請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18758完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 洪茂蔚 | |
| dc.contributor.author | Feng-Shih Chen | en |
| dc.contributor.author | 陳逢時 | zh_TW |
| dc.date.accessioned | 2021-06-08T01:24:08Z | - |
| dc.date.copyright | 2014-08-17 | |
| dc.date.issued | 2014 | |
| dc.date.submitted | 2014-08-02 | |
| dc.identifier.citation | 中文文獻
[1] 王文聰，2013，「企業風險與企業生命週期對資本支出之影響」，中原大學會計學研究所碩士論文。 [2] 王漢民與曹秀惠，2006，「企業選擇負債融資工具影響因素之探討」，經濟與管理論叢，第2卷，第1期，53-70頁。 [3] 王肇蘭、池祥萱與侯玟伶，2010，「股價跌破面值公司發放股票股利動機之實證研究」，會計與公司治理，第7卷，第1期，31-52頁。 [4] 王銘輝，2010，「股利政策與生命週期假說-以台灣股票市場為例」，國立臺灣科技大學財務金融研究所碩士論文。 [5] 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碩士論文。 [6] 李姿瑩，2008，「股票流動性與企業現金股利政策」，國立臺灣大學國際企業學研究所碩士論文。 [7] 李超雄、鍾宇軒、黃邵彥與郭嘉哲，2010，「無形資產、智慧成本與私募股權折價」，會計與公司治理，第7卷，第1期，53-84頁。 [8] 李雅晴，2012，「財務彈性與投資能力之相關性：成長機會與企業生命週期」，東海大學財務金融學系研究所碩士論文。 [9] 邱琦倫，2001，「公司融資方式選擇與成長機會之關係--多項式自我選擇模型實證研究」，國立臺灣大學經濟學研究所碩士論文。 [10] 俞海琴與陳慧娟，1999，「我國上市公司成長、槓桿與托賓Q關聯之研究」，風險管理學報，第1卷，第1期，81-101頁。 [11] 孫梅瑞、黃秋珍與蘇建州，2013，「購併、撤資決策與公司成長機會關聯性之研究，商略學報，2013，第5卷，第2期，79-98頁。 [12] 徐翊中，2011，「內部人行為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。 [13] 高惠松，2012，「融合公司治理的信用評等模型: Cubist 迴歸樹模型之應用」，當代會計，第13卷，第2期，117-159頁。 [14] 張琬喻、蔡明秀與郭一帆，2010，「股權私募宣告效果與股權結構變動—以台灣上市上櫃公司為例」，財務金融學刊，第18卷，第1期，91-136頁。 [15] 張儒欣，2007，「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。 [16] 許雪芳，2002，「上市上櫃公司私募之研究」，國立中山大學財務管理學系研究所碩士論文。 [17] 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，119-150頁。 [18] 彭美珊，1994，「授信決策綜合性評估模式之研究」，經社法制論叢，第14期，405-431頁。 [19] 曾昭玲與周小玲，2007，「企業成長機會之於融資政策及股利政策影響之多期研究」，東吳經濟商學學報，第57期，49-77頁。 [20] 曾真真、曾曉萍與鄭純姍，2013，「經濟衰退時期的研發承諾：董事會監督對成長機會的影響」，會計審計論叢，第3卷第2期，61-80頁。 [21] 溫育芳與楊鈞棠，2010，「公司治理與舉債融資在降低代理問題替代性之探討」，臺灣銀行季刊，第63卷第2期， 108-129頁。 [22] 董瑞瑄，2010，「私募股權公司之特性與折溢價幅度之探討」，國立中山大學企業管理學研究所碩士論文。 [23] 劉正田，2002，「無形資產, 成長機會與股票報酬關係之研究」，會計評論，第35期，1-29頁。 [24] 賴淑妙，2003，「負債、未預期成長機會與公司價值」，國立臺灣大學國家發展研究所碩士論文。 [25] 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。 [26] 闕河士與黃旭輝，1997，「成長機會與股票股利關係之實證研究-代理問題觀點」，管理與資訊學報，第2期，133-148頁。 [27] 蘇永盛與陳福東，2006，「私募公司特性之研究」，創新、整合與應用研討會，850-857頁。 [28] 中華信用評等，2013，「認識中華信評評等定義」。 [29] 台灣經濟新報社資料庫，2014，台灣經濟新報財務資料庫說明網頁。 英文文獻 [1] Anderson, H. D., & Rose, L. C. (2007). Firm quality and the placement price of private equity. Available at SSRN 968249. [2] Ashbaugh-Skaife, H., Collins, D. W., & LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42(1), 203-243. [3] Baber, W. R., Janakiraman, S. N., & Kang, S. H. (1996). Investment opportunities and the structure of executive compensation. Journal of Accounting and Economics, 21(3), 297-318. [4] Bajaj, M., Denis, D. J., Ferris, S. P., & Sarin, A. (2001). Firm value and marketability discounts. J. Corp. L., 27, 89. [5] Barclay, M. J., Holderness, C. G., & Sheehan, D. P. (2007). Private placements and managerial entrenchment. Journal of Corporate Finance, 13(4), 461-484. [6] Barth, M. E., & Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28(2), 211-241. [7] Blackwell, D. W., & Kidwell, D. S. (1988). An investigation of cost differences between public sales and private placements of debt. Journal of Financial Economics, 22(2), 253-278. [8] Carey, M., S. Prowse , J. Rea and G. Udell, (1993). The Economics of the Private Placements: A New Look, Journal of Financial Markets, Institutions and Instruments 23, 1- 66. [9] Chung, K. H., & Charoenwong, C. (1991). Investment options, assets in place, and the risk of stocks. Financial Management, 21-33. [10] Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial management, 70-74. [11] Cronqvist, H., & Nilsson, M. (2005). The choice between rights offerings and private equity placements. Journal of Financial Economics, 78(2), 375-407. [12] Dann, L. Y., & DeAngelo, H. (1988). Corporate financial policy and corporate control: A study of defensive adjustments in asset and ownership structure. Journal of Financial Economics, 20, 87-127. [13] Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. The Journal of Political Economy, 1155-1177. [14] Denis, D. J., & McKeon, S. B. (2012). Debt financing and financial flexibility evidence from proactive leverage increases. Review of Financial Studies, 25(6), 1897-1929. [15] Denis, D. J., & Mihov, V. T. (2002). The choice among bank debt, non-bank private debt, and public debt: Evidence from new corporate borrowings, forthcoming in the Journal of Financial Economics. [16] Denis, D. K. (2001). Twenty-five years of corporate governance research… and counting. Review of financial economics, 10(3), 191-212. [17] Diamond, D. W. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of political Economy, 689-721. [18] Dzinkowski, R. (2000). The measurement and management of intellectual capital: an introduction. Management Accounting, 78(2), 32-36. [19] Edvinsson, L., & Malone, M. S. (1997). Intellectual Capital: Realizing Your Company's True Value by Finding Its Hidden Brainpower. [20] Faccio, M., & Masulis, R. W. (2005). The choice of payment method in European mergers and acquisitions. The Journal of Finance, 60(3), 1345-1388. [21] Fama, E. F., & French, K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay?. Journal of Financial economics, 60(1), 3-43. [22] Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of law and economics, 301-325. [23] Fan, J. P., & Wong, T. J. (2005). Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of accounting research, 43(1), 35-72. [24] Fazzari, S., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate investment. [25] Francis, J. R., Maydew, E. L., & Sparks, H. C. (1999). The role of Big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory, 18(2), 17-34. [26] Gaver, J. J., & Gaver, K. M. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics, 16(1), 125-160. [27] Gay, G. D., & Nam, J. (1998). The underinvestment problem and corporate derivatives use. Financial Management, 53-69. [28] Goldfinger, C. (1997). Understanding and measuring the intangible economy: Current status and suggestions for future research. In CIRET seminar. Helsinki. [29] Graham, J. E. (2005). Equity private placements, liquid assets, and firm value. Journal of economics and finance, 29(3), 321-336. [30] Hazell, L. P. (2006). Governance and your debt rating. Directorship, 32(10), 30. [31] Heinkel, R., & Schwartz, E. S. (1986). Rights versus underwritten offerings: An asymmetric information approach. The Journal of finance, 41(1), 1-18. [32] Hertzel, M., & Smith, R. L. (1993). Market discounts and shareholder gains for placing equity privately. The Journal of finance, 48(2), 459-485. [33] Hertzel, M., Lemmon, M., Linck, J. S., & Rees, L. (2002). Long‐Run Performance following Private Placements of Equity. The Journal of Finance, 57(6), 2595-2617. [34] Hoshi, T., Kashyap, A., & Scharfstein, D. (1991). Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. The Quarterly Journal of Economics, 106(1), 33-60. [35] Houston, J., & James, C. (1996). Bank information monopolies and the mix of private and public debt claims. The Journal of Finance, 51(5), 1863-1889. [36] Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360. [37] Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial economics, 11(1), 5-50. [38] Kallapur, S., & Trombley, M. A. (1999). The association between investment opportunity set proxies and realized growth. Journal of Business Finance & Accounting, 26(3‐4), 505-519. [39] Lang, L., Ofek, E., & Stulz, R. (1996). Leverage, investment, and firm growth. Journal of financial Economics, 40(1), 3-29. [40] Lee, H. W., & Kocher, C. (2001). Firm Characteristics And Seasoned Equity Issuance Method: Private Placement Versus Public Offering. Journal of Applied Business Research, 17(3). [41] Lev, B. (2001). Intangibles: Management, measurement, and reporting. Brookings Institution Press, Washington, D.C. [42] Liu, M. M. (2008). Accruals and managerial operating decisions over the firm life cycle. Working paper, Penn State University. [43] Ma, T., Hsu, H. Y., Yeh, C. Y., & Chang, K. W. (2007). What determines the discount for private equity offerings-ownership or control rights?. Available at SSRN 967258. [44] Majumdar, R. (2013). On the alternative proxies for estimating firm growth in empirical corporate finance literature: Evidence from Indian manufacturing sector. MARApaper, 44874. [45] Mason, S. P., & Merton, R. C. (1985). The role of contingent claims analysis in corporate finance. Recent Advances in Corporate Finance, in: E. I. Altman, ed., pp.7-54. [46] Mohan, N. J., & Chen, C. R. (2002). Information content of lock-up provisions in initial public offerings. International Review of Economics & Finance, 10(1), 41-59. [47] Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of financial Economics, 20, 293-315. [48] Myers, S. C. (1977). Determinants of corporate borrowing. Journal of financial economics, 5(2), 147-175. [49] 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, 13(2), 187-221. [50] Sharpe, I., & Woo, L. A. (2001). Expected underpricing, corporate control and the choice of issuance mechanism in unseasoned equity markets. University of New South Wales, School of Banking & Finance. [51] Sheehan, D. P., & Swisher, J. (1998). How sophisticated are “sophisticated investors”. Unpublished Working Paper. Pennsylvania State University, State College, PA. [52] Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94(3), 461. [53] Silber, W. L. (1991). Discounts on restricted stock: The impact of illiquidity on stock prices. Financial Analysts Journal, 60-64. [54] Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics, 32(3), 263-292. [55] Stewart, T. A. (1997). Intellectual capital: The new wealth of nations. New York. [56] Su, D. (2005). Corporate finance and state enterprise reform in China. China Economic Review, 16(2), 118-148. [57] Tan, R. S., Chng, P. L., & Tong, Y. H. (2002). Private placements and rights issues in Singapore. Pacific-Basin Finance Journal, 10(1), 29-54. [58] Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19. [59] Wruck, K. H. (1989). Equity ownership concentration and firm value: Evidence from private equity financings. Journal of Financial Economics, 23(1), 3-28. [60] Wruck, K. H., & Wu, Y. (2009). Relationships, corporate governance, and performance: Evidence from private placements of common stock. Journal of Corporate Finance, 15(1), 30-47. [61] Wu, X., Wang, Z., & Yao, J. (2005). Understanding the positive announcement effects of private equity placements: New insights from Hong Kong data. Review of Finance, 9(3), 385-414. [62] Wu, Y. (2000). The choice between public and private equity offerings. Available at SSRN 250999. [63] 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(3), 293-312. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/18758 | - |
| dc.description.abstract | 本研究以我國於2006年至2012年間透過私募辦理現金增資之上市（櫃）公司為研究對象，主要目的在於探討公司成長機會與信用品質是否會對私募股權之折價幅度造成影響。
實證結果顯示，在公司成長機會方面，當總資產成長率愈高時，公司正在擴張營運規模而有較佳的整體成長，私募股權折價幅度愈小。此外，私募公司可透過發放股票股利，降低投資人的資訊蒐集成本，私募股權折價幅度愈小。另外，根據股票定價模式，益本比之比率愈高，表示企業成長機會愈大，私募股權折價幅度愈小。至於公司信用品質方面，總資產報酬率愈高，表示其整體資產的獲利情形愈佳，私募股權折價幅度愈小。就公司財務結構而言，負債比率愈高，公司發生財務危機的機率愈高，私募股權折價幅度愈大。另外，利息保障倍數愈大，公司透過營運獲利償付本息的能力愈良好，私募股權折價幅度愈小。至於現金流量方面，現金流量比率愈大顯示公司持有現金愈充裕，其流動性與短期償債能力愈高，私募股權折價幅度愈小。 | zh_TW |
| dc.description.abstract | The purpose of this study is to examine the effect of growth opportunity and credit worthiness on the price discount of private equity placement. The sample period starts from the beginning of 2006 to the end of 2012.
The result shows that the discount of private equity placement is negatively related to total assets growth rate and dummy variable for stock dividends payout. The discount of private equity placement is greater when earning-price ratio is larger. In addition, return on assets ratio, interest coverage ratio and cash flow ratio are negatively related to the discount of private equity placement. Finally, the discount of private equity placement is positively related to debt ratio. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T01:24:08Z (GMT). No. of bitstreams: 1 ntu-103-R01724043-1.pdf: 1245384 bytes, checksum: 37620ad40c8ea13b5e8d145289fc637e (MD5) Previous issue date: 2014 | en |
| dc.description.tableofcontents | 目錄
謝辭……………………………………………………………………………………...i 中文摘要………………………………………………………………………………..ii 英文摘要……………………………………………………………………..…….…..iii 目錄……………………………………………………………………..…….…..........iv 圖目錄……………………………………………………………………………...…..vi 表目錄……………………………………………………………………………….....vi 第一章 緒論………………………………………………………..……….…...……1 第一節 研究背景…………….………………………………..………………...1 第二節 研究動機與目的………………………………………………………..2 第三節 研究架構與流程………………………………………………………..4 第二章 文獻探討………………………………………………………………..........6 第一節 私募制度…………………………………………………………..........6 第二節 私募相關文獻…………………………………………….....…….…...11 第三節 建立研究假說……………………………………………...…………..18 第三章 研究方法………………………………………..………………….…….….27 第一節 研究樣本與資料來源……………………..………………….…….….27 第二節 研究變數與定義………………………………………………….……29 第三節 研究方法……………………………………………………………….36 第四章 實證結果與分析…………………………………………………….………38 第一節 敘述性統計分析……………………………………………….………38 第二節 相關性分析…………………………………………………….………45 第三節 多元迴歸分析…………………………………………………….……47 第四節 敏感性分析……………………………………………………….……52 第五章 結論與建議…………………………………………………..…..…….……56 第一節 研究結論………………………………………………..…..…….……56 第二節 研究限制…………………………………………………..………...…58 第三節 研究建議………………………………………………….….………...59 參考文獻………………………………………………………………….………...….60 圖目錄 圖1-1 成長機會、信用品質與私募價格關係圖………………………………….…3 圖1-2 研究架構流程圖………………………………………………………..…...…5 表目錄 表1-1 私募對象特徵與人數限制……………………………………………….……7 表2-1 公開發行與私募制度之比較………………………………………….…..…10 表3-1 變數統整表…………………………………………………………….…..…35 表4-1 樣本剔除過程…………………………………………………………...……38 表4-2 上市（櫃）公司辦理私募普通股之次數統計－依年度劃分………………38 表4-3 私募普通股折價幅度分布情形與次數統計………………………………...39 表4-4 發行私募普通股之上市（櫃）公司產業類別分布情形…………………...41 表4-5 各變數之敘述統計量（2006年至2012年）…………………………....…44 表4-6 變數相關係數表...………..……………………………………………..……46 表4-7 模型一與模型二之迴歸結果……………………………….……………..…50 表4-8 模型三與模型四之迴歸結果…………………………….……..…..…..……51 表4-9 敏感度分析之樣本剔除過程…………………………………………….…..52 表4-10 SGR與CAP改採私募前兩年度平均值之迴歸檢定結果………...……...54 表4-11 SGR與CAP改採私募前三年度平均值之迴歸檢定結果………..…....…55 | |
| dc.language.iso | zh-TW | |
| dc.title | 公司成長機會與信用品質對私募股權折價幅度之影響 | zh_TW |
| dc.title | The Effects of Growth Opportunity and Credit Worthiness on Price Discounts in Private Equity Placement | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 102-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 馮詩蘋,張榮顯,蔡豐澤,蔡佳芬 | |
| dc.subject.keyword | 私募股權,折價,成長機會,信用品質, | zh_TW |
| dc.subject.keyword | private equity placement,discount,growth opportunity,credit worthiness, | en |
| dc.relation.page | 68 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2014-08-04 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 國際企業學研究所 | zh_TW |
| 顯示於系所單位： | 國際企業學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-103-1.pdf 目前未授權公開取用 | 1.22 MB | Adobe PDF |
系統中的文件，除了特別指名其著作權條款之外，均受到著作權保護，並且保留所有的權利。