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系統識別號 U0002-2407200717040800
中文論文名稱 私募與股東財富之探討
英文論文名稱 A Study of Private Equity Placements and Shareholders’Gains
校院名稱 淡江大學
系所名稱(中) 國際商學碩士在職專班
系所名稱(英) Executive Master's Program of Business Administration (EMBA) in International Commerce
學年度 95
學期 2
出版年 96
研究生中文姓名 李惠玲
研究生英文姓名 Hui-Ling Lee
學號 793400044
學位類別 碩士
語文別 英文
口試日期 2007-06-12
論文頁數 58頁
口試委員 指導教授-潘玉葉
委員-張清福
委員-黃振豊
中文關鍵字 私募股權  異常報酬  股權結構  資訊不對稱  公司治理 
英文關鍵字 private placements  abnormal returns  ownership structure  information asymmetry  corporate governance 
學科別分類 學科別社會科學商學
中文摘要 私募股權為近年企業籌資的新管道,企業私募事先不須向主管機關申請核准,可因此縮短資金取得的時間,並且對於私募對象選擇有更大的空間與主導權;參與私募的認購人則可一次購足大額股份而不會衝擊股價,看似雙贏的籌資方式,對於無法參與認購的小股東而言,私募股權究是可以提昇公司價值,抑或導致股東財富減損,則有待探討。
研究樣本包含上市櫃公司於2002年至2006年募集完成的143個私募股權,採用市場模型事件研究法以及多元回歸,探討私募的異常報酬與折溢價,研究發現如下:
1不同於以往研究多以股東會為事件日,本文採私募宣告見報日或董事會決議日為事件日,發現該私募宣告即已對股價造成衝擊,為股東財富帶來正面且顯著的影響。
2.私募宣告可以為股東帶來短期的財富效果。
3.董事會決議日或見報日前即存在顯著異常報酬,表示可能有消息外露之虞。
4.當發行公司的私募規模越大、內部人持股比越高以及Tobin Q越高時,私募宣告的異常報酬越大;當期市值與帳面值越低或私募前股較表現不佳的公司,私募宣告的異常報酬越大。
5.私募的發行價格主要與私募金額與市值比、ROA、內部人持股比以及是否有投資機會顯著正相關;而與私募股份比以及股價表現顯著負相關。
英文摘要 Private equity placement is an alternative instrument with lower regulatory and flexible issuing covenant. It seems that both issuer and informed investors can benefit from private placement. However, what’s the impact on small shareholders who are not able to participate?
We collect 143 samples during 2002/1/1 to 2006/12/31, by market model event study and multivariable regression, to study the abnormal returns and selling price around private equity placement. Our findings are as below:
1. Private placement can bring positive shareholders’ gains.
2. Different to former studies defined their event date as the date of shareholder meeting; in our study we define event date as announcement date of private equity placement. Our evidence shows that shares price were reacted upon announcement on the date of directors meeting or press released.
3. There might have information leakage prior to announcement.
4. Abnormal returns are significant positive related to placement scale, insider holding, and Tobin Q; but significant negative related to market value to book value, and stock performance. It implies that investor might gain from the placements with high proceed to market value, fraction, and Tobin Q.
5. Selling prices are significant positive related to placement proceeds to market value, ROA, insider holdings, and repayment; but significant negative related to fraction placed, corporate governance, and stock returns.
論文目次 Content
Chinese acknowledgement……………………………………………………….…….i
Chinese abstract………..…………………………..………………………………...ii
Abstract……….………………………………………………………………………iii
Content…………..…………………………………………………………….……..iv
Table Index …………………………………………………………………….…….v
Figure Index ..………………………………………………………………….……..vi

Chapter 1 Introduction…………………………………………………………...........1
1.1 Motivation ………………………….…………………………………………..1
1.2 Purpose…. ……………………………………………………………………...2
1.3 Framework………………………………………………………….…………..3
Chapter 2 Literature Review …………………………………….….…….…………..4
2.1 Announcement effect and determinants of selling price …. ……….…………..4
2.2 Long term stock performance after private placements …. ……….…………. .7
2.3 Local paper ...…………………….……………………………………..……....8
Chapter 3 Research Design ……………..…………….….…………………….….17
3.1 Research period and sample ...…………………….………...………………17
3.2 Definitions of variables …………………………..…….……….………..…20
3.3 Hypothesis ………...……………………………….….………………………22
3.4 Methodologies………...…………………………….….……………………...28
Chapter 4 Empirical evidence………………………………..…...….……..………..29
4.1 Basic analysis and descriptive statistics …..…………..…...….……..……….29
4.2 Pearson correlation………...…………………….…………………………….39
4.3 Announcement effect ……...…………………….…………………………….40
4.4 Determinants of abnormal returns………….….…………………………… 47
4.5 Determinants of selling price ….……....……………………………………48
4.6 Hypothesis Test………....................…….…….…………………………….. .50
Chapter 5 Conclusions…..………................................................………..…….……54
5.1 Findings ………….….…………………………...............………..…….….…56
5.2 Suggestions .....………….….………………………......………..…….….......57
Reference ……………………….………………………………………….……..….58


Table Index

Table 1 Summary of foreign empirical studies ………… ………………………….11
Table 2 Summary of local empirical studies…………….......................……………14
Table 3 Summary of foreign studies on abnormal returns and discount ....…………16
Table 4 Summary of local studies on abnormal returns and discount .....………… .16
Table5 Final sample …………………………………………………………..…….18
Table 6 Sample distribution …..……….……….......................……………….…….19
Table 7 Variables definition and expected direction ………………………………..27
Table 8 Difference test on firms characteristics …………………………………….32
Table 9 Summary of descriptive statistics ………………….……………………….35
Table 10 Subgroup test on CAR ..………………………………………………..….36
Table 11 Difference test by dummy variables on abnormal returns ………………37
Table 12 T-test and Chi-Square test of sample firms on PRC ………………..……..38
Table 13 CAR correlation test……………………………………………………….39
Table 14 PRC correlation test ..……………………………………………………...39
Table 15 Average abnormal returns, AR (-30,60)……………………………………41
Table 16 Cumulative abnormal returns, CAR(-30,60)……………………………….42
Table 17 CAR on different window periods…………………………………………43
Table 18 AR (-30,60) on the date of shareholder meeting………………………….45
Table 19 CAR(-30,60) on the date of shareholder meeting………………………….46
Table 20 Empirical results of abnormal returns and selling price…………………....49
Table 21 Comparison for empirical findings on abnormal returns…………………..52
Table 22 Comparison of empirical findings on selling price………………………...55


Figure Index

Figure 1 Growth of private placement in Taiwan between 2003 and 2005. ………….1
Figure 2 Research framework ………………………………………………….……..3
Figure 3 AR from day -30 through day 60 …..……………………………..….….…40
Figure 4 CAR from day -30 through day60 ..…………………………….. ...….…40
Figure 5 CAR (-30,60) on the date of shareholder meeting ………………..…..…... 44
參考文獻 1. Anderson, H.D., L.C. Rose, S.F. Cahan, 2006. Differential shareholder wealth and volume effects surrounding private equity placements in New Zealand. Pacific-Basin Finance Journal, Volume 14, Issue 4, 367-394.
2. Barclay, M., C. Holderness and D. Sheehan, 2003. Private placements and managerial entrenchment. Working paper, University of Rochester. http://www.atajof.org/pdfs/2004program/UPDF/P537_Corporation_Finance.pdf
3. Chang W.K., 2006. The impacts of ownership structure change on firm value after a private equity placement. Graduate institute of finance, National ChengChi University.
4. Cronqvist, H. and M. Nilsson, 2005. The choice between rights offerings and private equity placements. Journal of Financial Economics, 78(2), 375-407.
5. Hertzel, M., Smith, R.L., 1993. Market discounts and shareholder gains for placing equity privately. Journal of Finance 48, 458-485.
6. Hertzel, M., M. Lemmon, J.S. Linck, and L. Rees, 2002. Long-run performance following private placements of equity. Journal of Finance 57, 2595-2618.
7. Hsu H.F., 2003. A study of private placements in TSE and OTC listed firms. Graduate institute of finance, National Sun Yat-Sen University.
8. Janney, J.J. and T.B. Folta, 2003. Signaling through private equity placements and its impact on the valuation of biotechnology firms. Journal of Business Venturing, 18(3), 361-380.
9. Krishnamurthy, S., P. Spindt, V. Subramaniam, and T. Woidtke, 2004. Does investor identity matter in equity issues? Evidence from private placements. Journal of Financial Intermediation, Volume 14, Issue 2, 210-238.
10. Li H.C., 2006. Information content of private equity placement and the determinants of discount, Graduate institute of accounting, Taiwan University
11. Lin Y.A., 2006. Information content of private equity placement: an empirical study of listed and OTC companies in Taiwan. Graduate institute of international business, Taiwan University.
12. Lu C.J., 2006, The Research on the Influence of Investors on Private Placements in Taiwan. Graduate institute of international business, Taiwan University.
13. Lu J.S., 2006. Information content of private placement announcement. Graduate institute of accounting, National ChengChi University.
14. Marciukaityte D., S.H.Szewczyk, and R. Varma, 2005. Investor over optimism and private equity placements. Journal of Financial Research, 28,591-608.
15. Myers, S.C., Majluf, N.S.,1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 3, 187-221.
16. Tan R.S.K., P.L Chng., and Y.H. Tong, 2002. Private placements and rights issues in Singapore. Journal of Pacific-Basin Finance 10, 29-54.
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18. Wruck, K.H., 1989. Equity ownership concentration and firm value: Evidence from private equity financing. Journal of Financial Economics 23, 3-28.
19. Wu, Y.L., 2000. The choice between public and private equity offerings. Journal of Financial Economics 74, 93-119
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