私募股權公司之特性與折溢價幅度之探討

Characteristics of the Private Placement Firms and Their Issue Discounts or Premiums

曾玉琦(Yee-Chy Tseng) ； 張瑞當(Ruey-Dang Chang) ； 董瑞瑄(Jui-Hsuan Tung)

《台灣管理學刊》 12卷1期 (2012/02) Pp. 1-25

https://doi.org/10.6295/TAMJ.2012.1201.01

摘要

私募自2002年開始實施以來，逐漸受到企業歡迎，成為企業向外募集資金的另外一個重要管道。然而，其異於公開募集資金的特性與法律規範，使得私募至目前為止尚存有一些爭議。本研究針對2002年至2007年上市櫃私募公司進行調查，探討私募價格與公司特性的關聯性。此外，本研究進一步檢驗私募發行時折（溢）價幅度是否對公司未來長期股價異常報酬產生影響。實證結果顯示，在樣本期間，私募在我國存在折價的現象，連續負盈餘的發生與私募折價比例呈顯著負相關，而自由現金流量以及廣告費用與折價比例呈顯著正相關。最後，私募折（溢）價大小與長期累積異常報酬呈現不顯著負相關。

關鍵字

私募 ； 折（溢）價 ； 公司特性 ； 長期平均異常報酬

並列摘要

Since its debut in 2002 in Taiwan, private placement has increasingly become popular for companies to raise needed capital in the market. However, because of its divergent characteristics and loose regulations, it has also aroused a great number of controversies so far. This study concentrated on the companies raising capital by private placement from 2002 to 2007 and examined the correlation between the degree of placement discount (premium) and firm characteristics. In addition, the effect of private placement discount (premium) on cumulative abnormal return of the firms was examined as well. The empirical results indicated that a placement discount existed in Taiwan during the sampling period. As for firms' characteristics, continuous losses had a negative correlation with the discount degree. Free cash flow and advertising expenses showed a positive correlation with the discount degree. Finally, both the degrees of placement discount and premium were negatively correlated with long-term cumulative abnormal return of privately placed firms but had no statistical significance.

並列關鍵字

private placement ； discount (premium) ； firm characteristics ； cumulative abnormal return

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