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題名 私募之宣告、執行與私募後經營績效關聯性之探討
The association between the announcement, execution of private placement and its subsequent firm performance
作者 陳雅晴
Chen, Ya Ching
貢獻者 林宛瑩
陳雅晴
Chen, Ya Ching
關鍵詞 私募
私募應募人
經營績效
private placement
private investors
performance
日期 2011
上傳時間 30-Oct-2012 14:35:28 (UTC+8)
摘要 本研究探討企業宣告私募股權之動機對宣告時之折價幅度、異常報酬，以及其後續的執行率與經營績效之影響。並將私募案依投資人加以分類，區分為積極性私募、管理階層私募與消極性私募，各類私募分開探討其動機、執行率與經營績效。
實證結果發現，企業選擇私募股權融資的動機如下：(1) 進行積極性私募之動機，並無法以監督需求假說解釋之；(2)自利交易為進行管理階層私募之動機；(3) 進行消極性私募之動機，並無法以控制權鞏假說解釋之。
私募實際執行與否的影響因素方面，實證結果如下：(1) 積極性私募因為研究樣本過少，無法進行實證分析；(2) 管理階層私募方面，當預計發行股數佔流通在外股數比例較高時，實際執行的可能性較高；(3) 消極性私募方面，投資機會於宣告後增加，實際執行的可能性較高，然而當內部人持股比例低於5%或高於25%時，實際執行的可能性較低。
至於私募之執行與後續經營績效之關聯性，實證結果發現：(1) 積極性私募由於研究樣本過少，無法進行實證分析；(2) 執行管理階層私募之公司，其經營績效於執行後確實獲得提升；(3) 執行消極性私募之公司，其經營績效於執行後確實獲得提升，然而此發現並不支持控制權鞏固假說之預期。
This research mainly discusses the motivations of firms which announce issuing private equity. The announcement motivations will influence the price discount and abnormal returns in the period of announcement, wills to execute the private placement, and the subsequent performance of those announcing firms. This study classifies private placements into three groups, including active placements, managerial placements, and passive placements. There are different motivations, situations of executions, and subsequent performances in different types of private placements.
The empirical results on the motivations of firms that announce issuing equity privately indicate the following: (1) Monitoring hypothesis can’t explain why firms issue private equity to active investors. (2) Managerial self-dealing is the purpose of firms issuing private equity to insiders. (3) Managerial entrenchment hypothesis can’t explain why firms issue private equity to passive investors.
The empirical results on the factors that influence firms execute the private placement or not indicate the followings: (1) Because of the sample constraints, this study can’t analyze in what situation firms will execute active private placements. (2) For managerial placements, those with higher percentage of the firm’s outstanding common stock represented by the placement tend to be executed. (3) For passive placements, when the investment opportunities increased after announcements, firms tend to execute the placement. However, when the ownership concentration is less than 5% or higher than 25%, firms’ wills to execute the placement are weaker.
The empirical results on the association between the execution of private placements and its subsequent performance indicate the following: (1) Because of the sample constraints, this study can’t analyze the impacts of the execution of the active placement on the subsequent performance of the announcing fitm. (2) Firms executing managerial placements tend to have better subsequent performance. (3) Firms executing passive placements tend to have better subsequent performance. However, managerial entrenchment hypothesis can’t explain this result.
參考文獻 中文部分
呂季蓉，2005，台灣上市上櫃公司私募之研究─論私募對象之影響，國立中山大學財務管理學系研究所。
林宛塋與陳宜伶，2012，獨立董監之設置決策與績效，管理與系統(forthcoming)。
林淑玲與莊小君，2010，私募宣告對股東財富及溢(折)價幅度之影響，交大管理學報，第30卷第1期，頁1-45。
林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學企業管理學系碩士論文。
喻美馨，2011，上市公司私募股價異常報酬與經營績效探討，東吳大學會計學系碩士論文。
黃藍萱，2011，選擇公開募集或私募管道融資影響因素之探討，國立政治大學會計研究所。
謝宛庭與吳清在，2010，公開募集或私募有價證券之決定因素及其市場反應，會計評論，第51期(7月)：頁73-106。


英文部分
Adam, T. and V. K. Goyal. 2007. The Investment Opportunity Set and its Proxy Variables. SSRN eLibrary.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private Placements and Managerial Entrenchment. Journal of Corporate Finance, 13(4): 461-484.
Bradley, M., G. A. Jarrell, and E. H. Kim. 1984. On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3): 857-878.
Chu, S. H. M., 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.
Chung, K. H. and S. W. Pruitt. 1994. A simple approximation of Tobin`s q. Financial Management, 23(3): 70-70.
Collins, D. W. and S. P. Kothari. 1989. An analysis of intertemporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics, 11(2–3): 143-181.
Cronqvist, H. and M. Nilsson. 2005. The Choice Between Rights Offerings and Private Equity Placements. Journal of Financial Economics, 78(2): 375-407.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-Run Performance Following Private Placements of Equity. The Journal of Finance, 57(6): 2595-2617.
Hertzel, M. and L. Rees. 1998. Earnings and Risk Changes Around Private Placements of Equity. Journal of Accounting, Auditing & Finance, 13(1): 21-35.
Hertzel, M. and R. L. Smith. 1993. Market Discounts and Shareholder Gains for Placing Equity Privately. Journal of Finance, 48(2): 459-485.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Jensen, M. C. and R. S. Ruback. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1–4): 5-50.
Krishnamurthy, S., P. Spindt, V. Subramaniam, and T. Woidtke. 2005. Does investor identity matter in equity issues? Evidence from private placements. Journal of Financial Intermediation, 14(2): 210-238.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20(0): 293-315.
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 Economics, 3: 187-221.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3): 335-370.
Schnaiberg, A., N. Watts, and K. Zimmerman. 1986. Distributional conflicts in environmental-resource policy.
Sharpe, I. G. and L.-A. E.Woo. 2005. Corporate Control, Expected Underpricing, and the Choice of Issuance Mechanism in Unseasoned Equity Markets. Journal of Corporate Finance, 11(4): 716-735.
Tobin, J. and W. C. Brainard. 1977. Asset markets and the cost of capital. Economic progress: Private values and public policy, 235-262. Amsterdam, North-Holland.
Wruck, K. H. 1989. Equity ownership concentration and firm value : Evidence from private equity financings. Journal of Financial Economics, 23(1): 3-28.
Wruck, K. H. and Y. Wu. 2005. The Value of Relationship Investing: Evidence from Private Placement of Equity by U.S. Public Firms. working paper.
Wruck, K. H. and Y.Wu. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance, 15(1): 30-47.
Wu, Y. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics, 74(1): 93-119.
描述 碩士
國立政治大學
會計研究所
99353014
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353014
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.author (Authors) 陳雅晴zh_TW
dc.contributor.author (Authors) Chen, Ya Chingen_US
dc.creator (作者) 陳雅晴zh_TW
dc.creator (作者) Chen, Ya Chingen_US
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 14:35:28 (UTC+8)-
dc.date.available 30-Oct-2012 14:35:28 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 14:35:28 (UTC+8)-
dc.identifier (Other Identifiers) G0099353014en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54992-
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) 99353014zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本研究探討企業宣告私募股權之動機對宣告時之折價幅度、異常報酬，以及其後續的執行率與經營績效之影響。並將私募案依投資人加以分類，區分為積極性私募、管理階層私募與消極性私募，各類私募分開探討其動機、執行率與經營績效。
實證結果發現，企業選擇私募股權融資的動機如下：(1) 進行積極性私募之動機，並無法以監督需求假說解釋之；(2)自利交易為進行管理階層私募之動機；(3) 進行消極性私募之動機，並無法以控制權鞏假說解釋之。
私募實際執行與否的影響因素方面，實證結果如下：(1) 積極性私募因為研究樣本過少，無法進行實證分析；(2) 管理階層私募方面，當預計發行股數佔流通在外股數比例較高時，實際執行的可能性較高；(3) 消極性私募方面，投資機會於宣告後增加，實際執行的可能性較高，然而當內部人持股比例低於5%或高於25%時，實際執行的可能性較低。
至於私募之執行與後續經營績效之關聯性，實證結果發現：(1) 積極性私募由於研究樣本過少，無法進行實證分析；(2) 執行管理階層私募之公司，其經營績效於執行後確實獲得提升；(3) 執行消極性私募之公司，其經營績效於執行後確實獲得提升，然而此發現並不支持控制權鞏固假說之預期。		zh_TW
dc.description.abstract (摘要) This research mainly discusses the motivations of firms which announce issuing private equity. The announcement motivations will influence the price discount and abnormal returns in the period of announcement, wills to execute the private placement, and the subsequent performance of those announcing firms. This study classifies private placements into three groups, including active placements, managerial placements, and passive placements. There are different motivations, situations of executions, and subsequent performances in different types of private placements.
The empirical results on the motivations of firms that announce issuing equity privately indicate the following: (1) Monitoring hypothesis can’t explain why firms issue private equity to active investors. (2) Managerial self-dealing is the purpose of firms issuing private equity to insiders. (3) Managerial entrenchment hypothesis can’t explain why firms issue private equity to passive investors.
The empirical results on the factors that influence firms execute the private placement or not indicate the followings: (1) Because of the sample constraints, this study can’t analyze in what situation firms will execute active private placements. (2) For managerial placements, those with higher percentage of the firm’s outstanding common stock represented by the placement tend to be executed. (3) For passive placements, when the investment opportunities increased after announcements, firms tend to execute the placement. However, when the ownership concentration is less than 5% or higher than 25%, firms’ wills to execute the placement are weaker.
The empirical results on the association between the execution of private placements and its subsequent performance indicate the following: (1) Because of the sample constraints, this study can’t analyze the impacts of the execution of the active placement on the subsequent performance of the announcing fitm. (2) Firms executing managerial placements tend to have better subsequent performance. (3) Firms executing passive placements tend to have better subsequent performance. However, managerial entrenchment hypothesis can’t explain this result.		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 3
第三節 論文架構 4
第貳章 文獻探討 5
第一節 台灣私募制度 5
第二節 文獻探討 13
第參章 研究方法 25
第一節 研究假說 25
第二節 實證模型與變數衡量 33
第三節 研究樣本 43
第肆章 實證結果分析 46
第一節 樣本分析 46
第二節 私募折價之影響因素 51
第三節 私募異常報酬之影響因素 56
第四節 私募實際執行之決定因素 62
第五節 私募與後續經營績效 67
第伍章 結論與建議 76
第一節 研究結論 76
第二節 研究限制與建議 78
參考文獻 79		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353014en_US
dc.subject (關鍵詞) 私募zh_TW
dc.subject (關鍵詞) 私募應募人zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) private placementen_US
dc.subject (關鍵詞) private investorsen_US
dc.subject (關鍵詞) performanceen_US
dc.title (題名) 私募之宣告、執行與私募後經營績效關聯性之探討zh_TW
dc.title (題名) The association between the announcement, execution of private placement and its subsequent firm performanceen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分
呂季蓉，2005，台灣上市上櫃公司私募之研究─論私募對象之影響，國立中山大學財務管理學系研究所。
林宛塋與陳宜伶，2012，獨立董監之設置決策與績效，管理與系統(forthcoming)。
林淑玲與莊小君，2010，私募宣告對股東財富及溢(折)價幅度之影響，交大管理學報，第30卷第1期，頁1-45。
林嘉慧，2007，台灣上市公司私募股權現況與績效之探討，東吳大學企業管理學系碩士論文。
喻美馨，2011，上市公司私募股價異常報酬與經營績效探討，東吳大學會計學系碩士論文。
黃藍萱，2011，選擇公開募集或私募管道融資影響因素之探討，國立政治大學會計研究所。
謝宛庭與吳清在，2010，公開募集或私募有價證券之決定因素及其市場反應，會計評論，第51期(7月)：頁73-106。


英文部分
Adam, T. and V. K. Goyal. 2007. The Investment Opportunity Set and its Proxy Variables. SSRN eLibrary.
Barclay, M. J., C. G. Holderness, and D. P. Sheehan. 2007. Private Placements and Managerial Entrenchment. Journal of Corporate Finance, 13(4): 461-484.
Bradley, M., G. A. Jarrell, and E. H. Kim. 1984. On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3): 857-878.
Chu, S. H. M., 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.
Chung, K. H. and S. W. Pruitt. 1994. A simple approximation of Tobin`s q. Financial Management, 23(3): 70-70.
Collins, D. W. and S. P. Kothari. 1989. An analysis of intertemporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics, 11(2–3): 143-181.
Cronqvist, H. and M. Nilsson. 2005. The Choice Between Rights Offerings and Private Equity Placements. Journal of Financial Economics, 78(2): 375-407.
Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-Run Performance Following Private Placements of Equity. The Journal of Finance, 57(6): 2595-2617.
Hertzel, M. and L. Rees. 1998. Earnings and Risk Changes Around Private Placements of Equity. Journal of Accounting, Auditing & Finance, 13(1): 21-35.
Hertzel, M. and R. L. Smith. 1993. Market Discounts and Shareholder Gains for Placing Equity Privately. Journal of Finance, 48(2): 459-485.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Jensen, M. C. and R. S. Ruback. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1–4): 5-50.
Krishnamurthy, S., P. Spindt, V. Subramaniam, and T. Woidtke. 2005. Does investor identity matter in equity issues? Evidence from private placements. Journal of Financial Intermediation, 14(2): 210-238.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20(0): 293-315.
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 Economics, 3: 187-221.
Roychowdhury, S. 2006. Earnings management through real activities manipulation. Journal of Accounting and Economics, 42(3): 335-370.
Schnaiberg, A., N. Watts, and K. Zimmerman. 1986. Distributional conflicts in environmental-resource policy.
Sharpe, I. G. and L.-A. E.Woo. 2005. Corporate Control, Expected Underpricing, and the Choice of Issuance Mechanism in Unseasoned Equity Markets. Journal of Corporate Finance, 11(4): 716-735.
Tobin, J. and W. C. Brainard. 1977. Asset markets and the cost of capital. Economic progress: Private values and public policy, 235-262. Amsterdam, North-Holland.
Wruck, K. H. 1989. Equity ownership concentration and firm value : Evidence from private equity financings. Journal of Financial Economics, 23(1): 3-28.
Wruck, K. H. and Y. Wu. 2005. The Value of Relationship Investing: Evidence from Private Placement of Equity by U.S. Public Firms. working paper.
Wruck, K. H. and Y.Wu. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance, 15(1): 30-47.
Wu, Y. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics, 74(1): 93-119.		zh_TW