本研究以91年1月至96年4月間,台灣上市及上櫃公司提出私募宣告為樣本,共143筆,採用事件研究法來探討私募權益融資事件何時宣告才具有資訊效果。其次,探討公司內部人持股以及股權變動等因素如何影響私募價格折價與異常報酬率。結果是否會因不同融資用途而有差異?研究結果發現私募定價宣告日才具有顯著的資訊效果。而迴歸分析結果顯示私募股數比例對於折價和異常報酬率有正向的影響。除此之外,公司內部人持股變動在一定比例以上,無論正向或負向變動,皆具有正面的資訊效果。正向變動的資訊效果來自於財務性目的組;負向變動的資訊效果來自於策略性目的組。結果顯示私募權益融資可增加特定投資人監督效果且不會發生鞏固股權地位的問題存在。
This study examines if, how and when the market reacts to firm announcements of the private equity placement. A sample of 143 private placement announcements during January 2002 and April 2007 in Taiwan was obtained. Moreover, this paper also investigates the determinants of private placement discounts and stock price effects and whether the results vary with different private equity purposes. The findings show that the announcement effects for private equity placement will only occur on the date the issue price is determined. Cross-sectional analysis indicates that placement size has strongly positive correlation with private placement discounts and abnormal returns. Further, the positive announcement effect can partially explained by changes in ownership concentration and the results differ between strategic and financial purposes. It suggests that private equity placement discounts reflect compensation for expert advice or monitoring services provided by private investors. There is no managerial entrenchment exists.