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題名 私募引進策略性投資人對公司績效之探討
Performance after strategic private placement
作者 詹竣揚
貢獻者 張清福
詹竣揚
關鍵詞 私募
策略性投資人
累計異常報酬
經營績效
strategic private placement
abnormal return
accounting performance
日期 2011
上傳時間 30-Oct-2012 13:58:31 (UTC+8)
摘要 本研究以在民國96~98年間辦理私募引進策略性投資人之公司為樣本，檢視宣告日前後異常報酬之走勢，並探討私募後研發投資及會計績效是否顯著增加。
本研究以事件研究法測試企業利用私募方式引進策略性投資人，發現宣告日前後之異常報酬率確實有顯著增加，表示投資人看好私募公司未來的發展，但在利用Healy, Palepu and Rubak (1992)模型檢驗現金流量報酬率、EPS、營業利潤率、資產報酬率與股東權益報酬率及Tobin’s Q等不同的經營績效指標，比較公司私募前後經營績效時，卻發現私募後兩年內，公司之績效並未如市場之預期顯著地提升。但私募後公司在研發費用確實有顯著的提升，代表公司在投資方面有顯著的成長，或許這類私募公司需要更長的時間，會計績效才有可能會顯著的提升。
This study investigates two issues, the abnormal return and the R&D investment and accounting performance before/after the announcement of the strategic private placement.
We found that investors gain abnormal return before/after the announcement of the strategic placement. It indicates that the information leakage before the announcement is severe and, as investors expected, they gain high abnormal return even after the strategic placement.
However, based on Healy, Palepu and Rubak (1992) model, we found that the accounting performances after strategic placements are not as investors expected when they are measured in terms of cash flow returns on investments, EPS, gross profit, ROA, ROI and Tobin’s Q. On the other hand, the companies do invest more R&D input after strategic private placement. Observing these two facts together, we may conclude that the strategic private placement makes firms input more R&D expenditure but couldn’t gain significant accounting performance within 2 years.
參考文獻 中文部分
王光世，2010，私募折溢價與私募後續經營績效及市場反應之關聯性 國立政治大學會計研究所碩士論文。
呂鴻德，1996，企業策略聯盟-提升競爭力的經營利器，商周文化出版
吳青松，1991，策略聯盟之組織運作與風險管理，錢談雜誌，第15期。
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。
施美夆，2010，私募股權對長期經營績效之影響，國立中興大學會計學研究所碩士論文。
徐翊中，2010，內部人行為對私募幅度之影響，國立政治大學會計學
系碩士論文。
張荷君，2009，私募應募人種類與經營績效之探討，國立政治大學會計學系碩士論文。　
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。
陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計學系碩士論文。
劉俞青，2010，大股東吃定小股東內幕／私募．釋股．減資手法大公開，　
　　　　今周刊703期 。
賴宜鴻，2002，公司策略聯盟長期績效表現之研究，國立成功大學 國
際公司研究所碩士論文。
羅淑君，2003，股權參與對策略聯盟價值的影響，國立成功大學 國際公司研究所碩士論文。





英文部分
Allen, J. W., and G. M. Phillips. 2000. Corporate equity ownership, strategic alliances, and product market relationships. The Journal of Finance 55 (6): 2791-2815.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of corporate finance: 461-484.
Chaudhuri, S. and B. Tabrizi. 1999. Capturing the real value in high-tech acquisitions. Harvard Business Review 77(5): 123-130.
Chu, S. H. M, H. L. George, and E. Robak. 2005. Comparing the characteristics and performance of private equity offering firms with seasoned equity offering firms. Journal of Economics and Management 1(1): 57-83.
Combs, J. G. and D. J. Ketchen. 1999. Can capital scarcity help agency theory explain franchising? Revisiting the capital scarcity hypothesis. Academy of Management Journal 42: 196-207.
Cronqvist, H., and M. Nilsson. 2003. Agency costs of controlling minority shareholders. Journal of Financial and Quantitative Analysis 38 (4): 695-719.
Das, S., P. K. Sen, and S. Sengupta. 1998. Impact of strategic alliances on firm valuation. Academy of Management Journal 41(1): 27-41.
Dyer, J. H. and H. Singh. 1998.The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review 23(4): 660-679.
Harbison, J. R. and P. Pekar, Jr., 1998. Institutionalizing alliance skills: Secrets of repeatable success. Strategy & Business 11: 79-94.
Hitt, M. A., R. D. Ireland, and R. E. Hoskisson, 2004. Strategic management: Competitiveness and globalization concepts, 吳淑華、鍾震東、欒錦榮、龔昶元、呂益丞譯, 台北：滄海。
Hennart, J. F. and S. Ready. 1997. The choice between merges/acquisitions and joint ventures in the United States. Strategic Management Journal 18: 1-12.
Hertzel, M. and R. L. Smith. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48 (2): 459-485.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-run performance following private placements of equity. Journal of Finance 57: 2595-2617.
Healy, P. M., K. C. Palepu, and R. S. Rubak. 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31(2): 135–175.
Jensen, M., and W. Meckling. 1976. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (May): 323-329.
Keller, J. J., 1993. Sprint hangs back as its rivals forge global alliances. Wall Street Journal, June: B4.
Korajczyk, R. A., D. J. Lucas, and R. L. McDonald. 1991. The effect of Information releases on the pricing and timing of equity issues: theory and evidence. The Review of Financial Studies 4(4): 685-708.
Pisano, G. P. 1989. Using equity participation to support exchange: Evidence from the biotechnology industry. Journal of Law, Economics,and Organization 5(1): 109126.
Williamson, O. and W. G. Ouchi. 1981. The markets and hierarchies and the visible hand perspectives. Perspectives on Organization Design and Behavior: 347-370.
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.
Wruck, K. H. 1989. Equity ownership concentration and firm value: evidence from private equity financings. Journal of Financial Economics 23: 3-28.
Wu, Y. L. 2004. The choice of equity-selling mechanisms. Journal of corporate Financial Economics 74(1): 93-119.
Su Han Chana, S. H., J. W. Kensingerc, A. J. Keownd, and J. D. Martin. 1997. Do strategic alliances create value? Journal of Financial Economics 46: 199-221.
Yoshino, M.Y. and U. S. Rangan. 1995. Strategic alliances: An entrepreneurial approach to globalization. Harvard Business School Press, Boston, Massachusetts.
描述 碩士
國立政治大學
會計研究所
99353009
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0993530091
資料類型 thesis
dc.contributor.advisor 張清福zh_TW
dc.contributor.author (Authors) 詹竣揚zh_TW
dc.creator (作者) 詹竣揚zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 13:58:31 (UTC+8)-
dc.date.available 30-Oct-2012 13:58:31 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 13:58:31 (UTC+8)-
dc.identifier (Other Identifiers) G0993530091en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54843-
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) 99353009zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本研究以在民國96~98年間辦理私募引進策略性投資人之公司為樣本，檢視宣告日前後異常報酬之走勢，並探討私募後研發投資及會計績效是否顯著增加。
本研究以事件研究法測試企業利用私募方式引進策略性投資人，發現宣告日前後之異常報酬率確實有顯著增加，表示投資人看好私募公司未來的發展，但在利用Healy, Palepu and Rubak (1992)模型檢驗現金流量報酬率、EPS、營業利潤率、資產報酬率與股東權益報酬率及Tobin’s Q等不同的經營績效指標，比較公司私募前後經營績效時，卻發現私募後兩年內，公司之績效並未如市場之預期顯著地提升。但私募後公司在研發費用確實有顯著的提升，代表公司在投資方面有顯著的成長，或許這類私募公司需要更長的時間，會計績效才有可能會顯著的提升。		zh_TW
dc.description.abstract (摘要) This study investigates two issues, the abnormal return and the R&D investment and accounting performance before/after the announcement of the strategic private placement.
We found that investors gain abnormal return before/after the announcement of the strategic placement. It indicates that the information leakage before the announcement is severe and, as investors expected, they gain high abnormal return even after the strategic placement.
However, based on Healy, Palepu and Rubak (1992) model, we found that the accounting performances after strategic placements are not as investors expected when they are measured in terms of cash flow returns on investments, EPS, gross profit, ROA, ROI and Tobin’s Q. On the other hand, the companies do invest more R&D input after strategic private placement. Observing these two facts together, we may conclude that the strategic private placement makes firms input more R&D expenditure but couldn’t gain significant accounting performance within 2 years.		en_US
dc.description.tableofcontents 第一章　緒論…………………………….......…………………………………. 1
第一節、研究動機及目的………………….…………………………………. 1
第二節、研究問題………………………….…………………………………. 4
第三節、研究流程及論文架構…………….…………………………………. 5
第二章 文獻探討……………………….......…………………………………. 6
第一節、我國私募制度相關規範………….…………………………………. 6
第二節、我國私募制度相關規範優缺點….…………………………………. 13
第三節、私募相關文獻探討…………………………………………………. 15
第四節、策略聯盟之相關文獻探討……….…………………………………. 18
第三章 研究方法……………………….......…………………………………. 24
第一節、研究假說………………………….…………………………………. 24
第二節、樣本選取及處理過程…………….…………………………………. 26
第三節、研究方法………………………….…………………………………. 28
第四節、變數定義及衡量方法………………………………………………. 31
第四章 實證結果與分析………………....…………………………………… 34
第一節、敘述性統計……………………….…………………………………. 34
第二節、假說驗證……………………………………………………………. 41
第五章、結論與建議……………………………………………………………. 67
第一節、研究結論……………………………………………………………. 67
第二節、研究建議……………………………………………………………. 68
第三節、研究限制………………………….…………………………………. 69
參考文獻……………………………………...…………………………………. 70		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0993530091en_US
dc.subject (關鍵詞) 私募zh_TW
dc.subject (關鍵詞) 策略性投資人zh_TW
dc.subject (關鍵詞) 累計異常報酬zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) strategic private placementen_US
dc.subject (關鍵詞) abnormal returnen_US
dc.subject (關鍵詞) accounting performanceen_US
dc.title (題名) 私募引進策略性投資人對公司績效之探討zh_TW
dc.title (題名) Performance after strategic private placementen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分
王光世，2010，私募折溢價與私募後續經營績效及市場反應之關聯性 國立政治大學會計研究所碩士論文。
呂鴻德，1996，企業策略聯盟-提升競爭力的經營利器，商周文化出版
吳青松，1991，策略聯盟之組織運作與風險管理，錢談雜誌，第15期。
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。
施美夆，2010，私募股權對長期經營績效之影響，國立中興大學會計學研究所碩士論文。
徐翊中，2010，內部人行為對私募幅度之影響，國立政治大學會計學
系碩士論文。
張荷君，2009，私募應募人種類與經營績效之探討，國立政治大學會計學系碩士論文。　
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。
陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計學系碩士論文。
劉俞青，2010，大股東吃定小股東內幕／私募．釋股．減資手法大公開，　
　　　　今周刊703期 。
賴宜鴻，2002，公司策略聯盟長期績效表現之研究，國立成功大學 國
際公司研究所碩士論文。
羅淑君，2003，股權參與對策略聯盟價值的影響，國立成功大學 國際公司研究所碩士論文。





英文部分
Allen, J. W., and G. M. Phillips. 2000. Corporate equity ownership, strategic alliances, and product market relationships. The Journal of Finance 55 (6): 2791-2815.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of corporate finance: 461-484.
Chaudhuri, S. and B. Tabrizi. 1999. Capturing the real value in high-tech acquisitions. Harvard Business Review 77(5): 123-130.
Chu, S. H. M, H. L. George, and E. Robak. 2005. Comparing the characteristics and performance of private equity offering firms with seasoned equity offering firms. Journal of Economics and Management 1(1): 57-83.
Combs, J. G. and D. J. Ketchen. 1999. Can capital scarcity help agency theory explain franchising? Revisiting the capital scarcity hypothesis. Academy of Management Journal 42: 196-207.
Cronqvist, H., and M. Nilsson. 2003. Agency costs of controlling minority shareholders. Journal of Financial and Quantitative Analysis 38 (4): 695-719.
Das, S., P. K. Sen, and S. Sengupta. 1998. Impact of strategic alliances on firm valuation. Academy of Management Journal 41(1): 27-41.
Dyer, J. H. and H. Singh. 1998.The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review 23(4): 660-679.
Harbison, J. R. and P. Pekar, Jr., 1998. Institutionalizing alliance skills: Secrets of repeatable success. Strategy & Business 11: 79-94.
Hitt, M. A., R. D. Ireland, and R. E. Hoskisson, 2004. Strategic management: Competitiveness and globalization concepts, 吳淑華、鍾震東、欒錦榮、龔昶元、呂益丞譯, 台北：滄海。
Hennart, J. F. and S. Ready. 1997. The choice between merges/acquisitions and joint ventures in the United States. Strategic Management Journal 18: 1-12.
Hertzel, M. and R. L. Smith. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48 (2): 459-485.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-run performance following private placements of equity. Journal of Finance 57: 2595-2617.
Healy, P. M., K. C. Palepu, and R. S. Rubak. 1992. Does corporate performance improve after mergers? Journal of Financial Economics 31(2): 135–175.
Jensen, M., and W. Meckling. 1976. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (May): 323-329.
Keller, J. J., 1993. Sprint hangs back as its rivals forge global alliances. Wall Street Journal, June: B4.
Korajczyk, R. A., D. J. Lucas, and R. L. McDonald. 1991. The effect of Information releases on the pricing and timing of equity issues: theory and evidence. The Review of Financial Studies 4(4): 685-708.
Pisano, G. P. 1989. Using equity participation to support exchange: Evidence from the biotechnology industry. Journal of Law, Economics,and Organization 5(1): 109126.
Williamson, O. and W. G. Ouchi. 1981. The markets and hierarchies and the visible hand perspectives. Perspectives on Organization Design and Behavior: 347-370.
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.
Wruck, K. H. 1989. Equity ownership concentration and firm value: evidence from private equity financings. Journal of Financial Economics 23: 3-28.
Wu, Y. L. 2004. The choice of equity-selling mechanisms. Journal of corporate Financial Economics 74(1): 93-119.
Su Han Chana, S. H., J. W. Kensingerc, A. J. Keownd, and J. D. Martin. 1997. Do strategic alliances create value? Journal of Financial Economics 46: 199-221.
Yoshino, M.Y. and U. S. Rangan. 1995. Strategic alliances: An entrepreneurial approach to globalization. Harvard Business School Press, Boston, Massachusetts.		zh_TW