| dc.contributor.advisor | 李志宏 | zh_TW |
| dc.contributor.author (Authors) | 李馥如 | zh_TW |
| dc.creator (作者) | 李馥如 | zh_TW |
| dc.date (日期) | 2010 | en_US |
| dc.date.accessioned | 29-Sep-2011 16:47:50 (UTC+8) | - |
| dc.date.available | 29-Sep-2011 16:47:50 (UTC+8) | - |
| dc.date.issued (上傳時間) | 29-Sep-2011 16:47:50 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0098357024 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/50828 | - |
| 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) | 98357024 | zh_TW |
| dc.description (描述) | 99 | zh_TW |
| dc.description.abstract (摘要) | 本研究以2007年「凱雷私募股權基金入主大眾銀行」一案當作研究主軸，以個案方式來呈現私募股權基金入主案的整個事件過程。大眾銀行財務體質不佳，急需資金，最終在眾多的籌資方式中選擇透過私募現金增資發行新股及可轉換公司債，引進單一策略投資人，轉換後外資持股比率最高大幅攀升至30%以上。 以事件研究法衡量股東財富的短期績效，研究發現在宣告日當天，市場對凱雷集團入主大眾銀行的訊息給予正面的回應，而自宣告日前10天至宣告日後8天，有顯著的平均累積異常報酬率。本研究亦衡量股東財富的長期績效，研究結果顯示， BHAR的衡量方法顯示，買進持有至第28個月及第36個月達10%之顯著水準，私募股權基金入主後有部份顯著增加股東財富。 凱雷集團透過持有多數股權，成為大眾銀行的最大股東，並進駐董事會，拿下半數董監席次，成功取得經營控制權，引進專業投資人的資金挹注來打銷呆帳及國際級的專業經驗、併購投資建議、改善公司治理等方式來強化金融業者的營運體質，使大眾銀行的信用評等得以被調升，有助於增加未來的融資彈性。本研究發現凱雷集團以增設獨立董事、縮小董事會規模及提高股權集中度來改善公司治理，與過去文獻研究結果一致，不過大眾銀行在經營效率性指標並未獲得改善。最後，分析大眾銀行入主前後3年經營績效的變化，研究發現凱雷集團入主後，大眾銀行在資本適足性、資產品質和獲利性指標等經營績效指標都有獲得顯著的改善。 | zh_TW |
| dc.description.abstract (摘要) | In this study, using the case of “Carlyle Group took over the Ta Chong Bank in 2007” to understand how did private equity funds implement. Due to the poor financial structure, Ta Chong Bank eventually selected through private placements to issuance the new shares and convertible bonds in a number of financing ways. Ta Chong Bank decided to find a single strategic investor, so the highest rate of foreign investor ownership after conversion could significantly increase to about 30%. To measure the shareholder’s wealth, this paper divided the short-term and long-term to analysis. First part, the capital market gave a positive response for the announcement of Carlyle Group took over the Ta Chong Bank. There was a significant average cumulative abnormal return between the ex-announcement and 8 days after announcement. In the long-term, the method of BHAR shows that buy-and-hold to 28 months and 36 months could get abnormal returns at 10% significant level. It presents that this case could increase the shareholder’s wealth in some specific periods. In this case, we find that Carlyle Group became the largest shareholder of Ta Chong Bank through acquiring majority equity. Moreover, Carlyle Group obtained the half numbers of directors, and successfully won the right of operational control. Through the international investment skills and professional operating experience, Carlyle Group improves corporate governance and financial structure of Ta Chong Bank and let the credit rating raised. This study also finds that Carlyle Group sets up independent directors, reduces board size and increases the concentration of ownership to improve corporate governance. It consists with the previous literature. But the operating efficiency indicator doesn’t improve so far. Finally, this study measures the change of operating performance. We find that just the operating performance indicators of capital adequacy, asset quality and profitability have improvement significantly. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第三節 研究架構 5第二章 文獻回顧 7第一節 私募股權基金的定義與運作模式 7第二節 私募股權基金對公司治理影響之相關文獻 9第三節 私募股權基金對股東財富影響之相關文獻 12第四節 私募股權基金對經營績效影響之相關文獻 13第三章 研究方法 16第一節 研究樣本及資料來源 16第二節 研究方法 17第四章 個案分析 20第一節 個案背景分析 20第二節 私募股權基金與目標公司之簡介 28第三節 私募股權基金入主緣由 32第四節 入主方式 38第五節 收購價格與資金來源 39第六節 凱雷在大眾銀行中所扮演的角色 41第五章 私募股權基金入主對股東財富之影響 49第一節 大眾銀行的合理價格區間 49第二節 宣告效果 51第三節 股東財富的長期績效 54第六章 私募股權基金入主對經營績效之影響 56第一節 影響目標公司經營績效之各構面分析 58第二節 大眾銀行的經營績效分析 70第七章 結論與研究限制 80參考文獻 82附錄一 86 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0098357024 | en_US |
| dc.subject (關鍵詞) | 私募股權基金 | zh_TW |
| dc.subject (關鍵詞) | 股東財富 | zh_TW |
| dc.subject (關鍵詞) | 經營績效 | zh_TW |
| dc.subject (關鍵詞) | Private Equity Funds | en_US |
| dc.subject (關鍵詞) | Shareholder’s Wealth | en_US |
| dc.subject (關鍵詞) | Performance | en_US |
| dc.title (題名) | 私募股權基金對目標公司股東財富及經營績效之影響-以大眾銀行為例 | zh_TW |
| dc.title (題名) | The effect of private equity funds on the stockholders’ wealth and performance of the target company—the case of Ta Chong Bank | en_US |
| dc.type (資料類型) | thesis | en |
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