵詞) | 財務特性 | zh_TW |
| dc.subject (關鍵詞) | 折價幅度 | zh_TW |
| dc.subject (關鍵詞) | Private placement | en_US |
| dc.subject (關鍵詞) | Financial characteristics | en_US |
| dc.subject (關鍵詞) | Discounts | en_US |
| dc.title (題名) | 公司財務特性對私募折價幅度之影響 | zh_TW |
| dc.title (題名) | The effects of financial characteristics on price discounts in private placement | en_US |
| dc.type (資料類型) | thesis | en |
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