本研究以我國於2006年至2012年間透過私募辦理現金增資之上市(櫃)公司為研究對象,主要目的在於探討公司成長機會與信用品質是否會對私募股權之折價幅度造成影響。 實證結果顯示,在公司成長機會方面,當總資產成長率愈高時,公司正在擴張營運規模而有較佳的整體成長,私募股權折價幅度愈小。此外,私募公司可透過發放股票股利,降低投資人的資訊蒐集成本,私募股權折價幅度愈小。另外,根據股票定價模式,益本比之比率愈高,表示企業成長機會愈大,私募股權折價幅度愈小。至於公司信用品質方面,總資產報酬率愈高,表示其整體資產的獲利情形愈佳,私募股權折價幅度愈小。就公司財務結構而言,負債比率愈高,公司發生財務危機的機率愈高,私募股權折價幅度愈大。另外,利息保障倍數愈大,公司透過營運獲利償付本息的能力愈良好,私募股權折價幅度愈小。至於現金流量方面,現金流量比率愈大顯示公司持有現金愈充裕,其流動性與短期償債能力愈高,私募股權折價幅度愈小。
The purpose of this study is to examine the effect of growth opportunity and credit worthiness on the price discount of private equity placement. The sample period starts from the beginning of 2006 to the end of 2012. The result shows that the discount of private equity placement is negatively related to total assets growth rate and dummy variable for stock dividends payout. The discount of private equity placement is greater when earning-price ratio is larger. In addition, return on assets ratio, interest coverage ratio and cash flow ratio are negatively related to the discount of private equity placement. Finally, the discount of private equity placement is positively related to debt ratio.