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題名 內部人行為對私募折價幅度之影響
The effects of insider activities on price discounts in private placement作者 徐翊中
Hsu, Yi Chung貢獻者 張清福
徐翊中
Hsu, Yi Chung關鍵詞 私募
折價
內部人
利益掠奪假說
老股出售
資訊隱瞞
private placement
price discount
insider
entrenchment hypothesis日期 2010 上傳時間 5-Sep-2013 14:28:50 (UTC+8) 摘要 本研究以適用於民國九十九年九月一日修正前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討內部人行為對私募折價幅度之影響。 研究結果發現，公司內部人若有參與私募者，則折價幅度會較純粹為外部人應募之私募案為大，顯示內部人可能藉由其職權，壓低私募價格以自肥，符合利益掠奪假說。此外，若內部人於應募前後，尚還有出售老股套利或隱瞞應募人與公司關係之情事者，其折價幅度越大。顯示內部人若意圖假私募手法圖利自身時，其確會運用其對公司之影響力，蓄意壓低私募價格以賺取折價之價差，或刻意隱瞞資訊以規避小股東之監督。因此，私募折價幅度與內部人是否參與應募以及續後之作為，確有密切關聯。
This study examines the effect of insiders’ activities on the price discount of private placement. The sample period starts from October 11th, 2005 and ends August 31th, 2010, one day before the last revision on the regulation, Directions for Public Companies Conducting Private Placements of Securities. The empirical result shows that the price discount under private placement with insiders involved is more than that with outsiders only. The insiders, in accordance with entrenchment hypothesis, may benefit by discounting the price in the private placement. In addition, more price discount may also be taken by the insiders who intend to benefit from selling stocks while purchasing stocks from the private placement or intentionally concealing information about their relationship with the company. It’s evident that the price discount under private placement has something to do with whether the insiders are involved and how they behave in response.參考文獻 中文部分中央日報網路報，2010.8.21，金管會從嚴控管私募之評析。 今周刊，2010.6.14，私募．釋股．減資手法大公開，第703期。考掄元，2008，企業私募衍生問題探討-以上市上櫃公司為例，國立台北大學犯罪學研究所碩士論文。呂季蓉，2004，台灣上市上櫃公司私募之研究—論私募對象之影響，中山大學財務管理研究所碩士論文。李超雄、鍾宇軒、黃劭彥與郭嘉哲，2010，無形資產、智慧資本與私募，會計與公司治理，第七卷，第1期，53-84 頁。李開遠，2008，證劵管理法規新論，五南出版社。徐筱玲，2008，社會資本、公司治理與私募折價幅度關聯性研究，國立中正大學會計與資訊科技研究所碩士論文。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，私立輔仁大學金融所碩士論文。財訊雙週刊，2010.6.14，獨家！踢爆四大私募亂象，第348期：156-158頁。張荷君，2009，私募應募人種類與經營績效之探討，國立政治大學會計研究所碩士論文。張儒欣，2006，私募股權之折價發行－公司治理機制、盈餘管理行為與無形資產之影響，國立臺灣大學會計學研究所碩士論文。許惠雲，2005，台灣上市上櫃公司私募股權中之私人利益，國立中山大學財務管理研究所碩士論文。郭嘉哲，2008，會計性資訊不對稱、智慧資本與私募折價幅度之關聯性，國立中正大學會計與資訊科技研究所碩士論文。陳俊合、羅國華與王馨晨，2009，內部人認購、公司治理結構與私募股權折價，證券市場發展季刊，第82期（7月）：119-150頁。陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計學研究所碩士論文。陸瀛謙，2007，私募折價幅度及私募前後異常報酬與應募人之關聯，國立政治大學會計學研究所碩士論文。黃佩鈴，2001，商業銀行股權結構、核心代理問題與盈餘傳遞效果，國立中央大學財管所碩士論文。黃超邦，2008，從實證觀點檢討我國證券私募法制，證交資料，第551期：29-48。經濟日報，2010.6.3，私募... 不是洪水猛獸，A4版。經濟日報，2010.9.19，私募管理應有治本之道，社論。劉家琳，2009，私募普通股之折價幅度與私募時效性、自我利益及公司治理之關聯，國立政治大學會計學研究所碩士論文。藍亦敏，2010，公司財務特性對私募折價幅度之影響，國立政治大學會計學研究所碩士論文。 英文部分Aggarwal, Rajesh K., Laurie Krigman and Kent L. Womack. 2002. Strategic IPO underpricing, information momentum, and lockup expiration selling. The Journal of Financial Economics 66, No. 1: 105-137.Anderson, H. D. 2006. Discounted private placements in New Zealand: exploitation or fair compensation? Review of Pacific Basin Financial Markets and Policies 9 (April): 533-548.Anderson, H. D. and L. C. Rose. 2007. Firm quality and the placement price of private equity. SSRN eLibrary.Barclay, M. J., and C. G. Holderness. 1989. Private benefits from control of public corporations. Journal of Financial Economics 25: 371-395. Barclay, M., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of Corporate Finance 13 (April): 461-484Berle, A., and G. Means. 1932. The modern corporation and private property. New York, NY: MacMillan.Chung, K. H. & Pruitt, S. W. 1994. An simple approximation of Tobin’s Q. Financial Management 23: 70-74.Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 1999. Expropriation on minority shareholders: evidence from east Asia. Working paper, The World Bank.Demsetz, D., & K. Lehn. 1985. The structure of corporate ownership: Causes andconsequenses. Journal of Political Economy 93 (June): 1155-1177.Demsetz, H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 26: 357-390.Fan, P. H. Joseph, and T. J. Wong. 2000. Corporate ownership structure and the informativeness of accounting earnings in east Asian. Working paper, Hong Kong University.Heinkel, R. and E. S. Schwartz. 1986. Rights versus underwritten offerings: An asymmetric information approach. Journal of Finance 41: 1-18.Hertzel, M., and Smith, R.L. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48: 459-486.Hertzel, M., Lemmon, M., Linck, J.S., and Rees, L. 2002. Long-run performance following private placements of equity. Journal of Finance 57: 2595-2617.Jensen, M., and R. Ruback. 1983. The market for corporate control: the scientific evidence. Journal of Financial Economics 11 (January): 5-50.Jensen, M., and W. Meckling. 1976. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (May): 323-329.La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (June): 471-517. Leland, H. E., and D. H. Pyle. 1977. Informational asymmetries, financial structure and financial intermediation. Journal of Finance 32 (May): 371-387.Mohan, N., Chen, C. 2001. Information content of lock-up provisions in initial public offerings. International Review of Economics and Finance 10, 41-59Morck, R., A. Shleifer, and R. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20 (July): 293-315.Myers, S.C., and Majluf, N. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics13: 187-221.Sheehan, D. P. and J. Swisher. 1998. How sophisticated are “Sophisticated Investor”? Working paper, Pennsylvania State University. Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. The Journal of Political Economy 94 (June): 461-488.Sliber, W.L. 1991. Discounts on restricted stock: the impact of illiquidity on stock prices. Financial Analysts Journal (July): 60-64.Tan,R.S.K., Chng P.L., and Tong, Y.H. 2002. Private placements and rights issues in Singapore. Pacific-Basin Finance Journal 10: 29-54.Wruck, K. H. and Y. Wu. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15 (February): 30-47.Wruck, K.H. 1989. Equity ownership concentration and firm value: evidence from private equity financings. Journal of Financial Economics 23: 3-27.Wruck, K.H., and Wu, Y. 2005. The value of relationship investing: evidence from private placements of equity by U.S public firms. Working paper.Wu, Y.L. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics 74: 93-119.Zheng, S. X., Ogden, J. P., & Jen, F. C. 2005. Pursuing value through liquidity in IPOs: underpricing, share retention, lockup, and trading volume relationships. Review of Quantitative Finance and Accounting 25: 293-312. 描述 碩士
國立政治大學
會計研究所
98353042
99資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098353042 資料類型 thesis dc.contributor.advisor 張清福 zh_TW dc.contributor.author (Authors) 徐翊中 zh_TW dc.contributor.author (Authors) Hsu, Yi Chung en_US dc.creator (作者) 徐翊中 zh_TW dc.creator (作者) Hsu, Yi Chung en_US dc.date (日期) 2010 en_US dc.date.accessioned 5-Sep-2013 14:28:50 (UTC+8) - dc.date.available 5-Sep-2013 14:28:50 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2013 14:28:50 (UTC+8) - dc.identifier (Other Identifiers) G0098353042 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/60359 - 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) 98353042 zh_TW dc.description (描述) 99 zh_TW dc.description.abstract (摘要) 本研究以適用於民國九十九年九月一日修正前之「公開發行公司辦理私募有價證券應注意事項」辦理私募增資之上市櫃公司為研究對象，研究期間為民國九十四年十月十一日至九十九年八月三十一日，以探討內部人行為對私募折價幅度之影響。 研究結果發現，公司內部人若有參與私募者，則折價幅度會較純粹為外部人應募之私募案為大，顯示內部人可能藉由其職權，壓低私募價格以自肥，符合利益掠奪假說。此外，若內部人於應募前後，尚還有出售老股套利或隱瞞應募人與公司關係之情事者，其折價幅度越大。顯示內部人若意圖假私募手法圖利自身時，其確會運用其對公司之影響力，蓄意壓低私募價格以賺取折價之價差，或刻意隱瞞資訊以規避小股東之監督。因此，私募折價幅度與內部人是否參與應募以及續後之作為，確有密切關聯。 zh_TW dc.description.abstract (摘要) This study examines the effect of insiders’ activities on the price discount of private placement. The sample period starts from October 11th, 2005 and ends August 31th, 2010, one day before the last revision on the regulation, Directions for Public Companies Conducting Private Placements of Securities. The empirical result shows that the price discount under private placement with insiders involved is more than that with outsiders only. The insiders, in accordance with entrenchment hypothesis, may benefit by discounting the price in the private placement. In addition, more price discount may also be taken by the insiders who intend to benefit from selling stocks while purchasing stocks from the private placement or intentionally concealing information about their relationship with the company. It’s evident that the price discount under private placement has something to do with whether the insiders are involved and how they behave in response. 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 9第三節 研究流程及論文架構 10第貳章 文獻探討 11第一節 我國私募有價證券制度 11第二節 私募有價證券之文獻探討 27第参章 研究方法 37第一節 研究假說 37第二節 資料來源與處理 40第三節 研究變數之設計 42第四節 研究方法與實證模型 47第肆章 實證結果與分析 49第一節 敘述性統計 49第二節 相關性分析 61第三節 迴歸分析 63第伍章 結論與建議 68第一節 研究結論 68第二節 研究限制 69第三節 對我國私募制度之建議 70第四節 後續研究建議 74參考資料 75 zh_TW dc.format.extent 838114 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098353042 en_US dc.subject (關鍵詞) 私募 zh_TW dc.subject (關鍵詞) 折價 zh_TW dc.subject (關鍵詞) 內部人 zh_TW dc.subject (關鍵詞) 利益掠奪假說 zh_TW dc.subject (關鍵詞) 老股出售 zh_TW dc.subject (關鍵詞) 資訊隱瞞 zh_TW dc.subject (關鍵詞) private placement en_US dc.subject (關鍵詞) price discount en_US dc.subject (關鍵詞) insider en_US dc.subject (關鍵詞) entrenchment hypothesis en_US dc.title (題名) 內部人行為對私募折價幅度之影響 zh_TW dc.title (題名) The effects of insider activities on price discounts in private placement en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 中文部分中央日報網路報，2010.8.21，金管會從嚴控管私募之評析。 今周刊，2010.6.14，私募．釋股．減資手法大公開，第703期。考掄元，2008，企業私募衍生問題探討-以上市上櫃公司為例，國立台北大學犯罪學研究所碩士論文。呂季蓉，2004，台灣上市上櫃公司私募之研究—論私募對象之影響，中山大學財務管理研究所碩士論文。李超雄、鍾宇軒、黃劭彥與郭嘉哲，2010，無形資產、智慧資本與私募，會計與公司治理，第七卷，第1期，53-84 頁。李開遠，2008，證劵管理法規新論，五南出版社。徐筱玲，2008，社會資本、公司治理與私募折價幅度關聯性研究，國立中正大學會計與資訊科技研究所碩士論文。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，私立輔仁大學金融所碩士論文。財訊雙週刊，2010.6.14，獨家！踢爆四大私募亂象，第348期：156-158頁。張荷君，2009，私募應募人種類與經營績效之探討，國立政治大學會計研究所碩士論文。張儒欣，2006，私募股權之折價發行－公司治理機制、盈餘管理行為與無形資產之影響，國立臺灣大學會計學研究所碩士論文。許惠雲，2005，台灣上市上櫃公司私募股權中之私人利益，國立中山大學財務管理研究所碩士論文。郭嘉哲，2008，會計性資訊不對稱、智慧資本與私募折價幅度之關聯性，國立中正大學會計與資訊科技研究所碩士論文。陳俊合、羅國華與王馨晨，2009，內部人認購、公司治理結構與私募股權折價，證券市場發展季刊，第82期（7月）：119-150頁。陸潤生，2006，私募宣告之資訊內涵，國立政治大學會計學研究所碩士論文。陸瀛謙，2007，私募折價幅度及私募前後異常報酬與應募人之關聯，國立政治大學會計學研究所碩士論文。黃佩鈴，2001，商業銀行股權結構、核心代理問題與盈餘傳遞效果，國立中央大學財管所碩士論文。黃超邦，2008，從實證觀點檢討我國證券私募法制，證交資料，第551期：29-48。經濟日報，2010.6.3，私募... 不是洪水猛獸，A4版。經濟日報，2010.9.19，私募管理應有治本之道，社論。劉家琳，2009，私募普通股之折價幅度與私募時效性、自我利益及公司治理之關聯，國立政治大學會計學研究所碩士論文。藍亦敏，2010，公司財務特性對私募折價幅度之影響，國立政治大學會計學研究所碩士論文。 英文部分Aggarwal, Rajesh K., Laurie Krigman and Kent L. Womack. 2002. Strategic IPO underpricing, information momentum, and lockup expiration selling. The Journal of Financial Economics 66, No. 1: 105-137.Anderson, H. D. 2006. Discounted private placements in New Zealand: exploitation or fair compensation? Review of Pacific Basin Financial Markets and Policies 9 (April): 533-548.Anderson, H. D. and L. C. Rose. 2007. Firm quality and the placement price of private equity. SSRN eLibrary.Barclay, M. J., and C. G. Holderness. 1989. Private benefits from control of public corporations. Journal of Financial Economics 25: 371-395. Barclay, M., C. G. Holderness, and D. P. Sheehan. 2007. Private placements and managerial entrenchment. Journal of Corporate Finance 13 (April): 461-484Berle, A., and G. Means. 1932. The modern corporation and private property. New York, NY: MacMillan.Chung, K. H. & Pruitt, S. W. 1994. An simple approximation of Tobin’s Q. Financial Management 23: 70-74.Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 1999. Expropriation on minority shareholders: evidence from east Asia. Working paper, The World Bank.Demsetz, D., & K. Lehn. 1985. The structure of corporate ownership: Causes andconsequenses. Journal of Political Economy 93 (June): 1155-1177.Demsetz, H. 1983. The structure of ownership and the theory of the firm. Journal of Law and Economics 26: 357-390.Fan, P. H. Joseph, and T. J. Wong. 2000. Corporate ownership structure and the informativeness of accounting earnings in east Asian. Working paper, Hong Kong University.Heinkel, R. and E. S. Schwartz. 1986. Rights versus underwritten offerings: An asymmetric information approach. Journal of Finance 41: 1-18.Hertzel, M., and Smith, R.L. 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48: 459-486.Hertzel, M., Lemmon, M., Linck, J.S., and Rees, L. 2002. Long-run performance following private placements of equity. Journal of Finance 57: 2595-2617.Jensen, M., and R. Ruback. 1983. The market for corporate control: the scientific evidence. Journal of Financial Economics 11 (January): 5-50.Jensen, M., and W. Meckling. 1976. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (May): 323-329.La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (June): 471-517. Leland, H. E., and D. H. Pyle. 1977. Informational asymmetries, financial structure and financial intermediation. Journal of Finance 32 (May): 371-387.Mohan, N., Chen, C. 2001. Information content of lock-up provisions in initial public offerings. International Review of Economics and Finance 10, 41-59Morck, R., A. Shleifer, and R. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20 (July): 293-315.Myers, S.C., and Majluf, N. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics13: 187-221.Sheehan, D. P. and J. Swisher. 1998. How sophisticated are “Sophisticated Investor”? Working paper, Pennsylvania State University. Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. The Journal of Political Economy 94 (June): 461-488.Sliber, W.L. 1991. Discounts on restricted stock: the impact of illiquidity on stock prices. Financial Analysts Journal (July): 60-64.Tan,R.S.K., Chng P.L., and Tong, Y.H. 2002. Private placements and rights issues in Singapore. Pacific-Basin Finance Journal 10: 29-54.Wruck, K. H. and Y. Wu. 2009. Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance 15 (February): 30-47.Wruck, K.H. 1989. Equity ownership concentration and firm value: evidence from private equity financings. Journal of Financial Economics 23: 3-27.Wruck, K.H., and Wu, Y. 2005. The value of relationship investing: evidence from private placements of equity by U.S public firms. Working paper.Wu, Y.L. 2004. The choice of equity-selling mechanisms. Journal of Financial Economics 74: 93-119.Zheng, S. X., Ogden, J. P., & Jen, F. C. 2005. Pursuing value through liquidity in IPOs: underpricing, share retention, lockup, and trading volume relationships. Review of Quantitative Finance and Accounting 25: 293-312. zh_TW
