私募股權之折價發行—公司特性、銀行往來關係與總體經濟因素之影響

私下募集 (私募)的定價係透過私募公司與應募人之間彼此協商而得，本研究旨在探討私募公司特性、銀行往來關係與總體經濟因素等三個構面對私募折價幅度之影響。本研究創新之處在於係首次以總體經濟因素以及多個銀行往來關係代理變數針對私募折價幅度之影響進行探討。實證結果指出，在公司特性構面部分，公司規模與私募折價幅度呈顯著正相關，而私募規模、淨值市價比則分別與折價幅度呈顯著負相關，亦即當公司規模愈小、私募規模愈大或淨值市價比愈高時，私募的折價幅度將愈小。在銀行往來關係構面部分，借款金額、借款次數、往來銀行家數與私募折價幅度分別都呈顯著正相關，亦即私募公司之銀行往來關係強度愈強，私募折價幅度反而愈大。在總體經濟因素構面部分，貨幣供給額增加或私募宣告日介於景氣收縮期時，私募折價幅度較大。

關鍵字

私募；折價；公司特性；銀行往來關係；總體經濟

並列摘要

The price of a private equity placement is the result of negotiations between the relevant private equity firm and the offeree. This study, the first of its kind, aims to explore the impact characteristics of a private equity firm, its relationship with the banks it deals with, and macroeconomic factors have on the discount of a private placement. Empirical results indicate that, in terms of the characteristics of the firm, there is a significant positive correlation between the size of the firm and the discounts of its private placements, and a significant negative correlation between the size of a placement or the book-to-market-value ratio of the firm and the placement’s discount; in terms of the firm’s relationship with the banks it deals with, there is a significant positive correlation between the amount of money that is borrowed, the number of times money is borrowed or the number of banks the firm deals with and the discount of a private placement; and in terms of macroeconomic factors, if the date on which a private placement is announced falls within a period of economic contraction, the discount is greater, while there is a significant positive correlation between the money supply and the discount.