股權私募前後經營績效差異之實證研究-以台灣上市櫃公司為例

The Empirical Study of Operation Performance after Private Equity Placement –A Perspective of Listed and OTC Companies in Taiwan

李素雲(Alice Lee)

指導教授 ： 胡為善

中原大學/商學院/企業管理學系/碩士(2008年)

https://doi.org/10.6840/cycu200900465

摘要

私募案件於近年來日益蓬勃，不只受到財務困難的公司運用，更獲得大型公司的青睞；然而，私募有三年之閉鎖期，且經九十四年修正台灣證券交易所有價證券上市(櫃)審查準則後，未來只有營運良好的公司才能將私募的股票轉上市上櫃流通買賣。是以，私募後之經營績效是否於私募後而有所改善，此乃本文所要探討之重點所在。
本研究主要目的是探討股權私募前後經營績效的變動，並分析造成經營績效變動的相關因素。本文先以Wilcoxon符號等級檢定(Wilcoxon Signed Rank Test)探討股權私募前後之經營績效是否有顯著差異。再以Ｗilcoxon等級和檢定(Ｗilcoxon Rank Sum Test)檢驗股權私募比率、董監事持股比率、私募用途與私募對象等因素是否影響經營績效之變動。
研究結果發現：(1)股權私募公司於私募後之經營績效較私募前為佳。(2)股權私募比率與經營績效改善的幅度成正向關係，即私募比率較大者(＞20%)之經營績效改善幅度亦會較大。(3)董監事持股比率與經營績效變動之關係，董監持股比率較高者(＞20%)，私募後經營績效改善的幅度亦較高。(4)股權私募用途不同，其私募後經營績效的變動，未因私募用途不同，而產生程度上的顯著差異。(5)股權私募之對象不同，其經營績效於私募當年及私募後二年與私募前一年經營績效之差異，未因私募對象之不同而產生程度上的顯著水準，但在私募後一年的經營績效差異，則因私募對象不同呈現顯著水準。

關鍵字

私募 ； 經營績效 ； 私募比率 ； 董監事持股比率

並列摘要

Private placement business has been very popular for the past decade. Not only companies encountered financial problems but also large scale enterprises favored using private equity to increase their capitals. However, private placement business in Taiwan has been confined to a lock-up stipulation in three years. Moreover, Taiwan Stock Exchange Corporation revised its criteria for Review of Securities Listings in 2005, the regulation stated that only companies with good operational performance can trade their stocks via private placement in the stock exchange or over-the-counter markets. Therefore, this study attempts to examine whether the operational performance of the companies were improved after the companies raised their capital trough private placements. This study attempts to examine the impact of private placement on operational performance, and to analyze the causality factors of the change in operational performance. This work first utilizes the Wilcoxon Signed Rank Test to examine whether there is a significant performance difference between the time period before the private placement and that after the private placement. Then, this investigation employs Wilcoxon Rank Sum Test to investigate whether these factors such as private placement equity ratio, the ratio of shares hold by the board of directors, the purpose of the private placement affect the operational performance.
The empirical results are summarized as follows: (1) The operational performance is better after private placement than prior to private placement; (2) There is a significantly positive relationship between private placement ratio and the extent of improvement in operational performance, it implies that, if the private placement ratio is higher than 20%, then the operational performance will be very good; (3) There is a positive relationship between the ratio of shares held by directors and private placement ratio, it suggests that, if the ratio of shares held by the board of directors is higher than 20%, then the extent of improvement in operational performance is good; (4) Different purposes of private placements would not result in significant difference in operational performance; and (5) Different targets of private placement would not result in significant difference in operational performance between one year prior to private placement and the private placement year, nor has any difference between two years after private placement and the private placement year. However, different targets of private placement would result in significant difference in operational performance between one year after private placement and the private placement year.

並列關鍵字

private placement ； the ratio of shares held by directors ； private placement ratio ； operational performance

參考文獻

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黃怡翔 (2007)，“上市櫃公司私募股權之探討-宣告效果與股價表現(下)”，會計研究月刊第259期，頁122-127。

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