私募股權之宣告效果－公司治理機制、盈餘管理行為與無形資產之影響

Abstract

市場通常將私募宣告視為利多消息，然而，私募提供少數人低價買進公司股票之機會，若無健全之治理機制監督把關，易生圖利特定人士而損害公司股東權益之疑慮；為壓低認購價格或吸引投資人認購，管理當局亦有操縱損益以窗飾財報數字之動機。因此，本研究欲檢視私募股票宣告之資訊內涵是否因私募公司之治理機制與盈餘管理行為而有所差異。此外，本研究亦探討私募公司無形資產與私募宣告效果之關聯性，預期無形資產衍生之資訊不對稱難以透過私募籌資有效解決，進而減弱市場正向反應。 本研究以民國91年至95年底辦理私募普通股之上市櫃公司為研究樣本，以私募過程中四個時點為事件日，估算累積異常報酬，並以迴歸分析測試宣告效果之解釋因素。四個事件日之實證結果不盡一致，但整體而言，盈餘管理變數及無形資產變數對累積異常報酬無顯著影響；而部分公司治理變數與異常報酬呈顯著相關，且與預期方向相符，顯示公司治理機制之良窳會影響投資人對於私募案件未來成效之解讀。

The announcement of private equity placement is usually considered as a good signal. However, a private placement makes few investors to buy shares with high discounts, so it might benefit specific persons and sacrifice shareholders’ equity without sound corporate governance. It might also motivate managements to manipulate financial statement numbers by lowering the placement price and for attracting investors. Thus, the study examines the impact of corporate governance and earnings management on the information content of private placement announcements. In addition, we also explore the relationship between private placement announcements and information asymmetry caused by intangible assets. We expect that the positive announcement effects will be weaker since accounting information asymmetry is more difficult to be mitigated. The sample includes TSE-listed and OTC-listed companies that place shares privately from 2002 to 2006. We define four different event dates to estimate cumulative abnormal returns and test the factors influencing the effect of private placement announcements with multiple regression analysis. Empirical results are not consistent on four event dates. In general, earnings management variables and intangible assets variables can not explain announcement effects. Some of corporate governance variables are significantly related to abnormal returns as predicted. The evidence reveals that the market reaction to the private equity placement will reflect the quality of the governance structure.