- 學位論文
上市公司私募股權之財務特性與對股票報酬之影響
The Financial Characteristics of Listed Companies with Private Placement of Equity and the Impacts on Stock Returns
摘要
中文摘要 我國於民國九十年十月與九十一年一月分別通過 「公司法」與 「證券交易法」 的相關修正條文，增訂有價證券之「私募制度」，使公開發行公司除了利用私募普 通公司債之方式籌資外，尚能配合公司籌資之「目的」與「需求」，觀察資本市場 之現況與變化，透過私募不同種類之有價證券，以達公司籌資之最大效益。 「私募股權」(Private Placement of Equity)，是指公開發行公司依照證券交 易法第四十三之六條有價證券私募之規定，針對特定的法人機構或符合條件的自然 人發行有價證券，籌募資金。 而本研究之目的旨在探討公司以私募股權發行新股之方式募資，可能受那些財 務特性如財務結構、償債能力、經營能力、獲利能力、現金流量及財務健全度等指 標之影響；而私募股權訊息之宣告，對股票報酬之影響，取決於投資大衆對於該項 訊息之觀點。如自然人之認購金額愈高，則投資人可能會視該私募股權訊息之宣 告為壞消息，則公司股價會下跌，因而產生負的累積平均異常報酬。若機構法人 之認購金額愈高及公司財務特性愈佳，則投資人可能會視該私募股權訊息之宣告 為好消息，則公司股價會上漲，因而產生正的累積平均異常報酬。因此，本研究將 針對私募股權之財務特性進行探討，並配合私募股權訊息之宣告，對公司股票報酬 之影響，建立實證模型。 研究結果顯示：當公司之財務特性愈差，易引發財務調度失當，故發生財務危 機之機率愈高。一旦公司發生財務危機之機率愈高，則欲向金融機構融資舉債，恐 遭被拒絕之命運，加上投資人可能因公司財務特性較差等原因而不願認購，企業易 遭受公開募集失敗窘境。由於公司為了改善財務狀況，需要募集更多的資金，一旦 公司能以私募股權之方式發行新股，自會掌握良機，將金額提高，故其採行私募 股權方式發行新股之金額會愈高，故假說得到部分支持。 而當公司宣告私募股權時，若機構法人認購之金額較多時，表示企業引進專 業且財力雄厚的投資人，且若公司的財務特性愈佳，則私募股權之訊息宣告，對 投資人而言，是好消息，則公司股價會上漲，故產生正的累積平均異常報酬(CAR)。 關鍵字：私募股權、財務特性、股票報酬、累積平均異常報酬、事件研究法
並列摘要
Abstract Revised articles regarding “Company Law” and the “Securities and Exchange Act” were passed in October 2001 and January 2002, respectively, in Taiwan, where the “Private Placement” of securities was revised and augmented. In addition to allowing public companies to raise funds via bonds under the original Company Law, their purpose and need are also taken into account during the observation of current circumstances as well as changes in the capital market, and the acquirement of different securities under private placement maximises the benefit of fundraising for a company. According to Article 43-6 of the Securities and Exchange Act, Private Placement of Equity, states that a public company may carry out a private placement of securities with designated judicial persons or natural persons who meet the conditions in order to raise funds. The objective of the research is to explore how the issuing of new shares to raise funds under private placement by a company can be affected by financial characteristics that include: financial structure, solvency, operating ability, earning power, cash flow, financial health and other indices. How the announcement of the private placement of equity will affect the stock return is dependent upon the perception of investors. For instance, the higher the amount subscribed by natural persons the more likely the investors will perceive the announcement in a negative light, thus causing the stock price to fall and resulting in negative cumulative abnormal return. On the contrary, the higher the amount subscribed by judicial persons, coupled with good financial characteristics, will cause the investors to regard the announcement as good news. The stock price of the company will rise as a result, thus producing positive cumulative abnormal return. This research will construct an evidence-based model regarding the effect on stock prices by the financial characteristics and announcement of private placement of equity, as well as the effect of the announcement on stock prices. Research results show that the poorer the financial characteristics of a company, the higher the chance of mismanagement in funds and subsequently the risk of a financial crisis. Once the chance of a company having a financial crisis is high, it is likely to be turned away from financial institutions as it seeks debt financing. What is more, investors will be unwilling to subscribe based on the grounds such as poor financial characteristics, which will in turn place the company in the predicament of a failed fundraise. In order to improve the financial standing of a company, more funds need to be raised. Once the company is able to issue new shares under the private placement of equity, it should seize the opportunity to boost the value. As a result the newly issued shares will have higher value and the hypothesis will be partly sustained. As a company announces a private placement of equity, if the amount subscribed by judicial persons is higher, then it means the company has gained professional and financially sound investors. Furthermore, if the financial characteristics of the company are good, then the announcement of a private placement of equity will be good news to investors and see an increase in the stock price, thus resulting in positive cumulative abnormal return (CAR). Key word: Private Placement of Equity、 Financial Characteristics、Stock Return 、Cumulative Abnormal Return 、event study methods