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題名 台灣上市櫃公司股權募資方式之決定因素 - 公司治理機制的影響
The determinants of public offerings v.s. private placements: corporate governance perspective
作者 黃必松
貢獻者 徐燕山
黃必松
關鍵詞 私募股權
公募股權
公司治理
監督效果假說
管理者自我鞏固假說
日期 2011
上傳時間 24-Oct-2012 16:34:02 (UTC+8)
摘要 過去文獻對於私募股權增資主要有三種論點，分別是資訊不對稱假說、監督效果假說以及管理者自我鞏固假說，過去研究基本上對於私募股權具有可以減輕資訊不對稱問題的效果有一致的結論，然而對於監督效果與管理者自我鞏固效果仍沒有一致的定論。因此本文控制了資訊不對稱、增資前的營運績效、公司股價表現以及發行規模等因素的影響後，從公司治理的角度去探討究竟國內的私募股權增資是符合監督效果假說，還是管理者自我鞏固假說。
實證結果顯示，董事會獨立性愈高、機構法人持股比率愈高時，愈傾向使用私募股權增資，隱含私募股權增資的確有提升對企業經理人之監督進而有助於公司價值之提升，符合(Wruck,1989)提出的監督效果假說。此外與過去研究發現一致，本研究的實證結果亦顯示，資訊不對稱愈高的公司使用私募股權增資的機率愈高，顯示企業可以透過私募股權增資來減輕資訊不對稱之問題。同時，若公司的股價在增資前異常攀升時，企業會傾向選擇公開募集增資，顯示出相較於私募股權增資，公募股權增資比較會有擇時之考量。當公司於增資前營運績效表現較差時會傾向選擇使用私募股權增資。而發行規模較小時，為了降低直接發行成本，企業會傾向選擇以私募的方式辦理增資。
參考文獻 英文文獻
Admati, A., Pfleiderer, P., and J. Zechner, 1993. Large Shareholder Activism, Risk-Sharing, and Financial Market Equilibrium. Journal of Political Economy 102(6), 1097-1130.
Asquith, P., and D. W. Mullins, 1986. Equity Issues and Offering Dilution. Journal of Financial Economics 15: 61-89.
Barclay, M.J., Holderness, C.G., and D.P. Sheehan, 2007. Private Placements and Managerial Entrenchment. Journal of Corporate Finance 13, 461-484
Beasley, M.S., Carcello, J.V., Hermanson, D.R., and P.D. Lapides, 2000. Fraudulent Financial Reporting: Consideration of Industry Traits and Corporate Governance Mechanisms. Accounting Horizons 14, 441-454.
Bethel, J.E., Liebeskind, J.P., and T. Opler, 1998. Block Share Purchases and Corporate Performance. Journal of Finance 53, 605-634.
Blackwell,D., and D. Kidwell, 1988. An Investigation of the Cost Differences Between Public Sales and Private Placements of Debt. Journal of Financial Economics 22, 253-278.
Brennan, M.J., and E.S. Schwartz, 1987. The Case of Convertibles. Journal of Applied Corporate Finance 1, 55-64.
Brickley, J.A., Lease, R.C., and C.W. Smith Jr., 1988. Ownership Structure and Voting on Antitakeover Amendments. Jorunal of Financial Economics 20, 267-291.
Chemmanur, T.J., and P. Fulghieri, 1999. A Theory of the Going-Public Decision. Review of Financial Studies 12, 249-279.
Chen, F., Gao, G., Rui, 2006. Ownership Structure, Corporate Governance, and Fraud: Evidence from China. Journal of Corporate Finance 12, 424-448.
Claessens, S., S. Djankov, J. Fan, and L.H. Lang, 2000. The Separation of Ownership and Control in East Asian Corporation. Journal of Financial Economics 58, 81-112.
Core, J., Holthausen, R., and D. Larcker, 1999. Corporate Governance, Chief Executive Compensation, and Firm Performance. Journal of Financial Economics 51, 371–406.
Cronqvist, H., and M. Nilsson, 2003. Agency Costs of Controlling Minority Shareholders. Journal of Financial and Quantitative Analysis 38, 695-719.
Cronqvist, H., and M. Nilsson, 2005. The Choice between Rights Offerings and Private Equity Placements. Journal of Financial Economics 78, 375-407.
Dahya, J., and J.J. McConnell, 2005. Outside Directors and Corporate Board Decisions. Journal of Corporate Finance 11, 85 – 106.
Dann, L.Y., and H. DeAngelo, 1988. Corporate Financial Policy andCorporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure. Journal of Financial Economics 20, 87–127.
Dechow, P.M., Sloan, R.G., and A.P. Sweeney, 1996. Cases and Consequences of Earning Manipulations: An Analysis of Firms Subject to Enforcement Actions by the SEC. Contemporary Accounting Research 13, 1-36.
Demsetz, H., and K. Lehn, 1985. The Structure of CorporateOwnership: Causes and Consequences. Journal of Political Economy 93, 1155–1177.
Denis, D.J., Denis, D.K., and A. Sarin, 1997. Agency Problem, Equity Ownership, and Corporate Diversification. Journal of Finance 52, 135-160.
Diamond, D.W, 1991. Monitoring and Repulation: The Choice between Bank Loans and Directly Placed Debt. Journal of Political Economy 99, 689-721.
Dyck, A., and L. Zingales, 2004. Private Benefits of Control: an International Comparison. Jorunal of Finance 54, 537-600.
Faccio, M., and L. Lang, 2002. The Ultimate Ownership of Western European Corporations. Journal of Financial Economics 65, 365-395.
Fama, E.F., and M.C. Jensen, 1983. Separation of Ownership and Control. Journal of Law and Economics 26, 301-325.
Fama, E.F, 1980. Agency Problem and the theory of the firm. Journal of political Economy 88, 288-307.
Fulghieri, P., and D. Lukin, 2001. Information Production, Dilution Costs, and Optimal Security Design. Journal of Financial Economics 61, 3-42.
Gao, L., and G. Kling, 2007. Corporate Governance and Tunnelling: Empirical Evidence from China. Pacific-Basin Finance Journal 16, 591-605.
Gillan, S.L. 2006. Recent Developments in Corporate Governance: An Overview. Journal of Corporate Finance 12, 381-402.
Gomes, A., and G. Phillips, 2005. Why do public firms issue private and public securities? Working paper, University of Pennsylvania.
Goyal, V.K., and C.W. Park, 2002. Board Leadership Structure and CEO Turnover. Journal of Corporate Finance 8, 49-66.
Green, R.C, 1984. Investments Incentives, Debt, and Warrants. Journal of Financial Economics 13, 115-136.
Hartzell, J., and L. Starks, 2003. Institutional investors and Executive Compensation. Journal of Finance 58, 2351-2374.
Henry, D. 2010. Agency Costs, Ownership Sturcture and Corporate Governance Compliance: A Private Contracting Perspective. Pacific-Basin Finance Journal 18, 24-46.
Hertzel, M., Lemmon, M., Linck , J S., and L Rees, 2002. Long-run Performance following Private Placements of equity. Journal of Finance 57, 2595-2617.
Hertzel, M., and R. Smith. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48,459-485.
Himmelberg, C.G., and B.C. Petersen, 1994. R&D and Internal Finance: A Panel Study of Small Firms in Hightech Industries. Review of Economics and Statistic 76, 38-51.
Jensen, M.C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48, 831-880.
Jensen, M., and W. Meckling, 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Jorunal of Financial Economics 3, 305-360.
Kahn, C., and A. Winton, 1998. Ownership Structure, Speculation, and Shareholder Invervention. Journal of Finance 53, 99-129.
Klapper, L.F., and I. Love, 2004. Corporate Governance, Investor Protection, and Performance in Emerging Markets. Journal of Corporate Finance 10, 703-728.
Kwan, H., and T. Carleton, 1995. The Role of Private Placement Debt Issues in Corporate Finance. Working Paper, Federal Reserve Bank of San Francisco.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and R. Vishny, 2000. Investor protection and Corporate Governance. Jorunal of Financial Economics 58, 3-27.
La Porta, R., Lopez-de-Silanes, F., and A. Shleifer, 1999. Corporate Ownership around the World. Journal of Finance 54, 471-517.
Lee, H.W., and C. Kocher. 2001. Firm Characteristics and Seasoned Equity Issuance Mehtod: Private Placement versus Public Offering. The Journal of Applied Business Research 17, Num 3.
Lee, S.C., and C.T. Lin, 2010. An Accounting-based Valuation Approach to Valuing Corporate Governance in Taiwan. Journal of Contemporary Accounting & Econoimics 6, 47-60.
Marsh, P. 1982.The Choice between Equity andDebt: An Empirical Study. Journal of Finance 37, 122-144.
McMullen, D.A., 1996. Audit Committee Performance: an Investigation of the Consequences Associated with Audit Commitees. Auditing: A Journal of Practice and Theory 16, 87-103.
Myers, S., and N. Majluf, 1984. Corporate Financing and Investment Decisions When Firm Have Information That Investors Do Not Have. Journal of Financial Economics 13, 187-221.
Noe, T., 1997. Institutional Activism and Financial Market Structure. Mimeo, Tulance University.
Park, Y.W., Selvili, Z., and M.H. Song, 2008. Large Outside Blockholders as Monitors: Evidence from Partial Acquisitions. International Review of Economics and Finance 17(4), 529-545.
Rechner, P. L., and D. R. Dalton, 1991. CEO Duality and Organizational Performance: A Longitudinal Analysis. Strategic Management Journal 12, 155–161.
Rock, K. 1986. Why New Issues Are Underpriced. Journal of Financial Economics 15, 187-212.
Shleifer, A., and R. Vishny. 1997. A survey of corporate governance. Journal of Finance 52, 737-83.
Shleifer, A., and R.W. Vishny, 1986. Large Shareholders and Corporate Control. Journal of Political Economy 94, 461-488.
Singh, M., and W.N. Davidson, 2003. Agency Costs, Ownership Structure and Corporate Governance Mechanisms. Journal of Banking and Finance 27, 793-816.
Steiner, T.L., 1996. A Reexamination of the Relationships between Ownership Structure, Firm Diversification, and Tobins’s Q. Journal of Business and Economics 35, 39-48.
Stulz, R.M, 1988. Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control. Journal of Financial Economics 20, 25-54.
Wruck, H. 1989. Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings. Journal of Financial Economics 23, 3-28.
Wu, X., and Wang, Z., 2007. Private Benefits of Control and the Choice of Seasoned Equity Flotation Method, Available at SSRN: http://ssrn.com/abstract=685262
Wu, Y.2004. The Choice of Equity-Selling Mechanisms. Journal of Financial Economics 74, 93-119.
Yermack, D. 1996. Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics 40, 185-213.

中文文獻
呂季蓉， 2005，台灣上市櫃公司私募之研究-論私募對象之影響，國立中山大學財務管理學係碩士論文。
呂彥慧，2001，股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係，中正大學金融研究所碩士論文。
吳明政、王郁樺與林逸程，2010，私募股權宣告效果及長期股價表現之研究，中華管理評論國際學報，第十三卷四期，Vol. 13, No.4.
吳雅妮，2008，影響我國上市櫃公司選擇公開募集或私募之因素，國立政治大學會計學系碩士論文。
林淑棻，2003，公司股權結構、董事會組成結構以及財務政策與公司經營績效關係之研究，國立政治大學財務管理系碩士論文。
翁淑育，2000，台灣上市公司股權結構、核心代理問題與公司價值之研究，輔仁大學財務金融研究所碩士論文。
張瑞當、沈文華與黃怡翔，2007，宣告效果、股價報酬與盈餘管理：我國企業私募之研究，第十六屆會計理論與實務研討會論文。
葉銀華，1999，家族控股集團、核心企業與報酬互動之研究-台灣與香港證券市場之比較，管理評論，第18卷第2期：57-90。
黃藍萱，2011，選擇公開募集或私募管道融資影響因素之探討，國立政治大學會計學系碩士論文。
黃榮龍，1993，股權結構與企業經營績效之研究，國立政治大學會計學研究所碩士論文。
謝淑娟，1994，以權益代理問題的觀點探討股權結構變動與企業經營績效之關係，國立交通大學管理科學研究所碩士論文。
楊慧玲，2000，董事會結構及其變動對股東財富與經營績效影響之研究，私立朝陽大學企業管理研究所碩士論文。
描述 碩士
國立政治大學
財務管理研究所
99357038
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099357038
資料類型 thesis
dc.contributor.advisor 徐燕山zh_TW
dc.contributor.author (Authors) 黃必松zh_TW
dc.creator (作者) 黃必松zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 24-Oct-2012 16:34:02 (UTC+8)-
dc.date.available 24-Oct-2012 16:34:02 (UTC+8)-
dc.date.issued (上傳時間) 24-Oct-2012 16:34:02 (UTC+8)-
dc.identifier (Other Identifiers) G0099357038en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54096-
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) 99357038zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 過去文獻對於私募股權增資主要有三種論點，分別是資訊不對稱假說、監督效果假說以及管理者自我鞏固假說，過去研究基本上對於私募股權具有可以減輕資訊不對稱問題的效果有一致的結論，然而對於監督效果與管理者自我鞏固效果仍沒有一致的定論。因此本文控制了資訊不對稱、增資前的營運績效、公司股價表現以及發行規模等因素的影響後，從公司治理的角度去探討究竟國內的私募股權增資是符合監督效果假說，還是管理者自我鞏固假說。
實證結果顯示，董事會獨立性愈高、機構法人持股比率愈高時，愈傾向使用私募股權增資，隱含私募股權增資的確有提升對企業經理人之監督進而有助於公司價值之提升，符合(Wruck,1989)提出的監督效果假說。此外與過去研究發現一致，本研究的實證結果亦顯示，資訊不對稱愈高的公司使用私募股權增資的機率愈高，顯示企業可以透過私募股權增資來減輕資訊不對稱之問題。同時，若公司的股價在增資前異常攀升時，企業會傾向選擇公開募集增資，顯示出相較於私募股權增資，公募股權增資比較會有擇時之考量。當公司於增資前營運績效表現較差時會傾向選擇使用私募股權增資。而發行規模較小時，為了降低直接發行成本，企業會傾向選擇以私募的方式辦理增資。		zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與貢獻 3
第三節 研究架構與流程 4
第二章 文獻探討與研究假說 6
第一節 私募股權相關文獻 6
第二節 影響公司選擇公開募集或私募股權因素之文獻 10
第三節 研究假說建立 14
第三章 研究方法 22
第一節 變數定義與衡量 22
第二節 實證模型 27
第三節 樣本選取及資料來源 28
第四章 實證結果與分析 32
第一節 敍述統計 32
第二節 相關係數及共線性分析 33
第三節 羅吉斯迴歸結果分析 38
第四節 穏健性檢驗 43
第五章 結論 58
參考文獻 60
英文文獻 60
中文文獻 64		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099357038en_US
dc.subject (關鍵詞) 私募股權zh_TW
dc.subject (關鍵詞) 公募股權zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 監督效果假說zh_TW
dc.subject (關鍵詞) 管理者自我鞏固假說zh_TW
dc.title (題名) 台灣上市櫃公司股權募資方式之決定因素 - 公司治理機制的影響zh_TW
dc.title (題名) The determinants of public offerings v.s. private placements: corporate governance perspectiveen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 英文文獻
Admati, A., Pfleiderer, P., and J. Zechner, 1993. Large Shareholder Activism, Risk-Sharing, and Financial Market Equilibrium. Journal of Political Economy 102(6), 1097-1130.
Asquith, P., and D. W. Mullins, 1986. Equity Issues and Offering Dilution. Journal of Financial Economics 15: 61-89.
Barclay, M.J., Holderness, C.G., and D.P. Sheehan, 2007. Private Placements and Managerial Entrenchment. Journal of Corporate Finance 13, 461-484
Beasley, M.S., Carcello, J.V., Hermanson, D.R., and P.D. Lapides, 2000. Fraudulent Financial Reporting: Consideration of Industry Traits and Corporate Governance Mechanisms. Accounting Horizons 14, 441-454.
Bethel, J.E., Liebeskind, J.P., and T. Opler, 1998. Block Share Purchases and Corporate Performance. Journal of Finance 53, 605-634.
Blackwell,D., and D. Kidwell, 1988. An Investigation of the Cost Differences Between Public Sales and Private Placements of Debt. Journal of Financial Economics 22, 253-278.
Brennan, M.J., and E.S. Schwartz, 1987. The Case of Convertibles. Journal of Applied Corporate Finance 1, 55-64.
Brickley, J.A., Lease, R.C., and C.W. Smith Jr., 1988. Ownership Structure and Voting on Antitakeover Amendments. Jorunal of Financial Economics 20, 267-291.
Chemmanur, T.J., and P. Fulghieri, 1999. A Theory of the Going-Public Decision. Review of Financial Studies 12, 249-279.
Chen, F., Gao, G., Rui, 2006. Ownership Structure, Corporate Governance, and Fraud: Evidence from China. Journal of Corporate Finance 12, 424-448.
Claessens, S., S. Djankov, J. Fan, and L.H. Lang, 2000. The Separation of Ownership and Control in East Asian Corporation. Journal of Financial Economics 58, 81-112.
Core, J., Holthausen, R., and D. Larcker, 1999. Corporate Governance, Chief Executive Compensation, and Firm Performance. Journal of Financial Economics 51, 371–406.
Cronqvist, H., and M. Nilsson, 2003. Agency Costs of Controlling Minority Shareholders. Journal of Financial and Quantitative Analysis 38, 695-719.
Cronqvist, H., and M. Nilsson, 2005. The Choice between Rights Offerings and Private Equity Placements. Journal of Financial Economics 78, 375-407.
Dahya, J., and J.J. McConnell, 2005. Outside Directors and Corporate Board Decisions. Journal of Corporate Finance 11, 85 – 106.
Dann, L.Y., and H. DeAngelo, 1988. Corporate Financial Policy andCorporate Control: A Study of Defensive Adjustments in Asset and Ownership Structure. Journal of Financial Economics 20, 87–127.
Dechow, P.M., Sloan, R.G., and A.P. Sweeney, 1996. Cases and Consequences of Earning Manipulations: An Analysis of Firms Subject to Enforcement Actions by the SEC. Contemporary Accounting Research 13, 1-36.
Demsetz, H., and K. Lehn, 1985. The Structure of CorporateOwnership: Causes and Consequences. Journal of Political Economy 93, 1155–1177.
Denis, D.J., Denis, D.K., and A. Sarin, 1997. Agency Problem, Equity Ownership, and Corporate Diversification. Journal of Finance 52, 135-160.
Diamond, D.W, 1991. Monitoring and Repulation: The Choice between Bank Loans and Directly Placed Debt. Journal of Political Economy 99, 689-721.
Dyck, A., and L. Zingales, 2004. Private Benefits of Control: an International Comparison. Jorunal of Finance 54, 537-600.
Faccio, M., and L. Lang, 2002. The Ultimate Ownership of Western European Corporations. Journal of Financial Economics 65, 365-395.
Fama, E.F., and M.C. Jensen, 1983. Separation of Ownership and Control. Journal of Law and Economics 26, 301-325.
Fama, E.F, 1980. Agency Problem and the theory of the firm. Journal of political Economy 88, 288-307.
Fulghieri, P., and D. Lukin, 2001. Information Production, Dilution Costs, and Optimal Security Design. Journal of Financial Economics 61, 3-42.
Gao, L., and G. Kling, 2007. Corporate Governance and Tunnelling: Empirical Evidence from China. Pacific-Basin Finance Journal 16, 591-605.
Gillan, S.L. 2006. Recent Developments in Corporate Governance: An Overview. Journal of Corporate Finance 12, 381-402.
Gomes, A., and G. Phillips, 2005. Why do public firms issue private and public securities? Working paper, University of Pennsylvania.
Goyal, V.K., and C.W. Park, 2002. Board Leadership Structure and CEO Turnover. Journal of Corporate Finance 8, 49-66.
Green, R.C, 1984. Investments Incentives, Debt, and Warrants. Journal of Financial Economics 13, 115-136.
Hartzell, J., and L. Starks, 2003. Institutional investors and Executive Compensation. Journal of Finance 58, 2351-2374.
Henry, D. 2010. Agency Costs, Ownership Sturcture and Corporate Governance Compliance: A Private Contracting Perspective. Pacific-Basin Finance Journal 18, 24-46.
Hertzel, M., Lemmon, M., Linck , J S., and L Rees, 2002. Long-run Performance following Private Placements of equity. Journal of Finance 57, 2595-2617.
Hertzel, M., and R. Smith. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48,459-485.
Himmelberg, C.G., and B.C. Petersen, 1994. R&D and Internal Finance: A Panel Study of Small Firms in Hightech Industries. Review of Economics and Statistic 76, 38-51.
Jensen, M.C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48, 831-880.
Jensen, M., and W. Meckling, 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Jorunal of Financial Economics 3, 305-360.
Kahn, C., and A. Winton, 1998. Ownership Structure, Speculation, and Shareholder Invervention. Journal of Finance 53, 99-129.
Klapper, L.F., and I. Love, 2004. Corporate Governance, Investor Protection, and Performance in Emerging Markets. Journal of Corporate Finance 10, 703-728.
Kwan, H., and T. Carleton, 1995. The Role of Private Placement Debt Issues in Corporate Finance. Working Paper, Federal Reserve Bank of San Francisco.
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La Porta, R., Lopez-de-Silanes, F., and A. Shleifer, 1999. Corporate Ownership around the World. Journal of Finance 54, 471-517.
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