私募自2002年開始施行以來,逐漸成為企業向外募集資金的另一個重要管道。然而,私募制度之限制是否會導致管理者為達投資者目標而有窗飾盈餘之意圖。故本研究針對2005年至2013年私募之上市櫃公司進行研究,主要探討公司成功募集所需資金之盈餘管理程度及進一步再探究於私募成功的樣本裡,其募資成功後一年度、私募資金用途及同一年度私募次數是否亦有操弄盈餘之情形。 實證結果發現,私募成功者傾向進行向上之盈餘管理;而在私募成功的樣本裡,其私募資金用途為轉投資者及同一年私募次數越多者皆傾向進行向上之盈餘管理;最後,募資成功後一年度與盈餘管理則呈不顯著正相關。
Since 2002 in Taiwan, the number of private placement has increasingly because companies need to raise capital in the market. However, the limit of private placement procedures may affect managers to achieve the investors target or intent to window-dressing earnings. Therefore, this study concentrated on the companies raising capital by private placement from 2005 to 2013. Then, this study examined the relationship between the private placement companies and earnings management. Furthermore, this research also explore the difference between successful private placement and unsuccessful private placement companies. Then, we detect the earning management situation by different private placement purpose. The empirical results indicated that successful private placement had significant positive relation with earnings management. In the successful private placement of samples, the different private placement purpose and more times private placement in the same years had significant positively associated with earnings management.