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完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 林世銘 | |
dc.contributor.author | Hsieh-Chang Li | en |
dc.contributor.author | 李協昌 | zh_TW |
dc.date.accessioned | 2021-06-08T05:15:00Z | - |
dc.date.copyright | 2006-06-28 | |
dc.date.issued | 2006 | |
dc.date.submitted | 2006-06-23 | |
dc.identifier.citation | 中文部分
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dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/24057 | - |
dc.description.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。 | zh_TW |
dc.description.abstract | 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. | en |
dc.description.provenance | Made available in DSpace on 2021-06-08T05:15:00Z (GMT). No. of bitstreams: 1 ntu-95-R93722039-1.pdf: 428680 bytes, checksum: dd89fab115cc9cb88a79c724abb8f338 (MD5) Previous issue date: 2006 | en |
dc.description.tableofcontents | 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 4 第二章 文獻探討 7 第一節 國內私募相關法令 7 第二節 私募股權文獻探討 11 第三節 IPO、現金增資相關文獻 18 第三章 研究方法 22 第一節 樣本選擇與事件日之決定 22 第二節 研究假說 25 第三節 實證模型 33 第四章 實證結果與分析 39 第一節 敘述統計 39 第二節 私募事件研究結果 45 第三節 迴歸分析結果-累計異常報酬模型 48 第四節 迴歸分析結果-折價幅度模型 53 第五章 研究結論與建議 57 第一節 研究結論 57 第二節 研究限制 60 第三節 研究建議 61 參考文獻 64 | |
dc.language.iso | zh-TW | |
dc.title | 上市公司私募股權之資訊內涵及折價因素之探討 | zh_TW |
dc.title | Information Content of Private Equity Placement and the Determinants of Discount | en |
dc.type | Thesis | |
dc.date.schoolyear | 94-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 陳明進,陳國泰 | |
dc.subject.keyword | 私募,私募股權,事件研究,累計異常報酬率, | zh_TW |
dc.subject.keyword | private placement,private equity placement,event study,cumulative abnormal returns, | en |
dc.relation.page | 66 | |
dc.rights.note | 未授權 | |
dc.date.accepted | 2006-06-26 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
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