財務受限公司私募長期績效探討

Long-run Performance of Private Placement of Financial constrained firms

楊雅珺(Ya-Chun Yang)

指導教授 ： 林允永

淡江大學/商管學院/財務金融學系碩士班/碩士(2017年)

https://doi.org/10.6846/TKU.2017.00566

摘要

政府在2002年修訂證交法讓小規模公司也能順利籌得資金，進而讓公司籌募資金方式更具彈性，並配合公司併購法推動公司併購政策，正式引進私募制度。公司須符合兩個必要理由才能實行私募：1.不採用公開募集之理由公2.辦理私募之資金用途及預計成效。私募與公募相較下，能用有效率又低成本的方式募得所需資金。
隨著金融市場的開放，公司向外融資的方式也隨著增加，例如: 私募、發行新股、發行公司債或向銀行貸款等。而在資訊不對稱下，公司利用抵押品來借入資金，而公司所提供抵押品的價值限制了其可對外募得金額。在總體經濟狀況不佳的情況下，會降低抵押品的價值，進而限制可借貸的金額大小，產生財務受限，使公司無法照計劃來實行對未來的投資規劃，而錯過最佳的投資時機。
本文利用事件研究法探討長期異常報酬，進一步了解財務受限公司為改善財務狀況而實行的私募後一年至三年是否真的能改善公司財務狀況提高公司績效。經實證結果發現高財務受限公司會有較高的股票異常報酬。其次為低財務受限公司，最後為非財務受限公司。

關鍵字

財務受限 ； 事件研究法 ； 異常報酬

並列摘要

The Government has amended the Securities and Exchange Act in 2002 to make small-scaled companies raise funds efficaciously and enable the way to collect money more flexible. Moreover, in coordination with Corporate Merger and Acquisition Law, small-scaled corporations can implement the policy of corporate merger and introduce the systems of private placement. There are two requisite conditions for corporations to carry out private placement: 1. With an eye to having increase in investment, firms would have hard time acquiring the necessary capital in the short term by releasing securities. Nevertheless, corporations could steer clear of jeopardizing the normal operation via private placement. 2. Conducting use of proceeds of private placement and prospective benefits of procurement. Private placement is intended to augment working capital and is expected to improve financial structure and solvency. In contrast to public placement, private placement is more efficient and low-cost way to raise required funds.
Along with opening of the financial market, there are more ways for firms to collect money, such as private placement, release of new shares, issuance of corporate bonds or loans to banks. Companies, in asymmetry information, use mortgage to borrow capital which the value of mortgage holds down the amount of fundraising. Degrading the value of mortgage and restraining the sum of money from loans would lead to financially constrained under the unpleasant macroeconomic conditions. Subsequently, financial constraints inhibit firms from sticking to the original plan for future investments and excellent investment opportunities.
This article explores long-termed abnormal returns by event study to further understand if financially constrained corporations improve financial condition and performance after implementing private placement for one to three years.
The empirical results show that high-financially constrained corporations will have the highest stock abnormal return, the second one is low-financially constrained corporations, and the least one is non-financially constrained corporations.

並列關鍵字

Financial Constraints ； Event study ； Abnormal return

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