主管機關引進私募制度,為不易透過公開募集方式融資之財務困難公司及特殊資金需求目的的公司解決資金募集問題,使公司的融資管道除了公開募集外,也能利用私募方式進行融資。私募成為公司募資的重要來源之一。故本研究探討公司在私募與公開現金增資不同方式下進行籌措資金,公司為其募資對操弄盈餘之程度,及公司私募後對長期績效之影響。 本研究探討2009年至2014年私募及公開現金增資公司之樣本。研究結果顯示私募公司與現金增資公司相比較不會進行盈餘管理。而私募公司在策略性投資者與非策略性投資者對於盈餘管理之差異影響無法判斷。最後,本研究僅就發現增資公司盈餘管理對資產報酬率變化呈顯著負相關,得出公司進行盈餘管理影響長期績效之表現,增資公司盈餘管理程度越高,長期績效之表現越差。
Authority introduced private placement to solve capital shortage for companies which have financial difficulties or special needs. Companies can conduct either seasoned equity offerings (SEOs) or private placements to raise fund. This study investigates the differences of real earning management between SEOs and private placements and the effects of earning management in long-term performance. I collect samples of private placements and SEOs from 2009 to 2014. The results of the study show that private placements compared to SEOs are less likely to engage in earnings management. There is no significant difference in earning management between strategy investors and non-strategy investors. On the other hand, we find that companies with earning management have poor long-term performance. Private placements and SEOs engage in the higher degree of earnings management, the worse long-term performance.