The Taiwanese legislative unit updated private placement system in Securities Exchange Act on February, 2002, and provides a rapid and convenient financing way for companies which have urgent needs of funds and are difficult to borrow funds due to financial difficulties. This paper examined the private placement and entrenchment factors of interests of the original shareholders, which were measured by the discount range of private placement and the ratio of private placement equity to original capital, and further discuss the role of corporate governance. The results found that the limitation of private placement amount of inside investor, limitation of subscriber to act for director, and the corporate governance features, for examples, shareholding ratio of major shareholders, employment of independent director and higher shareholding ratio of directors will reduce the entrenchment factors of private placements.
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