我國企業公開發行之實證研究－資本額門檻與規避公開

本研究旨在檢視公開發行與非公開發行公司之特性有何差異，並探討公開發行前後資本形成變化情形，以及公司法修訂前實收資本額兩億元的強制公開發行門檻對企業公開發行決策之影響。本研究發現，實收資本額兩億元的門檻確實造成公司規避公開發行，使得股本接近門檻的公司遽增，並可能持續好幾個年度，惟公司一旦公開發行，當年的增資幅度頗大，存在股本躍升現象。Probit迴歸分析顯示，前一年至前五年股本介於1.8億至2.0億元間之累積年數愈長、股權結構愈集中與自有資本比率愈高之公司，則愈傾向於不公開發行。而資產成長率愈高、屬成長性產業、前期股本愈接近兩億元門檻、前十大股東有外部法人股東與產業股價淨值比愈高之公司，則愈可能公開發行。本研究實證顯示，過去由於資本額門檻過低，許多公司基於各種考量，從事操弄股本以規避公開發行，導致股本與資本結構扭曲現象。有鑑於此，民國九十年十一月，立法院通過公司法修正案，廢除強制公開發行規定。本研究之發現，與此項修法之意旨相符，亦為該項法案修正提供有利的實證依據。

關鍵字

公開發行；強制公開發行；規避公開發行；股權結構

並列摘要

Since 1981, many firms have been found to maintain their capital balance slightly smaller than the 200-million threshold requirement in order to avoid mandated public offerings. The main purpose of this paper is to first examine the phenomenon of this prevailing practice in Taiwan. This paper further employs Probit analysis to investigate the characteristics of firms that choose to go or not to go public. The empirical tests indicate that companies with longer period of maintaining capital closer to the threshold in last five years with higher ownership concentration, or with higher equity ratio tend not to go public. Firms with higher assets growth, in growth industry, with capital balance closer to the threshold one year before, having institutional investors among the top ten shareholders, or with higher industry market-to-book ratio are more likely to file public offerings. Our finding in this paper indeed is consistent with the notion of the recent change in Company Law in December 2001, which no longer requires mandated public offering.