Stock Liquidity and the Choice between Public Offerings and Private Placements

本文以臺灣股票市場628個現金增資為樣本，探討股票流動性是否會影響發行公司選擇公開募集或私下募集。研究結果發現，具有高股票流動性的公司傾向以公募的方式來發行新股，而股票流動性差的公司則傾向選擇私募。此外，私募的公司在現金增資之前有經營績效不佳的現象。本文的實證顯示，私募扮演著替代的角色，當發行公司無法在公開市場募集資金時，會選擇以私下募集的方式來替代。

關鍵字

私下募集；公開募集；股票流動性

並列摘要

This study attempts to verify whether stock liquidity is an important determinant of the choice between public offerings and private placements. Using a sample of 628 SEOs in Taiwan stock market, we find that, ceteris paribus, firms with highly liquid stocks prefer public offerings, whereas firms with illiquid stocks tend to engage in the private placement of new shares. We also find that issuers experience poor operating performance prior to the private placements. Our findings suggest that private placements serve as a substitute for public offerings when the issuing firms are unable to gain access to the public market.

並列關鍵字

Private placements ； public offerings ； liquidity

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