近年來私募(private placement)成為企業募集資金重要的來源之一,因私募不用公開發行的程序,相較於公開現金增資之取得資金時間較短,本研究樣本係以2011年至2015年之國內上市、上櫃公司曾進行私募普通股或公開現金增資者為研究對象,探討我國上市櫃公司的特性與私募傾向之關聯,採用Logistic Regression Model進行分析。 實證結果發現私募在短期異常報酬為正,因為投資人認為公司進行私募是為了進行其他投資,使得公司未來發展更好,進而提升盈餘增加的可能,為有利消息,故市場給予正向回應,使得股價上漲;而當應募人是積極投資人時,股價異常報酬也是正向,可見投資發現積極投資人不僅投資也投入經營,可見對公司深具信心,因此市場對公司股價有正面回應;私募目的為改善財務結構時短期股價異常報酬為正,因為籌資來改善財務結構能幫助公司不用向銀行或股東借款支付利息,因此能提升公司經營績效。
Private Placements of Equity (PPE) is one of the major ways to raise fund. This study investigates the characteristics and short-run stock returns of firms that conduct PPEs in Taiwan. The results show that cumulative abnormal returns (CARs) around the announcement of PPEs are positive. We find several factors affecting CARs around the announcement. First, firms with aggressive investors participating in PPEs perform better than those with passive investors. Second, the uses of the funds of PPEs are associated with short-term performance. This finding reveals that investors care with whether activities-supported by the funds from PPEs can improve firms’ operations.