上市公司私募股權之資訊內涵及折價因素之探討

Abstract

我國陸續於民國九十年及九十一年分別引進私募公司債及私募股權的制度，使得企業除了公開募集資金的方式外，又增添一個更具彈性的籌資方法。雖然私募股權的制度至今已有四年餘，但是國內有關私募之相關研究卻很少，因此本研究便以事件研究法探討公司宣告私募股權事件的資訊內涵。其次，建立迴歸模型探討私募公司股價之累計異常報酬與其財務特性之關連性。此外，本研究亦建立迴歸模型探討私募折價幅度與公司財務特性之關連性。 研究結果發現，當公司宣告私募時，公司股價有正向的異常報酬，代表私募具有正向的資訊內涵。而進一步探討累計異常報酬與公司財務特性時發現，當公司私募的折價幅度越大，其累計異常報酬會越小；當公司屬於營建業時，其累計異常報酬也會越小。在折價幅度的迴歸模型中發現，當公司該次私募股份佔流通在外之股份的比例越大，則折價幅度會越大；公司越具有成長性時，其折價幅度會越小。

Private placement of bonds and equities were introduced into Taiwan in 2001 and 2002 respectively, and they make companies to raise fund more flexibly. Though the mechanism of private equity placement has introduced for four years, research about this topic is rare. This thesis uses “event study” methodology to investigate the information content of private equity placement. This thesis also employs a regression model to analyze the relationship between cumulative abnormal returns and corporate financial structures. In addition, this thesis also uses a regression model to analyze the determinants of the price discount of private equity placement. The thesis finds that the price reaction to private equity placement announcement is significantly positive, which supports that private equity placement has the positive information content. In addition, discount margin is positively related to cumulative abnormal returns. In the regression model of price discount, the results show that private equity placement fraction is positively related to discount margin, but growth is negatively related to discount margin.