Are Offering Prices Manipulated? Evidence from Private Placements in Taiwan

私募價格被操縱了嗎？來自臺灣私募股權之實證

魏慧珊(Hui-Shan Wei) ； 黃志偉(Jr-Wei Huang)

《財務金融學刊》 23卷3期 (2015/09) Pp. 121-149

https://doi.org/10.6545/JFS.2015.23(3).4

摘要

本文探討臺灣私募股權之內部人自利行為。2005至2010年間，私募參考價規定須為定價日前1、3或5日擇一均價，且發行價不得低於參考價八成。在此規定下，若公司內部人是應募人，會有自利動機於定價日前壓低股價。實證結果支持此推論。更重要的，2010年9月新定價規則消除了內部人之自利動機，私募價格被操縱之情形已不存在。

關鍵字

私募股權 ； 自利行為 ； 價格操縱

並列摘要

This paper addresses the self-dealing hypothesis by examining private placements in Taiwan. Between 2005 and 2010, the reference price for placements was the average closing price of one, three, or five days before the pricing day, and the offering price was set to no less than 80% of the reference price. Under such a regulatory framework, insiders were incentivized to self-deal by depressing pre-issue stock prices, particularly for placements sold to insiders. Our empirical evidence confirms this hypothesis. More importantly, because new regulation effective in September 2010 has removed insiders' incentive to self-deal, the pre-issue stock price depreciation disappears thereafter.

並列關鍵字

Private placements ； self-dealing ； price manipulation

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