- 學位論文
私募股權基金與目標公司之宣告效果
The announcement effect of target companies acquired by private equity fund
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摘要
本研究利用事件研究法(Event Study)、Wilcoxon-T檢定以及T檢定，來檢驗當私募股權基金宣布併購台灣目標公司時，目標公司是否具有顯著性的宣告報酬，以及當目標公司是否為金融業、交易規模高低、持股比例高低、併購溢價高低是否會影響到該目標公司之宣告報酬。私募股權投資基金併購標的通常是具有價值低估、具備高度成長性、技術領先性的公司。Ljungqvist and Richardson (2003)中提到私募股權的報酬率高於標準普爾指數5-8個百分點，而本篇論文的基於先前的研究結果下，探討在台灣1999年至2015年間，發現市場接收到私募股權投資基金入股企業的消息後，會將其判斷為利多反應在股價上，具有顯著性之宣告效果。
並列摘要
The thesis use event study method, Wilcoxon-Test and T-test to examine whether the private equity fund announce to merge the target company which listed in Taiwan’s stock market will have obvious announcement return or not. This thesis also try to find the characteristics which will affect the CAR of the target company, for example, the target company is belong to financial industry or not, deal size, holding ratio and premium. The common characteristics of target companies that private equity announces to merge and acquire are generally undervalued, with high growth rate and accompanied with leading technology. According to the Ljungqvist and Richardson (2003), the return of private equity are obviously greater than the return of SandP 500 with5 to 8 points. This thesis find out the positive announcement effect exists in Taiwan’s companies that are acquired by the private equity finds during 1999 to 2016.
參考文獻
1. Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy, 288-307.
2. Heinkel, R. and Stoughton, N.M., 1994. The dynamics of portfolio management contracts. Review of Financial Studies, 7(2), pp.351-387.
3. Higson, C. and Stucke, R., 2012. The performance of private equity. Available at SSRN 2009067.
4. House of Commons Treasury Committee, supra note 1, at 5.
5. International Monetary Fund. Monetary and Capital Markets Department. Global Financial Stability Report: Financial Market Turbulence Causes, Consequences, and Policies. International Monetary Fund, 2007. P.114